No. 0069 authorizing the issuance of certain project temp. loan notes in connection with urban renewal project No. INDIANA r-7 and providing for the security for the pmt. thereof and other purposes

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RESOLUTION #69 RESOL ION TO AMEND A RESOLUTION AUTHORIZING THE ISSUANCE OI! CERTAI PROJECT TEMPORARY LOAN NOTES IN CONNECTION WITH URBAN RENEW PROJECT NO. INDIANA R -7 AND PROVIDING FOR THE SECURITY FOR TH PAYMENT THEREOF, AND FOR OTHER PURPOSES 'VdIEREAS, the United States of America (herein called the "Gover ent ") entered into a Loan and Grant Contract with the Department of Redevelopment, City of South Bend (herein some- times called the "Local Public Agency "), said contract being dated tugust 17, 1560 and identified as Contract No. Indiana R -7 (LG ); and WHEREAS, said Contract was amended by a First Amendatory Contract amending Loan and Grant Contract No. Indiana R -7(LG) which provided, among other things, for an additional temporary loan by the Government to the Local Public Agency in the amount of $56j457 at a rate of four per centum (4y) per annum; and WHEREAS, by Resolution entitled "Resolution Authorizizing the Issuance of Certain Project Temporary Loan Notes in Connec- tion with Urban Renewal Project No. Indiana R -7 and Providing for the Security for the Payment Thereof, and for other purposes" which was duly adopted by the Redevelopment Commission of the City of South Bend, Department of Redevelopment on July 7, 1960 (herein called the "Basic Note Resolution ") the Local Public Agency authorized the issuance of Project Temporary .Loan Notes in an itmount not to exceed Two Million, Five Hundred Twenty - Seven Thousand, Five Hundred Dollars ($2,527,500) and bearing interest at the rate of Four and five- eighths per centum (4 -5 /S%) per annum; and WHEREAS, it is necessary to authorize the issuance of addi- tional Project Temporary Loan Notes in an amount not to exceed $56,457 at the rate of four per centum (4y) per annum in addition to the Project Temporary Loan Notes heretofore authorized by the Basic Note Resolution; and W EREAS, it is necessary that Sections 1 and 2 of the Basic Note R solution be amended so as to authorize the issuance of the of rementioned additional Project Temporary Loan Notes: N W, THEREFORE, BE IT RESOLVED by the South Bend Redevelop- ment C mmission of the City of South Bend, Department of Redevelop- ment, s follows: Section 1. That Section 1 of the Basic Note Resolution is hereby amended by deleting therefrom the amount Two Million, Five Hundred Twenty -Seven Thousand, Five Hundred Dollars ($2,527,500) and inserting in lieu therof the amount Two Million, Five Hundred Eighty Three Thousand, Nine hundred Fifty -Seven Dollars ($2,553,957 . Section 2. That Section 2 of the Basic Note Resolution is amen de I to read as follows: