|
RESOLUTION NO. 160
<br />iOLUTION AUTHORIZING THE SALE, ISSUANCE, AND DELIVERY
<br />PRELIMINARY LOAN NOTES IN THE AGGREGATE PRINCIPAL
<br />)UNT OF $568,000.00, THE EXECUTION OF REQUISITION
<br />LEEMENT NO. 5, AND THE EXECUTION AND,DELIVERY OF PRO -
<br />,T TEMPORARY LOAN NOTE NO. 6, IN CONNECTION WITH PRO
<br />:T NO. IND. R -29.
<br />WHEREAS, City of South Bend, Department of Redevelopment
<br />(hereir called the "Local Public Agency ") has entered into a
<br />contract dated as of the 6th day of September, 1963, numbered
<br />Contract No. Ind. R -'29 (LG), (which, together with any supplements
<br />theretc or amendments, modifications, or waivers of any provisions
<br />thereof, is herein called the "Loan and Grant Contract "), with the
<br />United States of America (herein called the "Government ") providing,
<br />in part, for a Project Temporary Loan by the Government to the Local
<br />Public Agency under Title I of the Housing Act of 1949, as amended
<br />(42 U. .C. 1450 et seq.), in an amount outstanding at any one time
<br />not to exceed $1,358,917.00 to aid the Local Public Agency in its
<br />undertaking and carrying out of a certain urban renewal project
<br />(hereir called the "Project ") designated Project No. Ind. R -29,
<br />which 's more fully identified in the Loan and Grant Contract; and
<br />WHEREAS, the Government has agreed, pursuant to Requisition
<br />Agreement No. 4 with the Local Public Agency dated as of the 9th
<br />day of August, 1966 (herein called the "Outstanding Requisition
<br />Agreement"), to make a payment on account of said Project Temporary
<br />Loan or the 17th day of February, 1967, which Project Temporary
<br />Loan payment has been pledged for the payment of the principle of
<br />and interest upon the Preliminary Loan Notes (Fourth "B" Series)
<br />of the Local Public Agency which mature on the 17th day of February,
<br />1967, and are herein called the "Outstanding Preliminary Loan Notes ";
<br />and
<br />WHEREAS, pursuant to advertisement for the receipt of proposals
<br />for the purchase of the Fifth "B" Series of Preliminary Loan Notes
<br />(hereir sometimes called "New Preliminary Loan Notes ") of the Local
<br />Public Agency aggregating $568,000.00, which appeared in a Notice
<br />of Sale published in the January 4, 1967, issues of the South Bend
<br />Tribune in the City of South Bend, Indiana, and the January 4, 1967
<br />issue cf the Daily Bond Buyer in the City of New York, proposals
<br />for the purchase of said New Preliminary Loan Notes in the form
<br />approved by the Local Public Agency were received, opened, and can-
<br />vassed at the time and place mentioned in said advertisement, to wit:
<br />At 120 West LaSalle Avenue in the City of South Bend, Indiana, at
<br />one o'clock, P.M., E.S.T., January 17, 1967 which proposals are as
<br />follows:
<br />Interest Principal Prem-
<br />Name of Bidder _ Rate AM2un t ium
<br />St. Joseph Bank and Trust Company of South Bend 3.40% $568,000 $19.00
<br />National Bank & Trust Company of South Bend, 3.39% $5689000 $ -0-
<br />First lank and gust Company of South Bend 3.00% $568,000 $ -0-
<br />Bank of erica, N.T. & S.A., and First Nat'l 3.01% $568,000 $14.00
<br />City Bank, and Discount Corp. of New York
<br />John N veen & Company, Inc. and First National 2.82% $568,000 $ 8.00
<br />Bank of Boston
<br />
|