No. 0188 to further amend a resolution authorizing issuance of certain project temp. loan notes in connection with Urban Renewal Project No. IND R-57 providing for security for pmt. thereof and other purposes

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RESOLUTION N©. 189 RESOLUTION TO FURTHER AMEND A 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. WHER S, the United States of America (herein called the "Government ") and the C ty of South Bend, Department of Redevelopment (herein called the "Local P lic Agency "), have entered into a certain Loan and Capital Grant Contract, dated April 22, 1966, and identified as Contract No. Ind. R- 57(LG) (said Con tact as heretofore amended being herein called the "Existing Contract "); and WHER S, a Resolution entitled "Resolution Authorizing the Issuance of Certain P oject Temporary Loan Notes in Connection with Urban Renewal Project No. Ind. -57 and Providing for the Security for the Payment Thereof, and for other pur oses ", was duly adopted by the South Bend Redevelopment Commission of the Ci y of South Bend, Department of Redevelopment on May 5, 1966 (said Resolutio as heretofore amended being herein called the "Basic Note Resolution "); and WHEREAS, it is necessary that the Basic Note Resolution be amended so that the provi ions thereof will be responsive to and consistent with the provisions of the.Ex sting Contract as amended by First Amendatory Contract amending Loan and Capit l Grant Contract No. Ind. R- 57(LG). NOW, THEREFORE, BE IT RESOLVED BY THE South Bend Redevelopment Commission of the Ci y of South Bend, Department of Redevelopment as follows: Section 1. That the Basic Note Resolution be amended as follows: (a) y deleting Sections 1 through 3 and substituting the following Sections 14 through 3 in lieu thereof: "Section 1. That in order to provide funds to enable the Local Public Agency to defray expenses and costs in connection with the undertaking and carrying out of the Project, and to refund, renew, extend, or substitute for any Project Temporary Loan Notes by this Resolution authorized to be issued, there are hereby authorized-to-be issued, from time to time, Project Temporary Loan Notes of the Local Public Agency in an aggregate principal amount outstand- ing at any one time (whether authorized by this Resolution or any other Reso- lution authorizing the issuance of Project Temporary Loan Notes in connection with the Project) of not to exceed Two Million Six Hundred Thousand Eight Hundred Eight Dollars ($2,600,808.00)1. "Section 2. That each such note shall be designated "Project Temporary Loan Note ", shall be payable, as to the principal thereof together with the interest thereon, upon demand, but solely from the Project Temporary Loan Re- payment Fund hereinafter mentioned and not otherwise; shall be payable at the principal office of the Local Public Agency in any coin or currency of the United States of America which, on the date of the payment of the principal thereof and the interest thereon, is legal tender for the payment of public and private debts; shall be payable to the United States of America or order; shall be signed in the. name of the Local Public Agency by the Mayor or Acting Mayor of t e City of South Bend, Indiana; shall have the official seal of the Local Public Agency impressed thereon and attested by the City Clerk of the City of So th Pend, Indiana; and shall bear interest at the rate or rates as follows: