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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tions, and del ized an tion 7. That, when and as directed by further resolution or resolu- he proper officers of the Local Public Agency shall prepare, execute, ver to the Government the Project Temporary Loan Notes hereby author - shall accept payment therefor from the Government. Section 8. That the proceeds of the sale of all Project Temporary Loan Notes issued pursuant to this Resolution shall be deposited and disbursed only in accordance with the provisions of the Contract for loan and grant, unless otherwise approved in writing by the Government: Section 9. That the Project (which is designated Project No. Indiana R -57 and is herein called the "Project") includes and consists of all undertakings and act vities of the Local Public Agency in the Urban Renewal Area, in accor- dance w th the Plan for the renewal or redevelopment of the Urban Renewal Area, for the elimination and for the prevention of the development or spread of slums a d blight, and, to the extent contemplated by said Plan, involves slum clearan e and redevelopment, and the carrying out of plans for a program of repair �nd rehabilitation of buildings or other improvements. Section 10. That the land area of the Project (herein called the "Urban Renewal Area ") is situated within the City of South Bend, Indiana, and the boundaries of the Urban Renewal Area shall be as described in the Contract for loan and grant. Se tion 11. That each of the following terms, when so used in this Resolut on; shall, unless the context clearly indicates otherwise, have the meaning ascribed to it in this Section: (a) The term "Contract" means that certain document, a counterpart of which is now on file with the Local Public Agency, designated Contract No. Indiana R -57 (LG), naming the Local Public Agency and the Government as the parties thereto, and providing for a Project Temporary Loan, a Project Definitive Loan, and a Project Capital Grant to the Local Public Agency with respect to the Project. (b) The term "Plan" means the urban renewal or redevelopment plan referred to in said Contract for loan and grant. (c) The terms "Local Grants -in -Aid ", "Gross Project Cost ", "Item 1 of Gross Project Cost ", "Net Project Cost ", "Project Land ", "Project Temporary Loan ", "Project Definitive Loan", "Project Capital Grant ", "Project Expenditures Account ", "fair value ", "land ", and "redevelopment ", and derivatives thereof, have the same meanings, respectively, attributed to said terms in the Contract for loan and grant. Section 12. That this Resolution shall take effect immediately. ed this 5th day of May, 1966. -4-