No. 0023 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 payment thereof and for other purposes

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Re s Elution No. 23 issued, there are hereby authorized to be issued, from time to time, PrOect Temporary Loan Notes of the Local Public Agency in an aggre- gate) principal amount outstanding; at any one time (whether authorized by t�is Resolution or any other resolution authorizing the issuance of Project Temporary Loan Notes in connection with the Project) of not toexceed Two Million Five Hundred Twenty -Seven Thousand Five Hun- dred Dollars ($2,527,500). Section Z. That each such note shall be designated "Project Temporary Loan Note "; shall be payable, as to the principal thereof together with the interest thereon, upon demand, but solely from the Project Temporary Loan Repayment Fund hereinafter mentioned and not Otherwise; shall be payable at the principal office of the Local Public Age #cy in any coin or currency of the United States of America which, on the Oate of the payment of the principal thereof and the interest thereon, is legal tender for the payment of public and private debts; shall be pay- ablel to the United States of America or order; shall be signed in the name of the Local Public Agency by the Mayor, City of South Bend, Indiana have the official seal of the Local Public Agency impressed thereon and attested by the City Clerk, City of South Bend, Indiana and shall bear inte *e st at the rate or rates as follows: (a) Each such Project Temporary Loan Note delivered to and paid for by the Government during the period from August 4, 1960 to June 30, 1965 (herein called the "Initial Loan Period "), shall bear interest during the Initial Loan Perio.d on the unrepaid principal amount . thereof at the rate of Four and Five - Eighths per centum (4 5 /8 %)per annum; and (b) From and after the expiration of the Initial Loan Period, each such Project Temporary Loan Note, whether deliv- ered to and paid for by the Government prior to or after the expiration of the Initial Loan Period shall bear interest _2_