No. 0234 authorizing sale, issuance, delivery of preliminary loan notes in aggregate principal amount of $376,000, execution of requisition Agreement No. 1, execution/delivery of Proj. Temp. Loan Note No. 1 with Proj. No. IND R-56

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WHEREAS, the interest cost at which the Local Public Agency can sell the Preliminary Loan Notes is lower than the interest rate which the Govern- ment is iequired to charge the Local Public Agency under the terms of the Loan and Grant Contract, and the Government is desirous of cooperating with the Local Public Agency in its endeavor to sell said Preliminary Loan Notes in order to reduce carrying charges and other costs of the Project. BE T RESOLVED BY the City of South Bend, Redevelopment Commission AS FOLLOWS Section 1. The aforesaid publication of the Notice of Sale and the form and contents thereof as so published, are hereby, in all respects, approved, ratified and confirmed. Section 2. In order to provide funds to defray expenses incurred or to be incurred in the Local Public Agency's undertaking and carrying out of the Project, or to retire, refund, renew or extend its outstanding notes issued in connection therewith, the Local Public Agency hereby determines to borrow the sum of Three Hundred Seventy -Six Thousand Dollars ($376,000.00) and issue its negotiable Preliminary Loan Notes therefor in aggregate principal amount eqlual to said sum. Section 3. The Local Public Agency hereby ratifies and approves the form of tie proposal hereinafter in this Section 3 enu m erated, for the purchase f the designated principal amount of the Preliminary Loan Notes, which pro osal the Local Public Agency hereby determines will provide the lowest in erest cost and is therefore hereby accepted, and said Preliminary Loan Noteo are hereby awarded to said purchaser, as follows: Principal Amount $376,000 shall be able, as ber, 1969 hereinabo maturity, as to bot Interest Rate Purchaser 3.04% Morgan Guaranty Trust Co. of New York and Salomon Brothers and Hutzler 23 Wall Street New York, New York 10015 Lon 4. Each such note shall be dated the 15th day of October, 1968; lesignated "Preliminary Loan Note (First Series D) "; shall be pay - :o both principal and interest, to bearer, on the 17th day of Octo- ; and, pursuant to the proposal for the purchase of said notes, re accepted, shall bear the rate of interest per annum, payable at shall bear the numbers, be in the denominations, and be payable i principal and interest at the bank or trust company as follows: IM