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I. 4,-SOLUTI0N NO 42 - Continued 81st Congress, approved July 15, 1949), as amended, in an amount outstanding at any one time not to exceed $2,527,500.00 to aid the Local Public Agency in its undertaking and carrying out of a certain urban renewal project (herein called the "Project ") desig ated Project No. Ind. R -7 and which is more fully identi- fied rin the Loan and Grant Contract; and WHEREAS, pursuant to advertisement for the receipt of proposals for the purchase of Preliminary Loan Notes (First Series A), herein sometimes called "Preliminary Loan Notes ", of the Local Public Agency aggregating $879,000, which appeared in a Notice of Sale published in the January 19, 1962 issue of the South Bend Tribune and Record in the City of South Bend, Indiana, and in the January 16, 1962 issue of The Daily Bond Buyer in the City of New York, proposals for the purchase of said notes in the form approved by the Local Public Agency were received, opened, and canvassed at the time and place provided by said advertise- ment, to wit: At 129 West Colfax Avenue in the City of South Bend, Indiana, at 1:00 o'clock, P.M., E.S,.T.,, January 30, 1962, which propo als are as follows: Name Df Bidder Interest Principal Rate Amount Salom n Bros. & Hutzler 1.67 $879,000 New Y rk 5, New York Morga Guaranty Trust 1.65 879,000 Compa y of New York and C. J. Divine & Co. Bank f America N.T. & S.A. 1.64 879,000 and T e First National City Bank f New York Chemi al Bank New York 1.63 879,000 Trust Company and can s which under is de Premium $35.00 15.00 19.00 23.00 aHEREAS, the interest cost at which the Local Public Agency X11 the Preliminary Loan Notes is lower than the interest rate the Government is required to charge the Local Public Agency the terms of the Loan and Grant Contract, and the Government 3irous of cooperating with the Local Public Agency in its -2-