No. 0049 sale, issuance, delivery of preliminary loan notes in aggregate principal amount of $1,375,000, execution of requisition agreement No. 2, execution/delivery of project temp. loan note No. 3 in connection with Project No. IND R-7

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Resolution No. 49 2. and can cha Gra wit Pre WHEREAS, the interest cost at which the Local Public Agency sell the New Preliminary Loan Notes is substantially lower i the interest rate which the Government is required to 7ge the Local Public Agency under the terms of the Loan and it Contract, and the Government is desirous of cooperating i the Local Public Agency in its endeavor to sell said New Liminary Loan Notes in order to reduce carrying charges and :r costs of the Project: BE IT RESOLVED BY The City of South Bend Redevelopment fission AS FOLLOWS: Section 1. The aforesaid publication of the Notice of Sale and the form and contents thereof as so published are hereby, in all respects, approved, ratified and confirmed. Section 2. In order to provide funds to defray expenses incurred or to be incurred in the Local Public Agency's under- taking and carrying out of the Project, or to retire, refund, renew, or extend its outstanding notes issued in connection therewith, the Local Public Agency hereby determines to borrow the sum of One Million Three Hundred Seventy Five Thousand Dollars ($1,375,000.00) and issue its negotiable New Preliminary Loan Notes therefor in aggregate principal amount equal to said sum. Section 3. The Local Public Agency hereby ratifies and approves the form of the proposal hereinafter in this Section 3 enumerated, for the purchase of the designated principal amount of the New Preliminary Loan Notes, which proposal the Local Public Agency hereby determines will provide the lowest interest cost and is therefore hereby accepted, and said New Preliminary Loan Notes are hereby awarded to said purchaser, as follows: Pri cipal Ambunt Interest Rate Purchaser $1,375,000 1076/. Salomon Bros. & Hutzler 60 Wall Street New York 5, New York Section 4. Each such note shall be dated the 21st day of August, 1962; shall be designated "Preliminary Loan Note "; shall be payable, as to both principal and interest, to bearer on the 23rd day of August, 1963; and, pursuant to the proposal for the purchase of said notes, hereinabove accepted, shall bear the rate of interest per annum, payable at maturity, shall bear the numbers, be in the denominations, and be payable as to both principal and interest at the bank or trust company, as follows: Denomi- Interest Purchaser Number nations Rate Payable at Salomon Bros. & Hutzler 1 -6 $100,000 1.76/ The Chase Man - 60 Wall Street 7 -15 50,000 hattan Bank Neu-York 5, New York 16 -23 25,000 1 Chase Manhattan 24 -33 10,000 Plaza 34 -38 51000 New York 15, N.Y.