HomeMy WebLinkAboutNo. 0141 authorizing sale, issuance, delivery of premininary loan notes in the aggregate principal amount of $557,000, execution of requisition agreement No. 4, execution/delivery of project temp. loan note No. 5 in connection with Project No. IND R-291. , I.J
0,;' Ix
MDMM-3080L
3.41
RESOLUTION AUTHORIZING THE SALE, ISSUANCE, AND DELIVERY
OF PRELIMINARY LOAN NOTES IN TIM AGGREGATE PRINCIPAL
AMOUNT Or" "', V 1120C%M
.15 1 THE EXT]CUTION OF
REQUISD-JON AGEZ'bM',NT No. 41, . I AND TIM EXECUTION
AND DELIVERY OF PROJECT TIMOR RY LOAN NOTE, NO.
IN CONDTFCTION WITH PROJECT NO.
'o
MM REAS, Q'It-7 021
Ca h DOM- (herein
nc
ca.1led the "Loca Pu is ency has entered into a.contract dated as of the
day of
1963 , numbered Contract No. LG)
-C'Z-1ch1 togetTie—r�—�r�R--17-Zy—supjplem-ei-iTs thereto or amendments, MOTI"Ilcat ��:F`sor
waivers of any provisions thereof, is herein called the "Loan and Grant
Contract'% with the United States of America (herein called the "Government")
providing, in part, for a Project Temporary Loan by the Government to the
Local Public Agency under Title I of the Housing Act of 1949, as amended
(42 U.S.C. 1450 et seq.), in an amount outstanding at any one time not to
exceed S to aid the Local Public Agency in its
undertaljng and carrying out -07-a certain Urban renewal project (herein cilled,
the "Project") designated Project No. 7-1-,a. , which is more
fully identified in the Loan and Grant Contract; and
No. . WIMMAS, the Government has agreed, pursuant 'to Requisition Agreement
with the Local Public Agency dated as of the &n day of
19 65 (herein called the "Outstanding Requisition
.-9—reemenl,77,-To make a payment on account of said Project Temporary Loan on the
(lay of , 19, Pro ject which Pject Temporary Loan
_
payment as been --pledged for the payment of the principal of and interest upon
the-Preliminary Loan Notes SIM, Seried.) of the Local Public Agency which
mature on the day of 5 'U
5, and are herein called
the "Outstandi-n-g-P-r-eTi-minary an Pre 19
purchase
called "I
C�]
S-
issue 0
of said
Agency
6, pursuant to advertisement for the receipt of proposals for the
the SeriesSof Preliminary Loan Notes (herein sometimes
Pre!—nMu Loan Notes") of the Local Public Agency aggregating
which appeared in a Notice of Sale published in the
th Band Tribune issues of the
in the City of
GCnd,. and in the ILTM
a Daily Dand Buyer in the City of New York,'- p-r-op`o-s-a-1s-f-0-r---the purchase
Preliminary Loan Notes in the-form approved by the Local Public
received, opened, and canvassed at the time and place mentioned in
- 1 -
IX
zaid adjertisementy to wits At
In the ity of T
7. r,
-- -0
Me p s I posals are are
Name oflBidder
Interest Principal
Rate
-Amount Premium
'Al
and
WHEREAS, the interest cost at which the Local Public Agency.can,sell the
New Preliminary Loan Notes is substantially lower than the interest rate which
the Goverment is required to charge the L'acal Public Agency under the terms of
the Loan and Grant Contract, and the Government is desirous of cooperating with
the LocU Public Agency in its endeavor to sell said New Preliminary Loan Notes
in order to reduce carryi4,&charges and other costs of the Project:
IM, MSOLVEM 13Y
6. s+,...: _2
AS FOLLOWS:
Section 1. The aforesaid publication.of the Notice of Sale and the form
and con Te_nT_s'fhereof as so published are hereby, In all respects, approved.,
ratified and confirmed.
Sec. ion 2. In order to provide funds to defray expenses incurred or to be
incurre&].ne Local Public,Agency's undertaking and carrying out of the
Projecto or to retire., refund, renew., or extend its outstanding notes issued in
connection therewith, the Local-Public Agency hereby determines to borrow the
sum of 0 -------
Dollars ($ and issue -its
negoti-a-Re New Pre lUR—nary 'Loan Notes Tffete'-for in aggregate principal amount
equal to said sum.
I - 2 -
ti21 iR Ci1. IX' 1OLIJX
.THUD -3080a (Cont9d)
(11 -65)
Sec ion 3. The Local Public Agency hereby ratifies and approves the form
of the p os hereinafter in this Section 3 enumerated, for the purchase of the
designated principal amount of the New Preliminary Loan Notes' which proposal the
Loess. Public Agency hereby determines will provide the lowest interest cost-and
is there ore hereby acceptedi and said New Preliminary Loan Notes are hereby
awarded o said purchaser, as follows
Principal Interest
:(amount Rate
'Purchaser
� i zz 12, T ri a ' t t. ,,,.,.
0 �a
'
, C242
Section
4. Each such note shall be dated the n-, day of
lq 65, shall-be designated "Pre
—e
3.minaxy Loan Note";. shall
payap
, as o oth principal and interest, to bearer, on the ` y "'z day
of v
.
L; , ] ; and, pursuant to the proposal for Uie 'purchase
of said nDtes,
E ere na ove accepted, shall bear the rate of interest per annum,
payable ab
maturity, shall bear the numbers, be in the denominations' and be
payable ag
to both principal and interest at the bank or trust company, as
follows;
Interest
Purchaser
Number Denominations — Rate payable At
« ivy :1f::
YB °''"
c"':? S.
a ;; Band 'mr a y o y .
� 4v� Bend., 1�. '
.;z.> nri na
3 ..
JA
iU�l IA y .
A. JOJ .
oa]x
A�IUJ
063X
None of the ifew Preliminary Loan Notes. shall be valid until after the bank or
trust comp3uny at which it is payable shall have signets the agreement, appearing
on each such note, to act as paying agent. thereof. Each of the New Preliminary
Loan Notes shall be signed ip tie name of the Local. Public Agency by the
. ` ti T71�, alX, =rnab:: = :t q �z biy and shall have the
corporate F t e!Ifzz impressed thereon and attested by the
thereof, and said officers are hereby authorized
an.cFd - sec o cause aaIU -notes to be properly executed.
Secti n 5. Each of the New Preliminary Loan Notes shall be issued in
substan i y the form oe the note hereto attached and marked "Exhibit A."
Secti n 6. The Pgreement entitled "Requisition Agreement No. t,, "
(herein sole es called the "New Requisition Agreement "), which has e— en
executed by the officers of the Local Public Agency, and has been presented to
and read before the meeting, and the execution thereof, are hereby fully
ratified, confirmed, and approved. Said New Requisition Agreement, when
executed by the Governnent, is hereby declared to be and is hereby assigned by
the Local Public Agency for the benefit of the holder or holders from time to
time of th New Preliminary Loan Notes, and the proceeds of the Project
Temporary oan Note executed pursuant to Section 7 hereof are hereby.irrevocably
pledged, first, to the payment, at maturity, of.the principal of and interest on
the New P liminary Loan Notes issued pursuant to this Resolution.
Section 7. The,� and r
are hereby authorized and directed to prepare and
execute the Project Temporary Loan Note, in the principal amount of
r :a 1,ii,X7. {.. """.J. }.` os<o,r.,rm.�r.I.cmaa. rnw w+aroa :taisam.nu, +rbomta: �wc :.o.srwaa:rr w.+ wacacsutt.eaa,wsr , ssao. r�u ,w.sew.Aras,.ac»
Do ass tip r r w�, described in the New Requisition Agreement,
,..
the issuance of which has heretofore been authorized by a certain basic
Note Resolution providing for the issuance of certain Project Temporary
Loan Notes in connection with Project No. TrA. 2_r and providing .
for the security for the payment thereof, and for other purposes, duly adopted
by the Local Public Agency on the day of �; fi ,,–Ina �, 19 Cq .
Said note shall,be designated "Project Temporary Loan No-tell; shall be numbered
NO shall be dated the OX day of
shat ea interest frog the date o t�cceptance of the Local 7 ublic Agency's
delivery thereof and the payment therefor by the Goverrvnent; shall bear a
statement at the foot thereof in substantially- the following form:
ItDelivery of this note was accepted and payment therefor
made on the day of , 19—
UNITED STATES OF AMERICA
Secretary of Housing and Urban Development
By
n.
(Title
o: 1. r x
oa -ix
oax'
�oa�x
* IUD -3080a (Cont'd)
(1]. -b5)
and shcll not be valid until said statement is duly executed on behalf of the
Government. Said Project Te=gra �r�n, pct rh delivered by the '
y
Y r � 4 € '; C, '�. =,�_ <, ' w w ..� �, �F to the Government
Yie tae c ar�c�a-�d for y t e Government in accordance with the terms and
conditions contained in said New Requisition. A reement.
S etion 8. The proceeds derived from the sale of the New Preliminary
Loan cs, ogether with such amount of other appropriate funds of the Local.
Public Agency as may be necessary, shall be applied, simultaneously with the
receipt of said proceeds, 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 own use
and - benefit on the date of -.the New Preliminary
Loan.Notes,herein authorized;
or .fund
on-I.y in
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;
Amount Paying Agent Series
wiry n.g . +..,,tea
r balance of such proceeds shall be deposited in the appropriate account
established purr: *,,rant to the Loan and Grant Contract and shall be used
a.ccorrl.^nce with t.hc provisions of the Loan and Grant Contract.
ors -ix
A Iuj
00AX odJX 0aix
t Y
Section 9. The
hereby authorized and
direcTed t T—send immeaia e a I otter to each paying agent for the New
Preliminary Loan Notes in substantially the form of the letter hereto attached
and marked "Exhibit B" and to transmit: (1) the-New Preliminary Loan Notes to
said paying agent for delivery and payment in accordance with the terms of said
letter; (2) $ Agency to
of funds of the Local Public Ag
the Secret aryoo_us`in_g_—an_T —Urban Development., to be applied against the
payment of the principal of and interest to the date of payment on the Project
Temporary Loan Notes described in Section 8 hereof; and (3) funds of the Local
Public Agency to the paving.agent of the designated Series of Outstanding
Preliminary Loan Notes, to be applied against the payment of the principal of
and inters stto maturity on such Series of.Outstanding Preliminary Loan Notes,
as follows:
Amount Paying Agent Series
Tz
nar
$39,238-50 Yj ian-�- B=L Ca :_ y 0z
Cote h zcz"42.4 le-aaaa
Sectic
in 10. , This .Resolution_ shall , talte.. effect. Immediately,
No.
'y � �� soy oa3x oz,_
.,... �: �
DE Ar _1: 07 ' OF REL A
L GUIDE FCRT�L
(]1 -65)
Fn.r 11 11iDLL Y i0!? N 1110TE
( Fourth SERIES, B )
Project No. Ind. R -29
City of South Bend, Departmen-6of Redevelopment
$ Changeable
(herein called the "local Public Agency "), which city is a municipal corporation
organized and existing under the Laws of the State of Indiana, for value received,
hereby promises to pay to the bearer,.but solely from the funds provided by the
United States of America pursuant to the Requisition - Ygreement hereinafter
described., the principal sum of this Note, with interest thereon from the date of
issue to the maturity date, at the interest rate per annum, and at the office of
the Paying Agent, all as specified herein. Both the principal of and interest
on this Note are payable in any coin or currency of the United States of America
which on the date of payment thereof is legal tender for the payment of public
and private debts.
The date of issue, maturity date, principal sum, authorized issue, interest rate
per annim., the paying agent of and u-ith respect to this Note, and the description
of said Requisition Agreement and citations of authority for and pertaining to
this Noe are as follows:
Date of Issue: August 9, 1966 Maturity Date: February 17, 156'
Princip 1 Sum: Changeable
11gteres Rate Per Annum: Three and Fifty One- Hundredths Per Centum (3.50%)
Paying gent: National Bank & Trust Company of South Bend, in the City of South Bend,
Indiana
Requisition Agreement No. 4 dated 8 -9 -66 Authorized Issue: $557,000-00
State and Statute: India, The Redevelopment of Cities and Towns Act of 1953, a pt�r 176,
as amended by Acts of 1957, Chapter 173
Resolution(s) Adopted: and July 21, 1966
September 19, 1963
This No e.is issued pursuant to the constitution or organic law of said State
and said Statute, as amended and supplemented, to aid in financing an urban
renewal or redevelopment project of the character authorized thereunder and
describ d in said °esolution(s). Said project is being assisted pursuant to ,et sego
Title I of the Housing Act of 1949, as amended (42 U.S.C. 11441a t
under a loan contract between the Local Public :agency and the United States
of America.
the I.oc
identif
limitin
endorse
local F
to pay
Authori
the Pay
to pay
to said loan contract, and in furtherance of the financing of the project.,
1 Public Agency and the United States nave entered into the above -
ed Requisition Agreement under which the latter has agreed, *.without
in any manner the unqualified Payment Agreement of the United States
on the reverse of this Note, to make a specific loan payment to the
blic Agency on or prior to said maturity Date in an amount sufficient
he principal of and interest to maturity on this Note and said
ed Issue of which this Note is one, and to cause to be deposited with
g Agent, for the benefit of the holder of this Note, an amount. sufficient
11ah p ri no iZ aj. aand interest to :maturity. Under the terms of said
Ado,')
vn.
0a3x 1 oax �.
Resolution(s) the proceeds of said Joan are '�r_evocably pledged first to such
Payments; and under the terms of on "greement, the full faith
and credit of the United States of America is pledged to the payment of the
principal of and interest on this Note as evidenced by said Payment agreement.
This Note shall not constitute a debt or indebtedness of the State or of any
town, city, county, municipality, or political entity or subdivision or taxing
district therein or thereof, taithin the meaning of any constitutional, statutory'
local law,, or charter provision, and neither the State nor any such totm, city,
county, municipality, or political entity or subdivision or taxing district,
other than the Local Public J�gency, shall be liable hereon, and, in no event,
shall either this Note or the interest thereon be payable from or out of any
funds o properties other than those of the Local Public Agency or these of the
United States.
IT IS H
things
issuanc
time, f
be vali
below,
IN WIT
in its
Issue
ATTEST:
EBY CERTIFIED, RECITE.U, AND DECLARED that all conditions, acts, and
quired to exist, happen, and be performed precedent to and in the
of this Note do exist, have happened, and have been performed in due
m, and manner as required by law.- Provided, That this Note shall not
until the Paying Agent shall have executed the agreement, appearing
act as such Paying Agent.,
S 14IMEOF, the Local Public Agency has caused this Note to be signed
me and the City seal to be impressed hereon and attested, by the proper
thereunto duly authorized, and this Note to be dated as of the Date of
ve specified..
CITY OF SOUTH BEND
DEP .TIaM OF REDEVELOPI11ENf
By
City Clerk of the City of South Be--na Mayor of the City of ou e
We hereby agree to act as Paying Agent
of this Note as above indicated..
NATIONAL BANK & TRUST COMPANY OF SOUM =0
By
naj -
t5H in 021dX; �0.1.-X
PAYMENT AGREEMENT
Pu,suant to section 102(c) of the Housing Act of 1949, as amended (42 -U.S.C. 1452(c)), the United
Stttes herotiy unconditional7�• a�re�os that on the Maturity Date of the within Preliminary Loan
No o it •mill Pay or cause to be -- pain to the bearer thereof the principal of and interest thereon,
up n the presentation and surrender of such Note to the Paying Agent designated therein, and the
fu 1 fAith and credit of the United States is pledged to such payment. Under section 102(o) of
t Act, this Agreement shut 1 be oonstrued separate and apart from the loan contracts referred to
in the within Note and shall be incontestable in the hands of a bearer.
IN WITNESS WHEREOF, this Agreement has been executed on behalf of the United States by the duly
au horized facsimile signature of the Secretary of Housing and Urban Development, as of the Date
of Issue of the within Note.
UNITED STATES OF AMERICA
By
Secretary of Housing and Urban Development
Instructions to the Printers
1. NOTICE: If the printer has been furnished a signature card for such purpose, the facsimile signature of the
Secrelary of Housing and Urban Development should be printed in the space provided for such purpose in the
signs ure format of 'the above Payment Agreement. In the absence of such a signature card, the printer should
leave the space blank, making certain that the space in the signature format is not less than as shown by
said form of Payment Agreement.
2. The urdersoored words appearing in two places in the form of Payment Agreement appearing above should be
printed in italics.
3. The proposed notes should be prepared on good but not necessariky the best paper of the type generally
available from stock to printers and stationery houses who prepare or furnish forms for the preparation
of certificates of stocks or bonds, notes, warrants, etc., and as specified by or upon behalf of the Local
Public Agency.
4. On ly 1 proposed notes should be prepared for execution, and they should be numbered consecutively from 1 /
upwar
5. The in erest rate specified in the second paragraph of the text of the notes should be expressed in both
words an d figures; for example, One and Fifty -Tyro One- Hundredths Per Centum (1.52%).
6. The do omination of the respective notes should be expressed in figures in the heading and in words following
the to "Principal Amount" in the second paragraph.
70 The denominations, names of the Paving Agent(s), and the interest rate(s). pertaining, to the respective notes,
all in relation to the note numbers, are as follows:
Interest
Number Inclusive Denominations Rate (s) Pe,Ying Agent(s)
l $557,000.00
3.50 National Bank &Trust Company
of South Bend
South Bend, Indiana
8, Remarks
t .•
°fix MM- E.3081(I,
.,DE:�AR'L• �`3°I' G P s�Dij`u GP��,�IT
GUa— r'm
(11
P?EMI IWRY L0:1-N NOTE
( FIRST SERIES, C )
Project No, IND. R -57 Changeable
No. Ch �eable
City of South Bend, Department of Redevelopment
(herein called the "Local Public Agency "), which city is a municipal corporation
organized and existing under the Laws of the State of Indiana, for value received,
hereby promises to pay to the bearer, but solely from the funds provided by the
United States of i=erica pursuant to the Requisition - zgreement hereinafter
described., the principal sum of this Note, with interest thereon from the date of
issue to the maturity date, at the interest rate per annum, and at the office of
the Paying Agent, all as specified herein. Both the principal of and interest
on this Note are payable in any coin or currency of the United States of America
which on the date of payment thereof is legal, tender for the payment of public
and private debts.
The date of issue, maturity date, principal sum, authorized issue, interest rate
ppl�r ann , the paying agent of and i -,ith respect to this Note, and the description
of said Requisition Agreement and citations of authority for and pertaining to
this Noe are as follows:
i• !X
Date of Issue: August 9, 1966 Maturity Dater August 11, 1967
Princip 1 Sum: Changeable
Interest Rate Per Annum: Three and Seventy Five One- Hundredths Per Cent-um. (3.750
Paying gent: St. Joseph Bank & Trust Company in the City of South Bend, Indians,
Requisi ion Agreement No. 1 dated 8 -9 -66 Authorized Issue: 1,195,000,00
State and Statute: Indiana, The Redevelopment of Cities and Towns Act of 1953; Chapter 176,
. as amended by Acts of 1957, Chapter 173
Resolut on(s) Adopted: May 5s 1966 and July 21, 1966
This Noe is issued pursuant to the constitution or organic law of said State
and said Statute, as amended and supplemented, to aid in financing an urban
renewal or redevelopment project of the character authorized thereunder and
described in said 'Resolution(s). Said project is being assisted pursuant tot sec.
Title I of the Housing Act of 1949, as amended (42 U.S.C. IJ441�¢ac��c�s(���y
under a loan contract between the Local Public :agency and the United States
of America.
Pursuan to said loan contract, and in furtherance of the financing of the project,
the Loc 1 Public Agency and the United States have entered into the above -
identif ed Requisition Agreement under which the latter has agreed, *.without
limitin in any manner the unqualified Payment Agreement of the United States
endorse on the reverse of this Note, to make a specific loan payment to the
local Pablic Agency on or prior to said Y-laturity Date in an amount sufficient
to pay the principal of and interest to maturity on this Note and said
Authorized Issue of which this Note is one, and to cause to be deposited with
...the PayLng Agent, for the benefit of the holder of this Note, an amount sufficient
to pay-bile pri.r1 -i_ o,1 and 3- :terast to maturity. Under the terms of said
.. A,A03!
oaaixs
PAYI•:T:i;l AGRE IEN P
i A..vJ
oazjx-
Yur uant to section 102(c) of the housin,,; Act of 1949, as amended
(42 U.S.C. 1452(c)), the United States hereby unconditionally agrees
that on the Jaturity Date of the within Preli'Tf kart' Loan T�OLe it will
pay or cause to be paid to the bearer thereof the principal of and
interest thereon, upon the presentation and surrender of such Note to
the Paying Agent designated therein, and the full faith and credit of
the United States is pledged to such payment. Under Section 102 cjof
the Act, this A -greement shall be construed acparatc r.r:d apurt from the
loan contract referred to in the within Note and shall be incontestable
in the hands of a bearer.
IN WITNESS WHEREOF, this Agreement has been executed on behalf of the
United States by the duly authorized facsimile signature of the
Secretary of Housing and Urban Development, as of the Date of Issue of
the within Note.
UNITED STATES OF AMERICA
Secretary of Housing and Urban Development
jnstrtjctiojjs to the Printer:
1. NZOTICEt If the printer has been furnished a signature card for such purpose, the
facsimile signature of the Secretary of Housing and Urban Development'should be
printe in the space provided for such purpose in the signature format of the
above yment Agreement. In the absence of such a signature card, the printer
should leave the space blank, making certain that the space in the signature format
is not less than as shown by said form of Payment Agreement.
2. The underscored words appearing in two places in the form of Payment Agreement
appearing above should be printed in italics.
3. The proposed notes should be prepared on good but not necessarily the best paper of
the type generally available from stock to printers and stationery houses who prepare
or fur ish forms for the preparation of certificates of stock, or bonds, notes,
warrants, etc., and as specified by or upon behalf of the Local Public Agency.
4. Only 2,` proposed notes should be prepared for execution, and they should be
numbered consecutively from 1 upward.
5. Ti.e interest rate specified in the second paragraph of the.text of the notes should
be expressed in both words and figures; for example, One and Fifty -Two One- Hundredths
Per C ntum (1.54).
6. The denomination of the respective notes should be expressed in figures in the
headir,g and in words following the term "Principal Amount" in the second paragraph.
7. The denominations, names of the Paying-Agent(s), and the interest rate(s) pertaining
to th respective notes, all in relation to the note numbers, are as follows:
Xntorost
2unbera (Inolusivo DenominationsRnto s F inn Anont(�
1 6 0,0 3.75
2 $595,000.00
8, Remar'.s:
St. Joseph Bank & Trust Company
Michigan and Jefferson Streets
South Bend, Indiana.
Ot1JX-
AJOOS
oa3x!
�AdOO
Oa3X
_Y Y
Pesoluti n(s) the proceeds of said loan are ir•_evocably pledged first to such
payments and under the terms of said ?equisition �'greement, the full faith
and credit of the United States of America is pledged to the payment of the
principal of and interest on this Note as evidenced by said Payment agreement.
This Note shall not constitute a debt or indebtedness of the State or of any
town, city., county, municipality, or political entity or subdivision or taxing
district therein or thereof, within the meaning of any constitutional, statutory,
local law, or charter provision, and neither the State nor any such town, city,
county, municipality., or political entity or subdivision or taxing district,
other thm the Local Public Agency, shall be liable hereon, and, in no event,
shall either this Note or the interest thereon be payable from or out of any
funds or properties other than those of the local Public Agency or these of the
United States.
IT IS 10MY CERTIFIED, RECITED, AND DECLARED that all conditions, acts, and
things required to exist, happen, and be performed precedent to and in the
issuance of this Note do exist, have happened, and have been performed in due
time, f m, and manner as required by law:- Provided, That this Note shall not
be valid until the Paying Agent shall have executed the agreement, appearing
below, to act as such Paying Agent.
IN WITNE S IffMEOF, the local Public Agency has caused this Note to be signed
in its n e and the City seal to be impressed hereon and attested, by the proper
officers thereunto duly authorized, and this Note to be dated as of the Date of
Issue ab ve specified.
CITY OF SOUTH BEND
DEPATIM OF REDEVEWPHENT
ATTEST: By
City Clerk of the City of South Bend Mayor of the City of South Bend
We hereby agree to act as Paying Agent
of this Note as above indicated.
ST. JOSEPH BANK & TRUST COMPANY
By
1 AdO :i 5
j08DX