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f RESOLUTION #49 AUTHORIZING THE SALE, ISSUANCE, AND DELIVERY
<br />OF PRELIMINARY LOAN NOTES JX,THE AGGREGATE PRINCIPAL AMOUNT
<br />OF 1,,375,000.00, THE EXECUTION OF REQUISITION AGREEMENT NO.
<br />2, ANb THE EXECUTION AND DELi7'ERYF PROJECT TEMPORARY LOAN
<br />NOT NO. 3, IN CONNECTION WITH P ECT NO. IND. R -7.
<br />WHEREAS, the City of South Bend, Department of Redevelop-
<br />men (herein called the "Local Public Agency ") has entered into
<br />a contract dated as of the 17th day of August, 1960, numbered
<br />Contract No. Ind. R- 7(LG), (which, together with any supple-
<br />ments thereto or amendments, modifications, or waivers of any
<br />provisions thereof, is herein called the "Loan and Grant
<br />Contract"), with the United States of America (herein called
<br />the "Government ") acting by and through the Housing and Home
<br />Fin nce Administrator, providing, in part, for a Project Temporary
<br />Loai by the Government to the Local Public Agency under Title I
<br />of he Housing Act of 1949 (Public Law 171 - 81st Congress,
<br />app oved July 15, 1949), as amended, in an amount outstanding at
<br />any one time not to exceed $2,527,500.00 to aid the Local Public
<br />Agency in its undertaking and carrying out of a certain slum
<br />clearance and urban redevelopment project (herein called the
<br />"Project") designated Project No. Ind. R -7, which is more fully
<br />identified in the Loan and Grant Contract; and
<br />WHEREAS, the Government has agreed, pursuant to Requisition
<br />Agreement No. 1 with the Local Public Agency dated as of the 20th
<br />day of February, 1962 (herein called the "Outstanding Requisition
<br />Agr ement "), to make a payment on account of said Project Tempor-
<br />ary Loan on the 24th day of August, 1962, which Project Tempor-
<br />ary Loan payment has been pledged for the payment of the principal
<br />of and interest upon Preliminary Loan Notes (First Series A) of
<br />the Local Public Agency which mature on the 24th day of August,
<br />196:1, and are herein called the "Outstanding Preliminary Loan
<br />Not s "; and
<br />WHEREAS, pursuant to advertisement for the receipt of pro-
<br />posals for the purchase of the Second Series A of Preliminary
<br />Loan Notes (herein sometimes called "New Preliminary Loan Notes ")
<br />of the Local Public Agency aggregating $1,375,000.00, which
<br />appeared in a Notice of Sale published in the July 10, 1962
<br />issue of the Daily Bond Buyer in the City of New York, proposals
<br />4 for the purchase of said New Preliminary Loan Notes in the form
<br />approved by the Local Public Agency were received, opened, and
<br />canvassed at the time and place mentioned in said advertisement,
<br />to it: At 129 West Colfax Avenue in the City of South Bend,
<br />Ind ana, at 1 :00 o'clock, P.M., E.D.S,T., July 24, 1962, which
<br />proposals are as follows:
<br />Interest Principal
<br />Name of Bidder Rate Amount Premium
<br />Chemical Bank New York Trust Co. 1.920 $1,375,000 $25.00
<br />New York 15, New York
<br />Moran Guaranty Trust Co. of N. Y. 1.88/0 $1,375,000
<br />New York 15, New York
<br />Con inental Illinois National Bank 1.79•% $1,3750000
<br />& T ust Co. of Chicago
<br />Chi ago 90, Illinois
<br />Sal mon Bros. & Hutzler 1,76% $1,375,000
<br />New York 5, New York
<br />$26.00
<br />••0-
<br />$37.00
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