RM 08-02-62 - Laserfiche WebLink

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Resolution No. 49 3. None of the New Preliminary Loan Notes shall be valid until after the bank or trust company at which it is payable shall have signed the agreement, appearing on each such note, to act as paying agent thereof. Each of the New Preliminary Loan Notes shall be signed in the name of the Local Public Agency by the Mayor of the City of South Bend and shall have the corporate seal of said City impressed thereon and attested by the Clerk of the City of South Bend thereof, and said officers are hereby authorized and directed to cause said notes to be properly executed. Section 5. Each of the New Preliminary Loan Notes shall be issued in substantially the form of the note hereto attached and marked "Exhibit A." Section 6. The Agreement entitled "Requisition Agreement No. 2" (herein sometimes called the "Now Requisition Agreement "), which has been executed by the officers of the Local Public Agency, and has been presented to and read before the meeting, and the execution thereof, are hereby fully ratified, confirmed, and approved. Said New Requisition Agreement, when executed by the Government, is hereby declared to be and is hereby assigned byt e Local Public Agency for the benefit of the holder or holders from time to time of the New Preliminary Loan Notes, and the proceeds of the Project Temporary Loan Note executed pursuant to Section 7 hereof are hereby irrevocably pledged, first, to the payment, at maturity, of the principal of and interest on the New Preliminary Loan Notes issued pursuant to this Resolution. Section. 7. The Mayor and Clerk of the City of South Bend are hereby authorized and directed to prepare and execute the Project Temporary Loan Note, in the principal amount of One Million Four Hundred Thirty Nine Thousand Dollars ($1,435,000.00), described in the New Requisition Agreement, the issuance of which was heretofore been authorized by a certain basic Note Resolution providing for the issuance of certain Project Temporary Loan Notes in connection with Project No. Ind. R -7 and providing for the security for the payment thereof, and for other purposes, duly adopted by the Local Public Agency on the 4th day of August, 1960. Said note shall be designated "Project Temporary Loan Note "; shall be numbered No. 3; shall be dated the 21st day of August, 1962; shall bear interest from the date of the acceptance of the Local Public Agency's delivery thereof and the payment the efor by the Government, shall bear a statement at the foot the eof in substantially the following form: "De ivery of this note was accepted and payment therefor made on �he day of 1 196 UNITED STATES OF AMERICA Housing and Home Finance Administrator By (T J- t1e) '