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

Home Browse Search

to 1 No. con, Age for el ii slug invi (a) The proceeds of all sales of Project Land by the Local Public Agency, excluding such proceeds as may arise from the sale of Project Land after such Project Land has been leased; (b) All moneys constituting compensation by the Local Public Agency for Project Land which it retains instead of selling or leasing, excluding the moneys which may arise from the retention of Project Land after such Project Land after such Project Land has been leased; (c) All payments which are made by the Government to the Local Public Agency on account of the Project Capital Grant; (d) All moneys which may be provided by the Local Public Agency from sources other than the Government or from the proceeds of a Project Definitive Loan, if any, to compensate the Project Temporary Loan Repayment Fund for the fair value imputed to Project Land which is leased by the Local Public Agency rather than sold by it for cash; (e) All such Local Grants -in -Aid in the form of deficiency cash grants as, after the Gross Project Cost and the Net Project Cost have been determined and the payment of all costs comprising Item I of Gross Project Cost has been duly made or provided for and all other Local Grants -in -Aid applicable to the Project which have been provided with respect to the Project to meet the deficiency, if any, in Local Grants -in -Aid in connection with the Project; (f) All accrued interest, if any, which is paid to the Local Public Agency on Project Temporary Loan Notes at the time when the Government takes up and pays for such Project Temporary Loan Notes; (g) All income derived from the investment of moneys de- posited in the Project Temporary Loan Repayment Fund; and (h) The unexpended balance, if any, remaining or belonging in the Project Expenditures Account after all costs con- stituting Item I of Gross Project Cost have been paid. "Section S. That Project Temporary Loan Notes issued pursuant e provisions of this Resolution shall, as to,both the principal of and the interest thereon, constitute an exclusive first and charge upon the funds which, by the terms of this Resolution, ise the Project Temporary Loan Repayment Fund; which Fund is y irrevocably pledged to the payment of the principal of and est on such Project Temporary Loan Notes." (b) By renumbering Sections 7, 8 and 9 as Sections 6, 7 and 8, respectively; and (c) By deleting Sections 10 and 11 and substituting the following Sections in lieu thereof: "Section 9. That the Project (which is designated Project Ind. R -29 and is herein called the "Project ") includes and ists of all undertakings and activities of the Local Public cy in the Urban Renewal area, in accordance with the Plan the renewal or redevelopment of the Urban Renewal Area, for the ination and for the prevention of the development or spread of s and blight, and, to the extent contemplated by said Plan, Ives slum clearance and redevelopment., the carrying out of s for a program of repair and rehabilitation of buildings or r improvements, and the carrying out of plans for a program of enforcement in the Urban Renewal Area.