No. 0267 authorizing the issuance of project loan notes in connection with Urban Renewal Project No. IND R-56

Home Browse Search

"Local Pub a certain of the cha (herein ca I of the H by the Gov ance with between th aid, it is time, issue provided: NOW, T Governing B Sectio Resolution meaning or as follows: (1) T (2) A RESOLUTION NO. 267 RESOLUTION AUTHORIZING THE ISSUANCE OF PROJECT LOAN NOTES IN CONNECTION WITH URBAN RENEWAL PROJECT NO. IND. R -56 3 the City of South Bend, Department of Redevelopment (herein called the Lc Agency ") is duly authorized and proposes to undertake and carry out rban renewal or redevelopment project (designated Project No. Ind. R -56) icter authorized by law with financial aid by the United States of America Led the "Government "), in the form of a.Project Temporary Loan under Title ising Act of 1949, as amended (42 U.S.C. 1450 et seq.), which may be made :nment to the Local Public Agency with respect to said Project in accord - certain Loan and Grant Contract (herein called the "Contract "), by and Local Public Agency and the Government; and , in order to enable the Local Public Agency to obtain such financial ecessary for the Local Public Agency to authorize and, from time to certain obligations in the form of Project Loan Notes, as hereinafter FORE, BE IT RESOLVED by the South Bend Redevelopment Commission, of the City of South Bend, Department of Redevelopment as follows: 1. Whenever the following terms, or any of the, are used in this e same, unless the context shall indicate another or different tent, shall be construed, are used, and are intended to have meanings term "Resolution" shall mean this Resolution. other terms used in this Resolution and which are defined in the tract shall have the respective meanings ascribed thereto in the tract. Sectioa 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 expressly set forth in full herein. Sectioi 3. In order to evidence payments made by the Government on account of the Proj ct Temporary Loan pursuant to the Contract with respect to the Project and to refund, renew, extend or substitute for any Note by this Resolution authorized to be issue (or any such Note by any other resolution authorized to be issued and which is ou standing, or on deposit for delivery pending payment therefor, as of the date 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 reso ution authorizing the issuance of Project Loan Notes) not in excess of the amOUILt of the Project Temporary Loan available under the Contract. Section 4. The Executive Director is hereby authorized to file with the Government from time to time as funds are required, requisitions, together with the necessa y supporting documents, requesting payments to be made on account of the Project Temporary Loan available under the Contract, and the proper officers of the Local Public Agency shall prepare, execute and deliver to the Government Notes hereinafter authorized and shall accept payment therefor from the Government in the form of cash or other Notes issued by the Local Public Agency, and such officers are authorized to do and perform all other things and acts required to be done or performed in order to obtain such payments. Cash proceeds from the issuance of all Proj ct Loan Notes shall be deposited and disbursed only in accordance with the provisi ns of the Contract. Sectioi 5. Each Project Loan Note shall bear interest and be payable in the -2-