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,— <br />RESOLUTION NO. 226 <br />ESOLUTION APPROVING AND PROVIDING FOR THE EXECUTION OF A <br />ROPOSED LOAN AND CAPITAL GRANT CONTRACT, NUMBERED CONTRACT <br />0. IND. R- 56(LG), BETWEEN THE CITY OF SOUTH BEND, DEPARTMENT <br />F REDEVELOPMENT AND THE UNITED STATES OF AMERICA, PERTAINING <br />0 A CERTAIN PROJECT DESIGNATED PROJECT NO. IND. R -56, AND <br />STABLISHING A PROJECT EXPENDITURES ACCOUNT WITH RESPECT TO <br />AID PROJECT, AND FOR OTHER PURPOSES <br />WHERE S, under Title I of the Housing Act of 1949, as amended, the United <br />States of America (herein called the "Government ") has tendered to the City <br />of South Bend, Department of Redevelopment (herein called the "Local Public <br />Agency ") a proposed Loan and Capital Grant Contract under which the Govern- <br />ment agrees to make a Project Temporary Loan, a Project Definitive Loan, <br />and a Proj ct Capital Grant to the Local Public Agency to aid in financing <br />an urban newal project, designated Project No. IND. R -56, in the urban <br />renewal a a described therein; and <br />WHEREAz the Local Public Agency has given due consideration to said <br />proposed C ntract; and <br />WHEREO the Local Public Agency is duly authorized, under and pursuant to <br />the Consti ution and laws of the State of Indiana to undertake and carry out said <br />Project ano to execute such proposed Contract; and <br />WHEREA <br />that, with <br />set up, an <br />Inpurece <br />tures Acco <br />funds desc <br />Public Age <br />ledgers an <br />BE IT <br />of the Cit <br />Sectio <br />Contract, <br />subject to <br />make a Pro <br />Grant unde <br />Agency to <br />No. IND. R <br />respects a <br />Sectio <br />said propo <br />and the Se <br />official s <br />Executive <br />under said proposed Contract it is required, among other things, <br />respect to said Project, the Local Public Agency shall promptly <br />maintain in a bank or banks which are members of the Federal Deposit <br />orporation, a separate and special fund designated "Project Expendi- <br />nt; Project No. IND. R -56 ", into which shall be deposited certain <br />ibed in said proposed Contract; provided however, that the Local <br />cy may establish a "Consolidated Bank Account ", and maintain separate <br />books of account for each project. <br />ESOLVED BY the South Bend Redevelopment Commission, governing body <br />of South Bend, Department of Redevelopment as follows: <br />1. The proposed Contract, designated "Loan and Capital Grant <br />o`ntract No. IND. R- 56(LG) ", consisting of Parts I and II, under and <br />the provisions, terms, and conditions of which the Government will <br />ect Temporary Loan, a Project Definitive Loan, and a Project Capital <br />Title I of the Housing Act of 1949, as amended, to the Local Public <br />id in financing an urban renewal project, designated Project <br />56, situated in the City of South Bend, Indiana, is hereby in all <br />proved. <br />2. The President is hereby authorized and directed to execute <br />a Contract in two counterparts on behalf of the Local Public Agency, <br />etary is hereby authorized and directed to impress and attest the <br />1 of the Local Public Agency on each such counterpart and the <br />rector is hereby authorized and directed, to forward such counterparts <br />-1- <br />