No. 0166 authorizing the issuance of certain project temp. loan notes in connection with Urban Renewal Project No. IND R-57 providing for security for pmt. thereof and for other purposes

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(here on Ma T mpa Ind. and f RESOLUTION NO. 166 AMENDATORY RESOLUTION AUTHORIZING THE ISSUANCE OF CERTAIN PROJECT TEMPORARY LOAN NOTES IN CONNECTION WITH URBAN RENEWAL PROJECT NO. IND. R -57 AND PROVIDING FOR THE SECURITY FOR THE PAYMENT THEREOF, AND FOR OTHER PURPOSES REAS the City of South Bend, Department of Redevelopment eResolution sometimes called the "Local Public Agency") enacted 5, 1966 which authorized the issuance of certain Project ry Loan Notes in connection with an Urban Renewal Project No. 57 and providing for the security for the payment thereof other purposes; and WJEREAS, it is desired to amend said Resolution: NIYW, THEREFORE, BE IT RESOLVED by the South Bend Redevelopment Commission, Governing Body of the City of South Bend, Department of Redevelopment as follows: S ction 1. That Section 4 of the Resolution adopted May 5, 1966 is a nded by striking out the first three sentences and inserting in li u thereof the following. Section 4. That there is hereby established a separate and 3ecial account on the books of account of the Local Public Agency, rich is hereby designated the "Project Temporary Loan Repayment and; Project No. Ind. R -57; said account being elsewhere herein eferred to as the "Project Temporary Loan Repayment Fund." he moneys of such account shall be maintained in a bank or arks which are members of the Federal Deposit Insurance Corporation, nd may be deposited in a consolidated bank account or accounts imited to the moneys comprising the Project Temporary Loan epayment Fund for this Project together with the moneys comprising he Project Temporary Loan Repayment Fund for any or all urban enewal projects carried out or to be carried out under Contracts or a Loan and Grant by and between the Local Public Agency and he Government. The following moneys shall be debited to said roject Temporary Loan Repayment Fund and deposited in the bank ecount or accounts authorized by this section as and when such ionevs are received by the Local Public Agency: 2. That this Resolution shall take effect immediately.