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RESOLUTION NO. J%J I - 0 / <br />A RESOLUTION OF THE COMMON COUNCIL OF THE <br />CITY OF SOUTH BEND, INDIANA, AUTHORIZING <br />THE MAYOR TO EXECUTE NOTES AND TAKE ALL <br />OTHER ACTIONS NECESSARY TO SECURE FUNDS <br />UNDER THE SECTION 108 LOAN GUARANTEE <br />PROGRAM UNDER TITLE I OF THE HOUSING AND <br />COMMUNITY DEVELOPMENT ACT OF 1974, <br />AS AMENDED. <br />WHEREAS, the Mayor of the City of South Bend, Indiana, is <br />the Chief Executive Officer of the City and is the applicant for a <br />Section 108 Loan Guarantee under Title I of the Housing and <br />Community Development Act of 1974, as amended; and <br />WHEREAS, an application for Section 108 Loan funds was <br />authorized by the Common Council in Resolution No. 1638 -88 on <br />August 22, 1988, and subsequently approved by the U.S. Department <br />of Housing and Urban Development. <br />WHEREAS, proceeds from this loan will be used for various <br />redevelopment activities within the West Washington- Chapin <br />Development Area as outlined in the "Final Statement of Section 108 <br />Loan Guarantee objectives and Projected Use of Funds;" and <br />WHEREAS, the redevelopment of the West Washington- Chapin <br />Development Area will be greatly facilitated by the receipt of <br />proceeds available through a Section 108 Loan Guarantee. <br />WHEREAS, the program requires that promissory note(s) be <br />executed by the City. <br />NOW, THEREFORE, BE IT RESOLVED, by the Common Council of <br />the City of South Bend, Indiana, as follows: <br />SECTION I. That the Mayor of the City of South Bend, <br />Indiana is hereby authorized to execute notes and take all other <br />actions necessary to secure funds under the Section 108 Loan <br />Guarantee Program of the United States Government under Title I of <br />the Housing and Community Development Act of 1974, as amended. <br />SECTION II. That for the activities, project, or <br />programs to be funded under this Resolution, the Mayor shall submit <br />to the Common Council an appropriation ordinance prior to <br />expenditure of any Section 108 Loan Guarantee funds received upon <br />approval of this application. <br />SECTION III. That <br />and effect from and after its <br />approval by the Mayor. <br />PRESENTED <br />NOT APPROVEQ <br />ADOPTED "(a_/3_g9 <br />this Resolution shall be in full force <br />adoption by the Common Council and <br />W. mil <br />JUN 7 1989 <br />IRENE GAM�M�n <br />^4M CA <br />