No. 0280 authorizing the issuance of project loan notes in connection with Urban Renewal Project No. IND R-66

Home Browse Search

the "Local out a cent R -66) of t of America Loan under which may said Proje the "Contr aid, it is time, issue provided: NOW, T Governing B Sectia Resolution meaning or as follows: (1) T (2) Secti the Govern of this Re corporated set forth RESOLUTION NO. 280 RESOLUTION AUTHORIZING THE ISSUANCE OF PROJECT LOAN NOTES IN CONNECTION WITH URBAN RENEWAL PROJECT NO. IND. R -66 the City of South Bend, Department of Redevelopment (herein called blic Agency ") is duly authorized and proposes to undertake and carry urban renewal or redevelopment project (designated Project No. Ind. character authorized by law with financial aid by the United States ,erein called the "Government "), in the form of a Project Temporary tle I of the Housing Act of 1949, as amended (42 U.S.C. 1450 et seq.), made by the Government to the Local Public Agency with respect to in accordance with a certain Loan and Grant Contract (herein called "), by and between the 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 Local Public Agency as follows: 1. Whenever the following terms, or any of them, 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. 2. The Contract entered into between the Local Public Agency and t for the above identified Project is hereby .declared to be a part ution and all applicable provisions thereof shall be deemed in- rein to the same extent as if the provisions thereof were expressly 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 authorized 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 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 other resolution authorizing the issance of Project Loan Notes) not in excess of the amount 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 necessary 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 axe authorized to do andperform all other things and acts required to be done or performed in order to obtain such payments. Cash proceeds from the issuance of all Project Loan Notes shall be deposited and disbursed only in accordance with the nrovis ons of the Contract.