No. 0151 to amend resolution authorizing the issuance of certain project temporary loan notes in connection with urban renewal Project No. IND R-29

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call inte Seve date amou of t be i the inte unre The but clu be a p Loa Loa and dat as spe Rep her Sai the sha as d the "Initial Loan Period "), said principal sum shall bear est on the unrepaid amount thereof at the rate of Four and - Eights per centum (4 -7/8 %) per annum. From and after said each such note shall bear interest on the unrepaid principal t thereof at the rate per annum (to be duly noted on behalf e United States of America on the reverse thereof) which shall itially determined and become effective on the expiration of nitial Loan Period, and shall be redetermined at 5 -year vals thereafter, and become effective, with respect to said aid principal amount, in accordance with the following formula: edetermined rate shall not exceed six pereentum (6% -per annum, therwise shall be the higher of: (a) The "going Federal rate" determined pursuant to the provisions of Title I of the Housing Act- of 1949, as amended through September 2, 1964, and effective January 1 or July 1, as the case may be, following the expiration of the Initial Loan Period, or, in the case of subsequent re- determinations of the rate, the January 1 or July 1, as the case may be, coati.tuting the fifth anniversary of the effective date of the latest redetermined rate; or (b) A rate per annum equal to the average yield to maturity on all outstanding obligations of the United States having a maturity from the May 1 or November 1, as the case may be, next preceding the date of the expiration of the Initial Loan Period (or, in the case of subsequent redeterminations of the rate, from the May 1 or November 1, next preceding the January 1 or July 1, as the case may be, constituting tie fifth anniversary of the latest redetermined rate), of approximately 5 years, as determined by the Administrator, upon the advice of the Secretary of the Treasury, such average yield to be estimated on the basis of daily closing market bid quotations or prices for the month of May or November, as the case may be, next preceding the date of the expiration of the Initial Loan Period (or, in the case of subsequent redeterminations of the rate, for the month of May or November, as the case may be, next preceding the January 1 or July 1, constituting the fitht:anniversary of the latest redetermined rate), and adjusted to the nearest 1/8 of 1 per cent. "Section 3. That each Project Temporary Loan Note issued, in- Ing a statement of the delivery thereof to the Government, shall i substantially the form of "Exhibit All attached hereto and made �t of this Resolution: Provided, That each Project Temporary Note bearing a date subsequent to the expiration of the Initial Period shall state on its face the applicable interest rate ,hall.define therein the term "Initial Loan Period" by use of a which shall be the end of the pertinent five year period, both ithorized and required by this Resolution. "Section 4. That there is hereby established a separate and al fund which is hereby designated the "Project Temporary Loan ment Fund; Project No. Ind. R -2911, said Fund being elsewhere n referred to as the "Project Temporary Loan Repayment Fund ". Fund shall be maintained in a bank or banks which are members of ederal Deposit Insurance Corporation. The following moneys be deposited in the Project Temporary Loan Repayment Fund d when such moneys are received by the Local Public Agency: -2-