No. 0228 authorizing issuance of certain project temp. loan notes in connection with UrBan Renewal Project No. IND R-56, providing security for the payment thereof and for other purposes

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of selling or leasing, excluding the moneys which may arise from the retention of Project Land after such Project Land has been leased; (c) All payments which are made by the Government to the Local Public Agency on account of the Project Capital Grant; (d) All moneys which may be provided by the Local Public Agency from sources other than the Government or from the proceeds of a Project Definitive Loan, if any, to compensate the Project Temporary Loan Repayment Fund for the fair value imputed to Project Land which is leased by the Local Public Agency rather than sold by it for cash; (e) All such Local Grants -in -Aid in the form of deficiency cash grants as, after the Gross Project Cost and the Net Project Cost have been determined and the payment of all costs comprising Item 1 of Gross Project Cost has been duly made or provided for and all other Local Grants -in -Aid applicable to the Project which have been provided have been determined, are provided with respect to the Project to meet the deficiency, if any, in Local Grants -in -Aid in connection with the Project; (f) All accrued interest, if any, which is paid to the Local Public Agency on Project Temporary Loan Notes at the time when the Government takes up and pays for such Project Temporary Loan Notes; (g) All income derived from the investment of moneys deposited in the Project Temporary Loan Repayment Fund; and (h) The unexpended balance, if any, remaining or belonging in the Project Expenditures Account after all costs constituting Item 1 of Gross Project Cost have been paid. Sect on 5. That Project Temporary Loan Notes issued pursuant to the provisions of this Resolution shall, as to both the principal thereof and the inte est thereon, constitute an exclusive first lien and charge upon the funds which, by the terms of this Resolution, comprise the Project Temporar, Loan Repayment Fund; which Fund is hereby irrevocably pledged to the p yment of the principal of and interest on such Project Temporary Loan Notes. Sect on 6. That the Executive Director is hereby authorized to file requisit ons, together with necessary supporting documents, with the Government, from time to time as Project Temporary Loan or Project Capital Grant funds are required requesting payments to be made on account of the Project Temporary Loan or the Project Capital Grant provided for in the said Contract for loan and gran , and to do and perform all other things and acts required to be done or :erformed in order to obtain such payments. Sect on 7. That, when as directed by further resolution or resolutions, the proper officers of the Local Public Agency shall prepare, execute, and deliver to the Government the Project Temporary Loan Notes hereby authorized and shat accept payment therefor from the Government. Sect on 8. That the proceeds of the sale of all Project Temporary Loan Notes is ued pursuant to this Resolution shall be deposited and disbused only in accor ance with the provisions of the Contract for loan and grant, unless otherwis approved in writing by the Government. Sect on 9. That the Project (which is designated Project No. Ind. R -56 and is h rein called the "Project ") includes and consists of all undertakings 53 !