RM 08-02-62 - Laserfiche WebLink

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and I cane Gr a wit Pre ►lution No. 49 2. WHEREAS, the interest cost at which the Local Public Agency sell the New Preliminary Loan Notes is substantially lower i the interest rate which the Government is required to :ge the Local Public Agency under the terms of the Loan and it Contract, and the Government is desirous of cooperating z the Local Public Agency in its endeavor to sell said New Liminary Loan Notes in order to reduce carrying charges and :r costs of the Project: BE IT RESOLVED BY The City of South Bend Redevelopment ission AS FOLLOWS: Section 1. The aforesaid publication of the Notice of Sale and the form and contents thereof as so published are hereby, in all respects, approved, ratified and confirmed. Section 2. In order to provide funds to defray expenses incurred or to be incurred in the Local Public Agency's under- taking and carrying out of the Project, or to retire, refund, renew, or extend its outstanding notes issued in connection therewith, the Local Public Agency hereby determines to borrow the sum of One Million Three Hundred Seventy Five Thousand Dollars ($1,375,000.00) and issue its negotiable New Preliminary Loan Notes therefor in aggregate principal amount equal to said Section 3. The Local Public Agency hereby ratifies and approves the form of the proposal hereinafter in this Section 3 enumerated, for the purchase of the designated principal amount of the New Preliminary Loan Notes, which proposal the Local Public Agency hereby determines will provide the lowest interest cost and is therefore hereby accepted, and said New Preliminary Loan Notes are hereby awarded to said purchaser, as follows: Principal Amount $1,375,000 Au be 23 ra nu pr Interest Rate Purchaser 1.76% Salomon Bros. & Hutzler 60 Wall Street New York 5, New York Section 4. Each such note shall be dated the 21st day of xst, 1962; shall be designated "Preliminary Loan Note ", shall payable, as to both principal and interest, to bearer on the 3 day of August, 1963; and, pursuant to the proposal for the :hase of said notes, hereinabove accepted, shall bear the of interest per annum, payable at maturity, shall bear the Ders, be in the denominations, and be payable as to both zcipal and interest at the bank or trust company, as follows: Denomi- haser Number nations mon Bros. & Hutzler 1 -6 $100,000 'all Street 7 -15 50,000 York 5, New York 16 -23 25,000 24 -33 10,000 34 -38 5,000 Interest Rate Payable at 1.76/ The Chase Man- hattan Bank 1 Chase Manhattan Plaza New York 15, N.Y.