HomeMy WebLinkAboutNo. 0449 authorizing issuance of loan notes in connection with Neighborhood Development Project INDIANA A-10RESOLUTION NO. 449
RESOLUTION OF THE SOUTH BEND REDEVELOPMENT COMMISSION
GOVERNING BODY OF THE CITY OF SOUTH BEND DEPARTMENT
OF REDEVELOPMENT AUTHORIZING ISSUANCE OF LOAN NOTES
IN CONNECTION WITH NEIGHBORHOOD DEVELOPMENT PROJECT
INDIANA A -10
WHEREAS, the South Bend Redevelopment Commission, governing
body of the City of South Bend Department of Redevelopment (herein called
the "Local Public Agency ") is duly authorized and proposed to undertake
and carry out one or more urban renewal or redevelopment projects (here-
in called "Project ") of the character authorized by law with financial
aid by the United States of America (Herein called "Government "), in
the form of a Temporary Loan under Title I of the Housing Act of 1949,
as amended (42 U.S.C. 1450 e seq.) which may be made by the Government
to the Local Public Agency with respect to said Project in conformance
with Contract Indiana A -10 (LG) (herein called "Contract "), by and be-
tween the Local Public Agency and the Government; and
WHEREAS, in order to enable the Local Public Agency to obtain such
financial aid, it is necessary for the Local Public Agency to authorize
and, from time to time, issue certain obligations in the form of Project
Loan Notes, as hereinafter provided:
NOW, THEREFORE, BE IT RESOLVED by the Local Public Agency as follows:
Section 1. Whenever the following terms, or any of them, are used
in this Resolution the same, unless the context shall indicate another
or different meaning or intent, shall be construed, are used, and are
intended to have meanings as follows:
(1) The term "Resolution" shall mean this Resolution.
(2) All other terms used in this Resolution and which are defined
in the Contract shall have the respective meanings ascribed
thereto in the Contract.
Section 2. The Contract entered into between the Local Public
Agency and the Government for the above identified Project is hereby
declared to be a part of this Resolution and all applicable provisions
thereof shall be deemed incorporated herein to the extent as if the
provisions thereof were ekpressly set forth in full herein.
Section 3. In order to evidence payments made by the Government
on account of the Project Temporary Loan pursuant to the Contract with
respect to the Project and to refund, renew, extend or substitute for
any Note by this Resolution authorized to be issued (or any such Note
by any other resolution authorized to be issued and which is outstanding,
or on deposit for delivery pending payment therefor, as of the date
this Resolution becomes effective), there are hereby authorized to be
issued, from time to time, Project Loan Notes of the Local Public Agency
in an aggregate principal amount outstanding at any one time (whether
authorized by this Resolution or any other resolution authorizing the
issuance of Project Loan Notes) not in excess of the amount of the Project
Temporary Loan available under the Contract.
Section 4. The Executive Director is hereby authorized to file
with the Government from time to time as funds are required, requisitions,
together with the necessary supporting documents, requesting payments
to be made on account of the Project Temporary Loan available under the
Contract, and the proper officers of the Local Public Agency shall
prepare, execute and deliver to the Government Notes hereinafter authorized
and shall accept payment therefor from the Government in the form of
cash or other Notes issued by the Local Public Agency, and such officers
are authorized to do and perform all other things and acts required to
be done or performed in order to obtain such payments. Cash proceeds
from the issuance of all Project Loan Notes shall be deposited and
disbursed only in accordance with the provisions of the Contract.
Section S. Each Project Loan Note shall bear interest and be
payable in the form and manner prescribed by the Contract and by this
Resolution and in accordance with State law; shall be signed in the
name of the Local Public Agency by the Mayor of the City of which the
Local Public Agency is an executive department; and shall have the
official seal of the City of which the Local Public Agency is an
executive apartment impressed thereon and attested by the City Clerk;
and shall otherwise be substantially in the form of HUD -9107 which is
incorporated herein by reference.
Section 6. This Resolution shall take effect immediately.
Section 7. Adopted this 22nd day of June, 1973 at the Special
Meeting of the South Bend Redevelopment Commission, at the office of
the Commission, 1200 County -City Building, 227 West Jefferson Boulevard,
South Bend, Indiana 46601.
(SEAL)
ATTEST:
ev. Willie V. Williams
Secretary
c
CITY OF SOUTH BEND
DEPARTMENT OF REDEVELOPMENT
rrea e
Pr siden
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be done or performed in order to obtain such payments. Cash proceeds
from the issuance of all Project Loan Notes shall be deposited and
disbursed only in accordance with the provisions of the Contract.
Section S. Each Project Loan Note shall bear interest and be
payable in the form and manner prescribed by the Contract and by this
Resolution and in accordance with State law; shall be signed in the
name of the Local Public Agency by the Mayor of the City of which the
Local Public Agency is an executive department; and shall have the
official seal of the City of which the Local Public Agency is an
executive apartment impressed thereon and attested by the City Clerk;
and shall otherwise be substantially in the form of HUD -9107 which is
incorporated herein by reference.
Section 6. This Resolution shall take effect immediately.
Section 7. Adopted this 22nd day of June, 1973 at the Special
Meeting of the South Bend Redevelopment Commission, at the office of
the Commission, 1200 County -City Building, 227 West Jefferson Boulevard,
South Bend, Indiana 46601.
(SEAL)
ATTEST:
ev. Willie V. Williams
Secretary
c
CITY OF SOUTH BEND
DEPARTMENT OF REDEVELOPMENT
rrea e
Pr siden