RM 07-07-60 - Laserfiche WebLink

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Resolution No. 18. B E I T R E S O L V E D by the South Bend Redevelopment Commission that: 1. For the purpose of providing funds to be used in paying the acquis Lion, clearance and renewal of the property described in Resolu- tion No. 14 and incidental costs necessary to be incurred in carrying out said P�oject, the City of South Bend, acting for and on the behalf of the South end Redevelopment District, shall make a loan in the amount of One M Ilion One Hundred Thousand Dollars ($1, 100, 000). In order to procur said loan, the City Controller is hereby authorized and directed to have prepared and to issue and sell the negotiable bonds of the City, payable solely out of a special tax to be levied on all property within the District, to be designated as "Redevelopment District Bonds of 1960, " in the ggregate principal amount of One Million One Hundred Thousand Dollar ($1, 100, 000), which bonds shall be issued in the denomination of One Tlousand Dollars ($1, 000), shall be numbered consecutively from I to 1, 100, ( shall be dated as of the first day of the month in which such bonds are sold, and shall bear interest at a rate not exceeding four per cent (4 %) per annum (the exact rate of rates to be determined by bidding), which intere t shall be payable on the first day of July preceding the maturity of the fir t series of such bonds , and semi - annually thereafter on January I and July 1 of each year, and shall be evidenced by coupons attached to said bonds. Both bonds and interest coupons shall be payable in lawful money of the United States of America at the office of the Treasurer of St. Joseph County, ex officio Treasurer of the South Bend Redevelopment District. Said shall mature as follows: 2