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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i. the sue iss fro ea fol ution No. 23) Each such Project Temporary Loan Note placed in the custody of Government for acceptance of delivery and payment therefor or is- d subsequent to the expiration of the Initial Loan Period shall be xed in substantially the foregoing form, as modified by striking there- the recitals pertaining to the interest rate or rates to be borne by such note, commencing with the words "at the rate or rates as : ", and by inserting in lieu thereof the following: "at the rate of r centum ( %) per annum." Section 4. That there is hereby established a separate and special which is hereby designated the "Project Temporary Loan Repayment ; Project No. Indiana R -71', said Fund being elsewhere herein referred to �s the "Project Temporary Loan Repayment Fund ". Said Fund shall be ma�ntai.ned in a bank or banks which are members of the Federal Deposit Insurance Corporation. The following moneys shall be deposited in the Project Temporary Loan Repayment Fund as and when such moneys are received by the Local Public Agency: (a) The proceeds of all sales of Project Land by the Local Public Agency: (b) All payments which are made by the Government to the Local Public Agency on account of the Project Capital Grant; (c) All lease proceeds which the Local Public Agency de- rives under leases by it of Project Land, but not beyond the date of the establishment by the Local Public Agency of a fund to secure the payment of a Project Definitive Loan which may be secured, in whole or in part, by a lien upon and pledge of such lease proceeds: Provided , That such lease proceeds shall not be deemed to include income derived by the Local Public Agency directly from - 7 -