No. 0068 approving petition to issue bonds in connection with Project No. INDIANA R-29

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RESOLUTION #66 ESOLUTION APPROVING PETITION TO ISSUE BONDS IN ONNECTI ©N 'ITH PROJECT NO. INDIANA R--2: W-HER AS, this Commission adopted Resolution No. 53 on November 15, 1562, declaring certain real estate in the South Bend Redevelop- ment Dist ict to be a blighted areas and wHER AS, this Commission held a hearing and confirmed said determina ion on February 5, 1963, by the adoption of Resolution No. 55; aid WHEREAS, the Common Council of the City of South Bend approved said determination by the adoption of its Resolution approving the Urban Renewal Plan and the Feasibility of Relocation for Project No. Indiana R-29 (Chapin Street Project) on January 14, 1963; and WHER�AS, this Project has been approved by the South Bend Planning ommission on December 6, 1962; and WHEREAS, a petition signed by more than fifty (50) owners of taxable real estate located in the South Bend Redevelopment District and certified by the St. Joseph County Auditor, requesting the South Bend Rede elopment Commission to issue bonds for the purpose of pro- curing fu ds to pay the cost of acquisition, clearance and renewal of the pr perty described in said Resolution No. 53 and all expenses necessarily incurred in connection with such Project, has been filed with the Commission; and WHEREAS, the Commission finds that in order to provide funds for the p yment of part of the costs of such Project, it will be necessary to issue bonds of the Redevelopment District in the amount of Two Hu dyed Fifty Thousand Dollars ($250,000); now therefore, BE I' RESOLVED by the South Bend Redevelopment Commission that: 1. acquisiti lution No ing out of the So amount of procure s directed of the Ci the prope District Hundred F in the de ed consec the month rate not rates to on the fi of each y< Both bond: or the purpose of providing funds to be used in paying the n, clearance and renewal of the property described in Reso- 53 and incidental costs necessary to be incurred in carry - id Project, the City of South Bend, acting for and on behalf th Bend Redevelopment District, shall make a loan in the Two Hundred Fifty Thousand Dollars ($250,000). In order to id loan, the City Controller is hereby authorized and o have prepared and to issue and sell the negotiable bonds y, payable solely out of a special tax to be levied on 311 ty within said District, to be designated as "Redevelopment onds of 1963 ", in the aggregate principal amount of Two fty Thousand Dollars ($250,000), which bonds shall be issued omination of One Thousand Dollars ($1,000), shall be number - tively from l to 250, shall be dated as of the first day of in which such bonds are sold, and shall bear interest at a xceeding five per cent (5/0) per annum, (the exact rate or e determi ed b idding), which interest shall be payable st day o'" r9GS _ nets and semi - annually thereafter on January 1 and July 1 ar, and shall be evidenced by coupons attached to said bonds, and interest coupons shall be payable in lawful money of the -1-