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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ection 10. That the Project (which is designated Project No. Indiana -29 and is herein called the "Projects`) includes and consists of all u-1: dertakings and activities of the Local Public Agency in the Project rea, in accordance with the Plan for the renewal or redevelop- ment of e Project Area, for the elimination and for the prevention of the deve opment or spread of slums and blight, and to the extent con- template by said Plan involves slum clearance and redevelopment and the carrying out of plans for a program of voluntary repair and rehabilitation of buildings or other improvements in the.�roject Area: Provided, That the Project shall not include the construction or improvement of any building contemplated by the Plan for the renewal or redevelopment of the Proj et Area. Section 11. That the land area of the Project (herein called the "Pro ect Area "), is situated within South Bend, St. Joseph County, State of Indiana, and the boundaries of the Project Area shall be as describe in the Contract for loan and grant. ection 12. That each of the following terms, when so used in this Res lution, shall, unless the context clearly indicates otherwise, have the eaning ascribed to it in this Section: 129 West The term "Contract" means that certain document, a counter- part of which is now on file with the Local Public Agency, designated Contract No. Indiana R -29 (LG), naming the Local Public Agency and the Government as the parties thereto, and providing for a Project Temporary Loan, A Project Defi- nitive Loan, and a Project Capital Grant to the Local Public Agency with respect to the Project. �) The term "Plan" means the urban renewal or redevelopment plan referred to in the said Contract for loan and grant. The terms "Local Grants -in- Aid ", "Gross Project Cost ", "Item I of Gross Project Cost ", "Net Project Cost ", "Pro- ject Land ", "Project Temporary Loan ", "Project Definitive Loan ", � °Project Capital Grant ", "Project Expenditures Account ", "fair value", "land ", and "redevelopment ", and derivatives thereof, have the same meanings, respectively, attributed to said terms in the Contract for loan and grant. 13. That this Resolution shall take effect immediately. opted at a regular meeting of the South Bend Redevelopment held on September 19, 1963, at the office of the Commission, olfax Avenue, South Bend, Indiana. - 7 -