No. 0227 authorizing sale, issuance, delivery of preliminary loan notes in aggregate principal amount of $1,375,000, execution of requisition agreement No. 3, execution/delivery of Proj. Temp. Loan Note No. 4 with Proj. No. IND R-57

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Section 6. The Agreement entitled "Requisition Agreement No. 3" (here - ,in sometimes called the "New Requisition Agreement "), which has been execu- ted by the officers of the Local Public Agency, and has been presented to and read before the meeting, and the execution thereof, are hereby fully ratified, confirmed, and approved. Said New Requisition Agreement, when ex- ecuted by the Government, is hereby declared to be and is hereby assigned by the Local Public Agency for the benefit of the holder or holders from time to time of the New Preliminary Loan Notes, and the proceeds of the Project Temporary Loan Note executed pursuant to Section 7 hereof are here- by irrevocably pledged, first, to the payment, at maturity, of the principal of and interest;on the New Preliminary Loan Notes issued pursuant to this Resolution. Section 7. The Mayor and Clerk of the City of South Bend are hereby authorized and directed to prepare and execute the Project Temporary Loan Note, in the principal amount of One Million Four Hundred Fifty Five Thou- sand Dollars ($1,455,000.00), described in the New Requisition Agreement, the issuance of which has heretofore been authorized by a certain basic Note Resolution providing for the issuance of certain Project Temporary Loan Notes in connection with Project No. Ind. R -57 and providing for the securit for the payment thereof, and for other purposes, duly adopted by the Loc l Public Agency on the 5th day of May, 1966 as amended. Said note shall be designated "Project Temporary Loan Note;" shall be num- bered No. 4; shall be dated the 6th day of August, 1968; shall bear inter- est fron the date of the acceptance of the Local Public Agency's delivery thereof and the payment therefor by the Government; shall bear a statement at the foot thereof in substantially the following form: and sha the Gov Treasur Bend to dance w ment. Loan No cal Pub the rec Delivery of this note was accepted and payment therefor made on the day of , 19 UNITED STATES OF AMERICA Secretary of Housing and Urban Development By Title .1 not be valid until said statement is duly executed on behalf of !rnment. Said Project Temporary Loan Note shall be delivered by the !r of St. Joseph County ex officio Treasurer of the City of South the Government to be held and paid for by the Government in accor- .th the terms and conditions contained in said New Requisition Agree - !tion 8. The proceeds derived from the sale of the New Preliminary :es, together with such amount of other appropriate funds of the Lo- .ic Agency as may be necessary, shall be applied, simultaneously with !ipt.of said proceeds, as follows: First: To the payment and discharge of the principal of and interest on the following Project Tem- porary Loan Notes of the Local Public Agency issued pursuant to the Loan and Grant Contract and held or to be held by the Government for its own use and benefit on the date of the New Preliminary Loan Notes herein authorized: Principal No. Date Amount None Second: Pursuant to the provisions of the Outstanding -3-