No. 0133 authorizing the execution and delivery of a certain project temp. loan note in connection with Project No. INDIANA R-57

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RESOLUTION NO. 133 RESOLUTION AUTHORIZING THE EXECUTION AND DELIVERY OF A CERTAIN PROJECT TEMPORARY LOAN NOTE IN CONNECTION WITH PROJECT NO. INDIANA R -5.7 WHEREAS, the City of South Bend, Department of Redevelopment (herein some Imes called the "Local Public Agencys4) has filed or is about to file a requisition, together with the necessary supporting documents, with the United States of America (herein called the "Government ") requesting a payment on account of the Project Temporary Loan provided for in the Loan and Grant Contract and numbered Contract Tao. Indiana R -57 (LG), (which, together with all supplements, amendments, and waivers, is herein 'called the "Loan and Grant Contract ") by and between the Local Public Agency and t e Government, said Loan and Grant Contract being in connection with a certain project of the Local Public Agency designated therein; and WHEREAS the Local Public Agency has determined to issue its Project Temp nary Loan Note as security for such payment: NOW, THEREFORE, BE IT RESOLVED by the South Bend Redevelopment Commission, Governing Body of the City of South Bend Department of Redevelopment, as follows: 1 That pursuant to the provisions of a Resolution entitled: Resolution No. 132, authorizing the issuance of certain Project Temporary Loan Notes in connection with Urban Renewal Project Indiana R -57, and providing for the security for that payment thereof, and for other purposes duly adopted by the Local Public Agency on the 5th day of May, 1966, the Mayor or Acting Mayor and the City Clerk of the City of South Bend and the Executive Director of the Local Public Agency are hereby authorized and direr ed to prepare and execute a note, authorized by said Resolution, in the principal amount of three hundred and forty thousand dollars ($340, 000.00), or, if the Government shall only approve said requisition for a lesser amount, in the lesser amount so approved by the Government. Such note shall bear interest from the date of the acceptance of the Local Public Agency's delivery thereof and the payment therefor by the Government; shall be dated the 20th day of May, 1966; shall be designated Project Temporary Loan Note No. 1 shall bear a statement at the foot thereof in substantially the following form: and c Gove deliv the a thing 2. "Delivery of this Note was accepted and payment therefor made on the day of , 19 UNITED STATES OF AMERICA Housing and Home Finance Administrator By Ii. .all not be valid until said statement is duly, executed on behalf of the nment. The Executive Director is hereby authorized. and directed to r such note to and accept payment therefor from the Government, and )resaid officers are hereby authorized and directed to do all acts and necessary for the execution, sale, and delivery of such note. That the proceeds of such note shall be deposited and disbursed only in accordance with the provisions of the Loan and Grant Contract, unless otherwise approved by the Government. 3 � That this Resolution shall take effect immediately. this 19th day of May, 1966.