No. 0128 approving/providing for execution of proposed loan/capital grant contract No. INDIANA R-57(LG) between COSB Dept. of Redevelopment and USA

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Unite The C "Loca which Def in to ai India RESOLUTION NO. 128 RESOLUTION APPROVING AND PROVIDING FOR THE EXECUTION OF A PROPOSED LOAN AND CAPITAL GRANT CONTRACT, NUMBERED CONTRACT NO. INDIANA R -57 (LG), BETWEEN CITY OF SOUTH BEND, DEPARTMENT OF REDEVELOPMENT, AND THE UNITED STATES OF AMERICA, PERTAINING TO A CERTAIN PROJECT DESIGNATED PROJECT NO. INDIANA R -57, AND ESTABLISHING A PROJECT EXPENDITURES ACCOUNT WITH RESPECT TO SAID PROJECT, AND FOR OTHER PURPOSES HEREAS, under Title I of the Housing Act of 1949, as amended, the States of America (herein called the "Government ") has tendered to ty of South Bend, Department of Redevelopment (herein called the Public Agency ") a proposed Loan and Capital Grant Contract under the Government agrees to make a Project Temporary Loan, a Project tive Loan, and a Project Capital Grant to the Local Public Agency in financing an urban renewal project, designated Project No. a R -57, in the urban renewal area described therein; and EREAS, the Local Public Agency has given due consideration to said proposed Contract; and WHEREAS, the Local Public Agency is duly authorized, under and pursuant to the Constitution and laws of the State of Indiana, to undertake and carry out said Project and to execute such proposed Contract; and WHEREAS, under said proposed Contract it is required, among other thing ,s, that, with respect to said Project, the Local Public Agency shall promptly set up, and maintain in a bank or banks which are members of the Federal Deposit Insurance Corporation, a separate and special fund designated "Project Expenditures Account; Project No. Indiana R -57 ", into N�;hich shall be deposited certain funds described in said proposed Contract: as JE IT RES-_-JVED BY The City of South Bend, Department of Redevelopment lows: Section 1. The proposed Contract designated "Loan and Capital Grant Contract, Contract No. Indiana R -57 (LG) ", consisting of Parts I and II, under and subject to the provisions, terms, and conditions of which the Goverilment will make a Project Temporary Loan, a Project Definitive Loan, and a Project Capital Grant under Title I of the Housing Act of 1949, as amended, to the Local Public Agency to aid in financing an urban renewal project, designated Project No. Indiana R -57, situated in the City of South Bend, Indiana, is hereby in all respects approved. Section 2: The President of the Redevelopment Commission, governing body of the City of South Bend, Department of Redevelopment, is hereby authorized and directed to execute said proposed Contract in two counter- parts on behalf of the Local Public Agency, and the Secretary is hereby authorized and directed to impress and attest the official seal of the -1-