No. 0266 authorizing the issuance of Project Loan Notes in connection with Urban Renewal Project NO IND R-57

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RESOLUTION NO. 266 RESOLUTION OF THE SOUTH BEND REDEVELOPMENT COMMISSION, GOVERNING BODY OF.THE CITY OF SOUTH BEND, DEPARTMENT OF REDEVELOPMENT, AUTHORIZING THE ISSUANCE OF PROJECT LOAN NOTES IN CONNECTION WITH URBAN RENEWAL'PROJECT, NO. IND. R -57 W EREAS, the City of South Bend, Department of Redevelopment, (herein called he "Local Public Agency "), is duly authorized and proposes to under- take ani carry out a certain urban renewal or redevelopment project (desig- nated P oject No. Ind. R -57) of the character authorized by law with financial aid by he United States of America (herein called the "Government "), in the form of a Project Temporary Loan under Title I of the Housing Act of 1949, as amended (42 U.S.C. 1450 et seq.), which may be made by the Government to the Local Public Agency with respect to said Project in accordance with a certain Loan and Grant Contract (herein called the "Contract "), by and between the Local P blic Agency and the Government; and WHEREAS, in order to enable the Local Public Agency to obtain such financial aid, it is necessary for the Local Public Agency to authorize and, from time to time, issue certain obligations in the form of Project Loan Notes, as here nafter provided: , THEREFORE, BE IT RESOLVED, by the Local Public Agency as follows: Section 1. Whenever the following terms, or any of them, are used in this Resolution, the same, unless the context shall indicate another or differ- ent mea ing or intent, shall be construed, are used, and are intended to have meaning as follows: (1) The term "Resolution" shall mean this Resolution. ( ) All other terms used in this Resolution and which are defined in the Contract shall have the respective meanings ascribed thereto in the Contract. Section 2. The Contract entered into between the Local Public Agency and the Government for the above- identified Project is hereby declared to be a part of this Resolution and all applicable provisions thereof shall be deemed incorporated herein to the same extent as if the provisions thereof were express- ly set forth in full herein. Section 3. In order to evidence payments made by the Government on account of the Project Temporary Loan pursuant to the Contract with respect to the Project and to refund, renew, extend or substitute for any Note by this Resolution author- ized to be issued (or any such Note by any other resolution authorized to be issued and which is outstanding, or on deposit for delivery pending payment therefor, as of the ate this Resolution becomes effective), there are hereby authorized to be issued, from time to time, Project Loan Notes of the Local Public Agency in an aggregate principal amount outstanding at any one time (whether authorized by this Resolution or any other resolution authorizing the issuance of Project Loan Notes) not in excess of the amount of the Project Temporary Loan available under the Contrac . Govern the ne the Pr of the ction 4. The Executive Director is hereby authorized to file with the nt from time to time as funds are required, requisitions, together with ssary supporting documents, requesting payments to be made on account of ect Temporary Loan available under the Contract, and the proper officers ocal Public Agency shall prepare, execute and deliver to the Government