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f <br />WHEREAS, the Commission finds that in order to provide. <br />fu <br />ids for the payment of part of the costs of such Project, it <br />will <br />be necessary to issue bonds of the Redevelopment District <br />in <br />the amount of Six Hundred Eighty Thousand Dollars ($680,000), <br />now <br />therefore, <br />BE IT RESOLVED, by the South. Bend Redevelopment Commission <br />that: <br />1. For the purpose of providing fun, ds to be used in <br />paying <br />the acquisition, clearance, rehabilitation, site improvement, <br />and <br />renewal of property described in Resolution No. 118 and <br />incidental <br />costs necessary to be incurred in carrying out said <br />Project, <br />the City of South Bend, acting for and on behalf of <br />the <br />South Bend Redevelopment District, shall make a loan in the <br />a <br />ount of Six Hundred Eighty Thousand Dollars ($680,000). In <br />o <br />der to procure said loan, the City Controller is hereby <br />a <br />thorized and directed to have prepared and to issue and sell <br />t <br />e negotiable bonds of the City, payable solely out of a special' <br />tax <br />to be levied on all property within said District, to be <br />designated <br />as "Redevelopment District Bonds of 1966," in the <br />aggregate <br />principal amount of Six Hundred Eighty Thousand Dollars <br />($680,000), <br />which bonds shall be issued in the denomination of <br />Five <br />Thousand Dollars ($5,000.00), shall be numbered consecutively <br />from. <br />1 to 136, shall be dated as of the first day of the month <br />in <br />which such bonds are sold, and shall bear interest at a rate <br />not <br />exceeding five per cent (5/) per annum, (the exact rate or <br />rates <br />to be determined by bidding), which interest shall be payable <br />kERO <br />�C07>y <br />X ERO XERO� rY ER01 <br />COPY • ^OPY COPY <br />_... _.'? <br />