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RESOLUTION NO. 311
<br />RESOLUTION AUTHORIZING THE SALE, ISSUANCE AND DELIVERY
<br />OF PROJECT NOTES IN THE AGGREGATE PRINCIPAL AMOUNT OF
<br />$ 1,235,000 AND THE EXECUTION OF REQUISITION AGREEMENT
<br />NO. 3 -1970 LASALLE PARK PROJECT, IND. R -57
<br />HEREAS, the City of South Bend, Department of Redevelopment (herein
<br />calle ( the "Local Issuing Agency ") has entered into one or more contracts
<br />(whicl together with any supplements thereto or amendments or waivers of
<br />any p ovisions thereof, are herein called the "Contract ") with the United
<br />State of America (herein called the "Government ") providing for a loan
<br />by thE Government to the Local Issuing Agency for financing the urban re-
<br />newal low -rent housing or redevelopment project(s) described in the Con-
<br />tract and herein called the "Project "; and
<br />WHEREAS, pursuant to advertisement for the receipt of proposals for
<br />the purchase of the Third Series 1970 of Project Notes (herein sometimes
<br />calle "New Project Notes ") of the Local Issuing Agency aggregating
<br />$ 1,2 5,000, which appeared in a Notice of Sale published on July 28,
<br />1970, in the South Bend Tribune in the City of South Bend and in The
<br />Daily Bond Buyer in the City of New York, New York, proposals for the
<br />purchase of the New Project Notes in the form approved by the Local Is-
<br />suing Agency were received, opened, and canvassed at the time and place
<br />mentioned in said advertisement, to wit: at Room 1200, County -City
<br />Building, 227 West Jefferson Boulevard in the City of South Bend, Indiana,
<br />46601, at one o'clock P.M., E.D.T., on August 11, 1970, which proposals
<br />are as follows:
<br />Interest Principal
<br />Name of Bidder Rate Amount Premium
<br />The N tional Bank and Trust
<br />Compa of South Bend 4.19% $1,235,000 $50.00
<br />St. Joseph Bank and Trust
<br />Company 4.27% $1,235,000 $27.00
<br />Bank f America, N.T.& S.A.
<br />and Bankers Trust Company 4.24% $1,235,000 $ 1.00
<br />First National Bank of
<br />Boston 4.29% $1,235,000 $31.00
<br />Morgan Guaranty Trust
<br />Company of New York and
<br />Salomon Brothers 4.30% $1,235,000 $33.00
<br />City National Bank and
<br />Trust Company 4.33% $1,235,000 NONE
<br />Contin ntal Illinois National
<br />Bank and Trust Company of Chicago,
<br />First lational City Bank, The
<br />First 3oston Corporation and
<br />Mellon National Bank and Trust
<br />Compan 4.47% $1,235,000 NONE
<br />John Noveen and Company, Inc. 4.46% $1,235,000 $31.00
<br />NOW, THEREFORE, BE IT RESOLVED by the Local Issuing Agency as follows:
<br />S ction 1. The aforesaid publication of the Notice of Sale and the
<br />form a d contents thereof as so published are hereby, in all respects, ap-
<br />proved, ratified and confirmed.
<br />S ction 2. In order to provide funds to pay expenses incurred or to
<br />be inc rred in the development of the Project, or to refund, renew or ex-
<br />tend its outstanding Notes issued in connection therewith, the Local Is-
<br />suing kgency hereby determines to borrow the sum of One Million Two Hun -
<br />dred T irty Five Thousand Dollars ($ 1,235,000) and issue its negotiable
<br />ProjecJt Notes therefor.
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