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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Loan Pei thereof From an( principc of the 1 itially Loan Pei become E dance w: six per (a. (b: Sei ing a s- stantia. Res of ut: subsequ face th, Loan Pe: period, Sei fund wh: Project the "Pr( in a bai tion. TI iod ") said principal sum shall bear interest on the unrepaid amount at the rate of Four and Three - Eighths per centum (4 3/8%) per annum. after said date each such note shall bear interest on the unrepaid 1 amount thereof at the rate per annum (to be duly noted on behalf nited States of America on the reverse thereof) which shall be in- determined and become effective on the expiration of the Initial iod, and shall be redetermined at 5 -year intervals thereafter, and ffective, with respect to said unrepaid principal amount, in accor- th the following formula: The redetermined rate shall not exceed centum (60/6) per annum, but otherwise shall be the higher of: The "going federal "ratett determined pursuant to the provisions of Title t of the Housing Act of 1949, as amended through September 2 1964, and effective January l or July 1, as the case may bei following the expiration of the Initial Loan Period, or, in the case of subsequent redeterminations of the rate, the January 1 or July 1, as the case May be, con- stituting the fifth anniversary of the effective date of the latest redetermined rate; or A rate per annum equal to the average yield to maturity on all outstanding obligations of the United States having a maturity from the May 1 or November 1, as the case may be, next preceding the date of the expiration of the Initial Loan Period (or, in the case of subsequent redeterminations of the rate, from the May 1 or November 1, next preceding the January 1 or July 1, as the case may be, constituting the fifth anniversary of the latest redetermined rate), of ap- proximately 5 years, as determined by the Secretary of Housing and Urban Development, upon the advice of the Secretary of the Treasury, such average yield to be esti- mated on the basis of daily closing market bid quotations or prices for the month of May or November, as the case may be, next preceding the date of the expiration of the Initial Loan Period (or, in the case of subsequent redeterminations of the rate, for the month of May or November, as the case may be, next preceding the January 1 or July 1, constituting the fifth anniversary of the latest redetermined rate) and adjusted to the nearest 1/8 of 1 percent. tion 3. That each such Project Temporary Loan Note issued, includ- atement of the delivery thereof to the Government, shall be in sub - ly the form of "Exhibit A" attached hereto and made a part of this on: Provided, That each Project Temporary Loan Note bearing a date nt to the expiration of the Initial Loan Period shall state on its applicable interest rate and shall define therein the term "Initial iod" by use of a date which shall be the end of the pertinent 5 -year both as authorized and as required by this Resolution. tion 4. That there is hereby established a separate and special ch is hereby designated the "Project Temporary Loan Repayment Fund; No. Indiana R -5711, said Fund being elsewhere herein referred to as ject Temporary Loan Repayment Fund ". Said Fund shall be maintained ik or banks which are members of the Federal Deposit Insurance Corpora - e following moneys shall be deposited in the Project Temporary Loan -2-