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WHEREAS, the interest cost at which the Local Public Agency can sell
<br />the New Preliminary Loan Notes is lower than the interest rate which the
<br />Government is required to charge theLocal Public Agency under the terms of
<br />the Loan and Grant Contract, and the Government is desirous of cooperating
<br />with the Local Public Agency in its endeavor to sell said New Preliminary
<br />Loan Notes in order to reduce carrying charges and other costs of the Pro-
<br />ject:
<br />BE IT RESOLVED BY the City of South Bend, Redevelopment Commission AS
<br />FOLLOWS:
<br />Section 1. The aforesaid publication of the Notice of Sale and the
<br />form a contents thereof as so published are hereby, in all respects, ap-
<br />proved, ratified and confirmed.
<br />Section 2. In order to provide funds to defray expenses incurred or to
<br />be incurred in the Local Public Agency's undertaking and carrying out of
<br />the Project, or to retire, refund, renew, or extend its outstanding notes
<br />issued in connection therewith, the Local Public Agency hereby determines
<br />to borrow the sum of One Million Three Hundred Seventy Five Thousand Dollars
<br />($1,375,000.00) and issue its negotiable New Preliminary Loan Notes therefor
<br />in ag egate principal amount equal to said sum.
<br />Section 3. The Local Public Agency hereby ratifies and approves the
<br />form of the proposal hereinafter in this Section 3 enumerated, for the pur-
<br />chase of the designated principal amount of the New Preliminary Loan Notes,
<br />which proposal the Loeal Public Agency hereby determines will provide the
<br />lowest interest cost and is therefore hereby accepted, and said New Prelim-
<br />inary Ioan Notes are hereby awarded to said purchaser, as follows:
<br />$1,375,000.00 3.389/6 Bank of America, N.T. & S.A. and
<br />First National City Bank
<br />300 Montgomery
<br />San Francisco, California 94120
<br />shall
<br />prine
<br />shall
<br />the nu
<br />and in
<br />Bank of
<br />N. T. &
<br />First
<br />Nationi
<br />Bank
<br />300 Moi
<br />San Fri
<br />Califoi
<br />None o
<br />or tru
<br />appear
<br />New Pr
<br />Agency
<br />seal o
<br />City o
<br />rected
<br />subst
<br />tion 4. Each such note shall be dated the 6th day of Augus%,1968;
<br />designated "Preliminary Loan Note;" shall be payable, as to both
<br />1 and interest, to bearer, on the 8th day of August, 1968; and,
<br />to the proposal for the purchase of said notes, hereinabove accepted,
<br />ar the rate of interest per annum, payable at maturity, shall bear
<br />ers, be in the denominations, and be payable as to both principal
<br />rest at the bank or trust company, as follows:
<br />nia 94120
<br />the New Preliminary Loan Notes shall be valid until after the bank
<br />t company at which it is payable shall have signed the agreement,
<br />ng on each such note, to act as paying agent thereof. Each of the
<br />liminary Loan Notes shall be signed in the name of the Local Public
<br />by the Mayor of the City of South Bend and sla 11 have the corporate
<br />the said City impressed thereon and attested by the Clerk of the
<br />South Bend thereof, and said officers are hereby authorized and di
<br />to cause said notes to be properly executed.
<br />Each of the New Preliminary Loan Notes shall be issued in
<br />the form of the note hereto attached and marked "Exhibit A!'
<br />-2-
<br />Interest
<br />chaser
<br />Number
<br />Denominations
<br />Rate Purchaser
<br />America,
<br />First National
<br />S.A. and
<br />1 -5
<br />$100,000.00
<br />City Bank,55 Wall
<br />6 -11
<br />50,000.00
<br />3.38% Street, New York,
<br />1 City
<br />New York 10015
<br />12 -25
<br />25,000.00
<br />tgomery
<br />26 -35
<br />10,000.00
<br />ncisco
<br />36 -60
<br />5,000.00
<br />nia 94120
<br />the New Preliminary Loan Notes shall be valid until after the bank
<br />t company at which it is payable shall have signed the agreement,
<br />ng on each such note, to act as paying agent thereof. Each of the
<br />liminary Loan Notes shall be signed in the name of the Local Public
<br />by the Mayor of the City of South Bend and sla 11 have the corporate
<br />the said City impressed thereon and attested by the Clerk of the
<br />South Bend thereof, and said officers are hereby authorized and di
<br />to cause said notes to be properly executed.
<br />Each of the New Preliminary Loan Notes shall be issued in
<br />the form of the note hereto attached and marked "Exhibit A!'
<br />-2-
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