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RESOLUTION NO. 278
<br />RESOLUTION APPROVING AND PROVIDING FOR THE EXECUTION OF A
<br />PROPOSED LOAN AND CAPITAL GRANT CONTRACT, NUMBERED CONTRACT
<br />NO. IND. R -66 (LG), BETWEEN THE CITY OF SOUTH BEND, DEPART-
<br />T OF REDEVELOPMENT AND THE UNITED STATES OF AMERICA, PERTAINING
<br />TO A CERTAIN PROJECT DESIGNATED PROJECT NO. IND. R -66, AND ESTABLISHING
<br />A ROJECT EXPENDITURES ACCOUNT WITH RESPECT TO SAID PROJECT, AND FOR
<br />OT R PURPOSES
<br />WH REAS, under Title I of the Housing Act of 1949, as amended, the
<br />United Stat s of America (herein called the "Government ") has tendered to the
<br />City of Sou h Bend, Department of Redevelopment((herein called the "Local Public
<br />Agency "') a roposed Loan and Capital Grant Contract under which the Government
<br />agrees to m ke a Project Temporary Loan, a Project Definitive Loan, and a Project
<br />Capital Gr t to the Local Public Agency to aid in financing an urban renewal
<br />project, designated Project No. Ind. R -66, in the urban renewal area described
<br />therein; an
<br />WHEREAS, the Local Public Agency has given due consideration to said proposed
<br />Contract; and
<br />WHEREAS, the Local Public Agency is duly authorized, under and pursuant to
<br />the Constitution and laws of Indiana to undertake and carry out said Project
<br />and to execute such proposed Contract; and
<br />WHEREAS, under said proposed Contract it is required, among other things,
<br />that, with expect to said Project, the Local Public Agency shall promptly
<br />set up, and maintain in a bank or banks which are members of the Federal Deposit
<br />Insurance Corporation, a separate and special fund designated "Project Ex-
<br />penditures Account; Project No. Ind. R -66 ", into which shall be deposited
<br />certain funds described in said proposed Contract:
<br />BE IT RESOLVED BY the South -Bend Redevelopment Commission, Governing Body
<br />of the City of South Bend, Department of Redevelopment as follows:
<br />Section . The proposed Contract, designated "Loan and Capital Grant Contract,
<br />Contract No Ind. R- 66(LG) ", consisting of Parts I and II, under and subject to
<br />the provisi ns, terms, and conditions of which the Government will make a Project
<br />Temporary Loan, a Project Definitive Loan, and a Project Capital Grant under Title
<br />I of the Housing Act of 1949, as amended, to the Local Public Agency to aid in
<br />financing urban renewal project, designated Project No. Ind. R -66, situated
<br />in the City of South Bend, Indiana, is hereby in all respects approved.
<br />Section . The President is hereby authorized and directed to execute said
<br />proposed Co tract in two counterparts on behalf of the Local Public Agency, and
<br />the Secretary is hereby authorized and directed to impress and attest the official
<br />seal of the Local Public Agency on each such counterpart, and the Executive Director
<br />is hereby authorized and directed to forward such counterparts to the Department of
<br />Housing and Urban Development, together with such other documents relative to the
<br />approval ani execution thereof as may be required by the Government.
<br />Section Za. The Executive Director is hereby authorized to file requisitions
<br />on behalf of the Local Public Agency, other than for the Project Temporary Loan,
<br />together wi h the necessary supporting documents.
<br />Section The Local Public Agency agrees to abide by all of the provisions,
<br />terms, and �o-nditions of said Contract.
<br />Section 4. With respect to this Project of the Local Public Agency, designated
<br />Project No. Ind. R -66, there is hereby established a separate and special fund,
<br />designated "Project Expenditures Account; Project No. Ind. R -66 ", which shall be
<br />maintained in a bank or banks which are members of the Federal Deposit Insurance
<br />
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