No. 0070 authorizing the issuance of certain project temp. loan notes in connection with urban renewal project No. INDIANA R-29, providing for security for pmt. thereof and other purposes

Home Browse Search

(herein and pro, aid by t went ") i Act of 1 amended, with res grant by RESOLUTION #70 RESOLUTION AUTHORIZING THE ISSUANCE OF CERTAIN PROJECT TEMPORARY LOAN NOTES IN CONNECTION WITH URBAN.RENEWAL PROJECT NO. INDIANA R -29 AND PROVIDING FOR THE SECURITY FOR THE PAYMENT THEREOF, AND FOR OTHER PURPOSES IEREAS the City of South Bend, Department of Redevelopment imetimes called the "Local Public Agency "), is duly authorized ;es to undertake and carry out a certain urban renewal or re- kt project of the character authorized by law with financial r United States of America (herein sometimes called the "Govern - the form of a Project Temporary Loan under Title I of the Housing �9 (Public Law 171 - 81st Congress, approved July 15, 1949), as ihich may be made by the Government to the Local Public Agency pct to the Prc':ect in accordance with a Contract for loan and and between the Local Public Agency and the Government; and WHEREAS, in order to enable the Local Public Agency.to obtain such financial aid, it is necessary for the Local Public Agency to authorize and, from time to time, issue certain obligations as hereinafter provided: THEREFORE, BE IT RESOLVED by the South Bend Redevelopment Commissio , Governing Body of the City of South Bend, Department of Redevelop nt as follows: S ction 1. That in order td provide funds to enable the Local Public Ag ney to defray expenses and costs in Connection with the under- taking an carrying out of the Project, and to refund, renew, extend, or substitut for any Project Temporary Loan Notes by this Resolution au- thorized o be issued, there are hereby authorized to be issued from time to t e, Project Temporary Loan Notes of the Local Public end y in an aggreg to principal amount outstanding at any one time (whether au- thorized y this Resolution or any other resolution authorizing the. issu- 7Tnr::� f Project Temporary Loan Notes in connection with the Projeci) of not to exceed One Million, Four Hundred Seventeen Thousand, Seventy Dollars (01,417,070.00). Temporary gether wi Temporary shall be any coin of the pa tender fo the Unite the Local Bend; sha !ction 2. That each such note shall be designated "Project Loan Note "; shall be payable, as to the principal thereof to- :h the interest thereon, upon demand, but solely from the Project Loan Repayment Fund hereinafter mentioned and not otherwise; sayable at the principal office of the Local Public Agency in )r currency of the United States of America which, on the date anent of ::lie principal then i-_�:L and the interest there m. is legal the payment of public and private debts; shall be payable to I States of America or order; shall be signed in the name of Public Agency by the Mayor or Acting Mayor of the City of South !1 have the offic:"1l seal of the Local Public Agency impressed - 1 -