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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Repayment Fund as and when such moneys are received by the Local Public Agency: (a) The proceeds of all sales of Project Land by the Local Public Agency, excluding such proceeds as may arise from the sale of Project Land after such Project Land has been leased; (b) All moneys constituting compensation by the Local Public Agency for Project Land which it retains instead of selling or leasing, excluding the moneys which may arise from the retention of Project Land after such Project Land has been leased; (c) All payments which are made by the Government to the Local Public Agency on account of the Project Capital Grant; (d) All moneys which may be provided by the Local Public Agency from sources other than the Government or from the proceeds of a Project Definitive Loan, if any, to compensate the Project Tempo- rary Loan Repayment Fund for the fair value imputed to Project Land which is leased by the Local Public Agency rather than sold by it for cash; (e) All such Local Grants -in -Aid in the form of deficiency cash grants as, after the Gross Project Cost and the Net Project Cost have been determined and the payment of all costs comprising Item 1 of Gross Project Cost has been duly made or provided for and all other Local Grants -in -Aid applicable to the Project which have been provided have been determined, are provided with respect to the Project to meet the deficiency, if any, in Local Grants -in -Aid in connection with the Project; (f) All accrued interest, if any, which is paid to the Local Public Agency on Project Temporary Loan Notes at the time when the Govern- ment takes up and pays for such Project Temporary Loan Notes; (g) All income derived from the investment of moneys deposited in the Project Temporary Loan Repayment Fund; and (h) The unexpended balance, if any, remaining or belonging in the Project Expenditures Account after all costs constituting Item 1 of Gross Project Cost have been paid. Section 5. That Project Temporary Loan Notes issued pursuant to the pro- visions Df this Resolution shall, as to both the principal thereof and the interest thereon, constitute an exclusive first lien and charge upon the funds which, by the terms of this Resolution, comprise the Project Temporary Loan Repaymen Fund; which Fund is hereby irrevocably pledged to the payment of the principa of and interest on such Project Temporary Loan Notes. Sec ion 6. That the Executive Director is hereby authorized to file requi- sitions, together with necessary supporting documents, with the Government, from tim to time as Project Temporary Loan or Project Capital Grant funds are required requesting payments to be made on account of the Project Temporary Loan or he Project Capital Grant provided for in the said Contract for loan and grant, and to do and perform all other things and acts required to be done or perfo med in order to obtain such payments. -3-