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I. ESOLUTION NO. 42 - Continued <br />ende vor to sell said Preliminary Loan Notes in order to reduce <br />carr ing charges and other costs of the Project. <br />BE IT RESOLVED BY THE CITY OF SOUTH BEND REDEVELOPMENT <br />SSION'AS FOLLOWS: <br />Section 1. The aforesaid publication of the Notice of Sale <br />and he form and contents thereof as so published, are hereby, in <br />all iespects, approved, ratified and confirmed. <br />Section 2. In order to provide funds to defray expenses <br />incurred or to be incurred in the Local Public Agency's under- <br />taking and carrying out of the Project, or to retire, refund, <br />renew or extend its outstanding notes issued in connection <br />therewith, the Local Public Agency hereby determines to borrow <br />the sum of Eight Hundred Seventy Nine Thousand Dollars ($879,000.00) <br />and issue its negotiable Preliminary Loan Notes therefor in <br />aggr gate principal amount equal to said sum. <br />Section 3. The Local Public Agency hereby ratifies and <br />approves the form of the proposal hereinafter in this Section 3 <br />enumerated, for the purchase of the designated principal amount <br />of t e Preliminary Loan Notes, which proposal the Local Public <br />Agency hereby determines will provide the lowest interest cost <br />and is therefore hereby accepted, and said Preliminary Loan Notes <br />are lereby awarded to said purchaser, as follows: <br />Prinipal Interest Rate Purchaser <br />Amou c t <br />$879, <br />Febri <br />Seri( <br />to b( <br />prop( <br />shall <br />shall <br />as tc <br />folk <br />000 1.63 Chemical Batik New :.York Trust Company <br />30 Broad Street <br />New York 15, New York <br />Section 4. Each such note shall be dated the 20th day of <br />ary, 1962; shall be designated "Preliminary Loan Note (First <br />s "A ") "; shall be payable, as to both principal and interest, <br />arer, on the 24th day of August, 1962; and, pursuant to the <br />sal for the purchase of said notes, hereinabove accepted, <br />bear_the_.rate ofz-interest per annum,- payable at maturity, <br />bear the numbers, be in the denominations,-and.-be payable <br />:.both principal-.-;and-,interest at the-bank or-trust_ company as <br />WS: <br />a. -3- <br />