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

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luring the period from the date of the acceptance of delivery of ,nd payment for this Note to January 1, 1969 (herein called the Initial Loan Period "), said principal sum shall bear interest in the unrepaid amount thereof at the rate of Four (4.096) per annum. From and after said date said principal sum shall bear , nterest on the unrepaid principal amount thereof at the rate ter annum (to be duly noted on behalf of the United States of ,merica on the reverse hereof) which is and shall be the higher if (a) Fourper -centum (4.096) per annum, or (b) the rate, not to xceed, in any event, Six per centum (6.096) per annum, which, object to such limitation, shall be equal to the average yield o maturity on all outstanding marketable obligations of the Inited States having a maturity of approximately.five years 'rom the first day of May or November, as the case may be, next receding the expiration of the Initial Loan Period, as determined ,y the Housing and Home Finance Administrator, upon the advice of he Secretary of the Treasury, by estimating such average yield n the basis of daily closing market bid quotations or prices ,uring the month of May or November, as the case may be, next pre - !eding the expiration of the Initial Loan Period and by adjusting uch estimated average yield to the nearest one - eighth of one per loth the principal of and interest on this Note are payable at the principal office of the Local Public Agency in South Bend, Indiana, in any a in or currency of the United States of America which, on the date of 1he payment of the principal of and interest on this Note, is legal to der for the payment of public and private debts. fyv is Note is issued pursuant to the provisions of (a) the Constitu on and laws of the State of Indiana including particularly Redevelo ent of Cities & Towns Act of 1953, Ch.. 176, as amended by Acts of 57, Ch. 173, & Acts of 1963, Ch. 318.;. (b) a Resolution duly adopted the Loc al Public Agency on the 19th day of September, 19639 providing for the issuance of Project Temporary Loan Notes (herein called the "basic Note Resolution "); and (c) a Resolution likewise adopted on the 19th day of September, 1963, providing for the issuance of this particular Note; and the proceeds hereof are to be used to de- fray exp tch es and costs involved in the Local Public Agency's undertaking and Carr out of a certain urban renewal or redevelopment Project of the char er authorized by said laws and designated Project No. Ind. R -29, wh is more fu lly identified in the basic Note Resolution. Said Project which this Note is issued is being assisted by the United States of America pursuant to Title I of the Housing Act of 1949 (Public Law 171 81st Congress, approved July 15, 1949, as amended and supple- mented) . and therein Agency, der the basic Note Resolution, 1 fund therein referred to as Fund" in which are required to scribed, as and when the same d this Note, together with all - 3 - there is established a separate the "Project Temporary Loan be deposited certain moneys, are received by the Local Public other notes issued pursuant to