No. 0132 authorizing issuance of certain project temp. loan notes in connection with urban renewal project INDIANA R-57, providing for the security for payment thereof and for other purposes

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RESOLUTION NO. 132 RESOLUTION AUTHORIZING THE ISSUANCE OF CERTAIN PROJECT TEMPORARY LOAN NOTES IN CONNECTION WITH URBAN RENEWAL PROJECT NO. INDIANA R -57 AND PROVIDING FOR THE SECURITY FOR THAT PAYMENT THEREOF, AND FOR OTHER PURPOSES WHEREAS, the City of South Bend, Department of Redevelopment, (herein sometimes called the "Local Public Agency ") is duly authorized and proposes to undertake and carry out a certain urban renewal or redevelopment project of the character authorized by law with financial aid by the United States of America (herein sometimes called the "Government ") in the form of a Project Temporary Loan under Title I of the Housing Act of 1949, as amended (42 U.S.C. 1450 et seq.), which may be made by the Government to the Local Public Pgency with respect to the Project in accordance with a Contract for a loan nd grant by and between the -.,oval Public Agency and the Government; and WHEREAS, in order to enable the Local Public Agency to obtain such fi- nancial aid, it is necessary for the Local Public Agency to ,aiathorize and, from time to time, issue certain obligations as hereinafter provided: NO ; THEREFORE, BE IT RESOLVED by South Bend Redevelopment Commission, Governi.g Body of the City of South Bend, Department of Redevelopment as follows carryin for any issued, ject Te princip Resolut Tempora Million ($2,483 Se Loan No interes Repayme at the of the princip of publ America by the 1 officia. the Cit at the payment Lion 1. That in order to provide funds to enable the Local Public o defray expenses and costs in connection with the undertaking and out of the Project, and to refund, renew, extend; or substitute Project Temporary Loan Notes by this Resolution authorized to be there are hereby authorized to be issued, from time to time, Pro - porary Loan Notes of the Local Public Agency in an aggregate 1 amount outstanding at any one time (whether authorized by this on or any other resolution authorizing the issuance of Project y Loan Notes in connection with the Project) of not to exceed Two Four Hundred Eighty -Three Thousand, Eight Hundred Eight Dollars 808.00) . tion 2. That each such note shall be Designated "Project Temporary e", shall be payable, as to the principal thereof together with the thereon, upon demand, but solely from the Project Temporary Loan t Fund hereinafter mentioned and not otherwise; shall be payable rincipal office of the Local Public Agency in any coin or currency nited States of America which, on the date of the payment of the 1 thereof and the interest thereon, 4L legal tender for the payment c and private debts; shall be payable to the United States of or order; shall be signed in the name of the Local Public Agency ,..,/or or Acting Mayor of the City of South Bend, ::. i. ; shall have the seal of the Local Public Agency impressed thereon and attested by Clerk of the City of South Bend, Indiana; and shall bear interest ate or rates as follows: ,ing the period from the date of the acceptance of delivery of and for each such note through June 30, 1971, (herein called the "Initial -1-