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' PROJECT LOAN NOTE
<br />HUD -9107
<br />(11 -68)
<br />CITY OF SOUTH ND, DEPARTMENT OF REDEVELOPMENT
<br />(herein called the "Local Public Agency ") for value'received hereby promises to pay, but solely from the Project Temporary Loan
<br />Repayment Fund hereinafter mentioned andnot otherwise, upon demand, t a t he United States of America (hereinafter called the
<br />"Government ") or or ( ' er, an amount equal to the unrepaid balance of payments, with interest thereon to the date of repayment, made
<br />to the Local Public ency by the Government pursuant to the Loan and Grant Contract (herein called the "Contract ") between the
<br />Local Public Agency and the Government with respect to a certain urban renewal or redevelopment project as hereinafter set forth.
<br />The principal amount of any loan hereunder which may be outstanding at any one time shall not exceed the total estimated expendi-
<br />tures which may be made by the Local Public Agency for such project pursuant to the Contract and the maximum Project Temporary
<br />Loan as shown herein shall be adjusted automatically to any revised amount of total estimated expenditures as evidenced by an
<br />amendatory contract.
<br />The Contract, roject and maximum Project Temporary Loan which may be outstanding at any one time are as follows:
<br />Contract No. a d Date: Ind. R- 57(LG) .— April 22, 1966, as amended
<br />Project No.: Ind. R -57
<br />Maximum Project Temporary Loan: Three Million Four Hundred Sixty Six Thousand Eight Hundred
<br />Sixty Eight Dollars ($31,1+66,868.00)
<br />This Note is i sued to aid in financing the above - designated Project pursuant to the constitution and statutes of the govern-
<br />mental entity specified below (herein called the "State "), and pursuant to the provisions of a resolution (herein called the "Resolu-
<br />tion ") duly adopted by the Local Public Agency on the date as follows:
<br />STATE RESOLUTION ADOPTED
<br />Redevelopment
<br />1953; Chapter
<br />MIANA
<br />of Cities and Towns Act of
<br />176) Acts of 1953, as amended
<br />Resolution No. 266, adopted
<br />June 6, 1969.
<br />interest j ereor shad gccrue at the interest rate or rates applicable to the above Project as provided in the Contract upon the
<br />difference In amount from time to time hetweeq the aggregate amount of payments and the aggregate amount of repayments of princi-
<br />pal made on this Note. Each payment qnd repayment of principal shall be duly recorded by the Government, by date and amount,
<br />upon the "Statement of Payments and Repgyments "'which is made a part of this Note whether appearing on the reverse hereof or
<br />Attached hereto. Both the principal of qnd interest on this Note are payable at the office of the Local Public Agency,
<br />pouch Bend, Ilk#an4 in lawful money of the United States of America.
<br />Under the Con rgct, there Is estgblished p sepqrate and special fund therein referred to as the "Project Temporary Loan
<br />Repayment Fund" in which qre required to be deposited certain' moneys, therein described, as and when the some are received by
<br />the Local Public Agency, and this Note, together with all other notes issued pursuant to the above - identified Resolution, consti-
<br />tutes, as to both the principal thereof and the interest thereon, an exclusive first lien and charge upon said Fund, which Fund is
<br />irrevocably pledged to the payment of the principal of and interest on this Note and all other notes which are issued as aforesaid.
<br />r
<br />This Note sha I not constitute a debt or indebtedness of the State or of any town, city, county, municipality, or political en-
<br />tity or subdivision therein or thereof, within the meaning of any constitutional, statutory, local law, or charter provision, and neither
<br />the state nor any su h town, city, county, municipality, or political entity or subdivision, other than the Local Public Agency, shall
<br />be liable hereon and in no event, shall either this Note or the interest thereon be payable from or out of any funds or properties other
<br />than those of the L al Public Agency.
<br />IT IS HEREB CERTIFIED, RECITED, AND DECLARED that all acts, conditions, and things required to exist, happen and
<br />be performed precedent to and in the issuance of this Note do exist, have happened, and have been performed in due time, form and
<br />manner as required by law.
<br />��//the City Seal
<br />IN WITNESS HEREOF, the Local Public Agency has caused this Note to be signed in its name and 1133377/to be impressed
<br />hereon and attested by its proper officers thereunto.duly authorized, and this Note to be dated the 6th day of June
<br />1969.
<br />(SEAL)
<br />ATTEST:
<br />CITY
<br />I VIA ! _
<br />CITY OF • >t
<br />1 3 1 • F± +' .1, NT
<br />By
<br />e • OF THE CITY OF SOUTH
<br />y:-
<br />END
<br />BEND
<br />
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