No. 0160 authorizing sale, issuance, delivery of preliminary loan notes in the aggregate principal amount of $568,000, execution of requisition agreement No. 5, execution/delivery of Project Temp. Loan Note No. 6 in connection with Project No. IND R-29

Home Browse Search

a WHEREAS, the interest cost at which the Local Public Agency can 1 the New Preliminary Loan Notes is substantially lower than the erect rate which the Government is required to charge the Local lie Agency under the terms of the Loan and Grant Contract, and Government is desirous of cooperating with the Local Public ney in its endeavor to sell said New Preliminary Loan Notes order to reduce carrying charges and other costs of the Project: BE IT RESOLVED BY The City of South Bend Redevelopment Commission FOLLOWS: Section 1. The aforesaid publication of the Notice of Sale and form and contents thereof as so published are hereby, in all ects, approved, ratified and confirmed. Section 2. In order to provide funds to defray expenses incurred tote incurred in the Local Public Agency's undertaking and carrying of the Project, or to retire, refund, renew, or extend its out nding notes issued in connection therewith, the Local Public Agency eby determines to borrow the sum of Five Hundred Sixty Eight Thousand lars ($568,000.00) and issue its negotiable New Preliminary Loan es therefor in aggregate principal amount equal to said sum. Section 3. The Local Public Agency hereby ratifies and approves form of the proposal hereinafter in this Section 3 enumerated, the purchase of the designated principal amount of the New iminary Loan Notes, which proposal the Local Public Agency by determines will provide the lowest interest cost and is there - hereby accepted, and said New Preliminary Loan Notes are hereby ded to said purchaser, as follows: incipal Interest Purchaser mount Rate 68,000.00 2.82% John Nuveen and Company, Inc., and First National Bank of Boston 135 S. LaSalle Street Chicago, Illinois Section 4. Each such note shall be dated the 15th day of ruaryT 67-; shall be designated "Preliminary Loan Note"; shall payable, as to both principal and interest, to bearer, on the 11th of August, 1967; and, pursuant to the proposal for the purchase said notes, hereinabove accepted, shall bear the rate of interest annum, payable at maturity, shall bear the numbers, be in the ominations, and be payable as to both principal and interest the bank or trust company, as follows: Number Denominations n Nuveen and Company 1 $100,000 and First Nat'l 2 - 4 50,000 ., k of Boston 5 - 12 25,000 S. LaSalle Street 13 - 20 10,000 sago, Illinois 21 = 27 5,000 28 - 30 1,000 Interest Payable At Rate 21 First National Bank of Boston 45 Milk Street Boston, Mass., e of the New Preliminary Loan Notes shall be valid until after bank or trust company at which it is payable shall have signed agreement, appearing on each such note, to act as paying agent reof. Each of the New Preliminary Loan Notes shall be.signed the name of the Local Public Agency by the Mayor of the City of th Bend and shall have the corporate seal of the said -City iin- ssed thereon -2-