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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are provided with respect to the Project to meet the defi- ciency, if any, in Local Grants -in -.Aid in connection with the Project; g) All accrued interest, if any, which is paid to the Local Public Agency on Project Temporary Loan Notes at the time when the Government takes up and pays for such Project Temporary Loan Notes; and ) The unexpended balance, if any, remaining or belonging in the Project Expenditures Account after all costs consti- tuting Item I of Gross Project Cost have been paid. Section S. That if any Project Land is leased, instead of sold, by the Local Public Agency, the reasonable and proper costs incurred from time to lime by the Local Public Agency during the period of such lease, which co is are for the Local Public Agency's maintenance, management, and administration during such period of Project Land so leased, may, to the extent necessary, be paid from those lease proceeds referred to as such in Section 4 hereof which are deposited in the Project Temporary Loan Repayment Fund, but from no other moneys therein. ection 6. That Project Temporary Loan Notes issued pursuant to the provisions of this Resolution shall, as to both the principal thereof and the interest thereon, constitute an exclusive first lien and charge upon the funds which, by the terms of this Resolution, comprise the Pro- ject Te orary Loan Repayment Fund after provision therefrom for only the cost mentioned in Section 5 hereof, which Fund, subject only to pro- vision a aforesaid, is hereby irrevocably pledged to the payment of the principa of and interest on such Project Temporary Loan Notes. Section 7. That the President or Vice President of the South Bend Redevelopment Commission is hereby authorized to file requisitions, together with necessary supporting documents, with the Government, from time to time as Project Temporary Loan or Project Capital Grant funds are required, requesting payments to be made on account of the Project Temporar Loan or the Project Capital Grant provided for in the said Contract for loan and grant, and to do and perform all other things and acts req fired to be done or performed in order to obtain such payments. ection S. That, when and as directed by further resolution or resolutions, the proper officers of the Local Public Agency shall prepare, execute, and deliver to the Government the Project Temporary Loan Notes hereby authorized and shall accept payment therefor from the Government. Loan No bursed grant, ction 9. That the proceeds of the sale of all Project Temporary issued pursuant to this Resolution shall be deposited and dis- y in accordance with the provisions of the Contract for loan and ess otherwise approved in writing by the Government.