RM 08-02-62 - Laserfiche WebLink

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Resolution No. 45 MM and shall not be valid until said statement is duly executed on behalf of the Government. Said Project Temporary Loan Note shall be delivered by the Treasurer of St. Joseph County ex officio Treasurer of the City of South Bend to the Government to be held and paid for by the Government in accordance with the terms and conditions contained in said New Requisition Agreement. Section G. The proceeds derived from the sale of the New Pre iminary Loan Notes, together with such amount of other app opriate funds of the Local Public Agency as may be necessary, sha 1 be applied, simultaneously with the receipt of said pro- ceeds, as follows: First: To the payment and discharge of the principal of and interest on the following Project Temporary Loan Notes of the Local Public Agency issued pursuant to the Loan and Grant Contract and held or to be held by the Government for its ovnz use and benefit on the date of the New Preliminary Loan Notes herein authorized: Principal No. Date Amount None Second: Pursuant to the provisions of the Outstanding Requisition Agreement, the following amount shall be paid to the paying agent named below, for the sole and only purpose of paying the principal of and interest to maturity upon the designated Series of Outstanding Preliminary Loan Notes of the Local Public Agency: t Paving Agent Series $306,323.05 Chemical Bank New York First Series A Trust Company 20 Pine Street New York 15, New York Any balance of such proceeds shall be deposited in the appro- priate account or fund established pursuant to the Loan and Grant Contract and shall be used only in accordance with the nr visions of the Loan and Grant Contract. dix the let (1) de (2) tox pal on Section °. The Treasurer of St. Joseph County ex officio asurer of the City of South Bend is hereby authorized and ected to send immediately a letter to each paying agent for New Preliminary Loan Notes in substantially the form of the ter hereto attached and marked "Exhibit B" and to transmit: the New Preliminary Loan Notes to said paying agent for ivery and payment in accordance with the terms of said letter; None of funds of the Local Public Agency to the Administra- Housing and Home Finance Agency, to be applied against the ent of the principal of and interest to the date of payment the Project Temporary Loan Notes described in Section 0