HomeMy WebLinkAboutApproving Karl King Housing, Inc.RESOLUTION
N0. 675 -79
Passed by the Common Council of the City of South Bend, Indiana,
January 22
19 79
Attest: �c�.� -tom 'k— City Clerk
Attest:
President of Common Council.
Presented by me to the Mayor of the City of South Bend, Indiana
January 23 1979
//�— City Clerk
Approved and signed by me < 19�.
Mayor
RESOLUTION NO. 675 -79
A RESOLUTION APPROVING KARL KING HOUSING, INC.
WHEREAS, a shortage of decent, safe and sanitary housing for
persons and families of low income exists in South Bend, Indiana
(the "Locality ");
WHEREAS, it is proposed that a multifamily housing project,
designated as "Karl King Towers" be constructed in the Locality
(the "Project ") to consist of approximately 219 dwelling units
intended for occupancy by persons and families of low income;
WHEREAS, Karl King Housing, Inc. (the "Corporation ") a non-
profit corporation, has been created to provide construction and
permanent mortgage financing for the project by the issuance of
its bonds;
WHEREAS, Section 11(b) of the United States Housing Act of
1937 provides for financial assistance with respect to housing
for persons and families of low income by authorizing an exemption
from federal income taxation for interest paid on bonds issued by
certain entities, such as the Corporation, to assist in the financ-
ing of such housing;
WHEREAS, in order to obtain such assistance of the Federal
Government, it is necessary for the Housing Authority of the City
of South Bend, Indiana (the "Public Body "), to make certain deter-
minations and enter into certain agreements with respect to the
Project and the Corporation; and
WHEREAS, in order for the Public Body to make such agreements
and enter into such agreements, it is necessary for the governing
body which activated the Public Body to approve the Project:
SECTION I. NOW,
Council
hereby
of the City of
approved.
THEREFORE, BE IT RESOLVED by the Common
South Bend, Indiana, that the Project is
SECTION II. That this Resolution shall be in full force and
effect from and after its adoption by the Common Council and approval
by the Mayor.
RI
Adopted, as amended, January 22, 1979
r - v
e Common Counc
RESOLUTION NO.
A Resolution Approving Karl King Housing, Inc.
WHEREAS, a shortage of decent, safe and sanitary housing
for persons and families of low income exists in South Bend,
Indiana (the "Locality ");
WHEREAS, it is proposed that a multifamily housing project,
designated as "Karl King Towers" be constructed in the Locality
(the "Project ") to consist of approximately 219 dwelling units
intended for occupancy by persons and families of low income;
WHEREAS, Karl King Housing, Inc. (the "Corporation ") a non-
profit corporation, has been created to provide construction and per-
manent mortgage financing for the project by the issuance of its
bonds,
WHEREAS, Section 11(b) of the United States Housing Act of
1937 provides for financial assistance with respect to housing for
persons and families of low income by authorizing an exemption from
federal income taxation for interest paid on bonds issued by certain
entities, such as the Corporation, to assist in the financing of such
housing-
WHEREAS, in order to obtain such assistance of the federal
government, it is necessary for the Housing Authority of the City
of South Bend, Indiana (the "Public Body "), to make certain deter-
minations and enter into certain agreements with respect to the
Project and the Corporation; and
WHEREAS, in order for the Public Body to make such agree-
ments and enter into such agreements, it is necessary for the governing
body which activated the Public Body to approve the Project:
NOW, THEREFORE, BE IT RESOLVED by the Common Council of
the City of South Bend, Indiana, that the Project is hereby approved.
41�f6i6� LM. 'S
JAN 16 "'
PRESENTED ./ -'� A ->/
NOT APPROVED Irene Gammon
CITY CLERK, SOUTH BEND, IND.
ADOPTED
J� ;4-Z��Yz 0 -
Memb r of the Common Council
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