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