HomeMy WebLinkAboutNo. 0148 declaring certain real estate in SB Redevelopment District to be a blighted area; LaSalle Park Project INDIANA R-57Ac10J '
08.7X
A,100 I A003 . I AJOJ
Oa3x 063X : OLI-I
• A1101)
oa�x p
AJ )') E'
oaax aax oa�x
u«: .
RESOLUTION NO. 148
WHEREAS, this Commission adopted Resolution No. 118
on
January 3, 1966, declaring certain real estate in the South
end Redevelopment District to be a blighted area; and
WHEREAS, this Commission held a hearing and confirmed
aid determination on Februazy 14, 1966, by the adoption of
Resolution
No. 124; and
WHEREAS, the Common Council of the City of South Bend
pproved said determination by the adoption of its Resolution
approving
• o.
the Urban Renewal Plan and the Feasibility of
Relocation
for Project No. Indiana R -57 (LaSalle Park Project)
on
January 24, 1966; and
WHEREAS, this Project has been approved by the South
Bend
Planning Commission on January 18, 1966; and
WHEREAS, a petition signed by more than fifty (50)
ers of taxable real estate located'in the South Bend
Redevelopment
District and certified by the St. Joseph County
uditor, requesting the South Bend Redevelopment Commission
o issue bonds for the purpose of procuring funds,to pay the
cost
of acquisition, clearance, rehabilitation, site improvement,
and
renewal of property described in said Resolution 118 and all'
expenses
necessarily incurred in connection with such Project,
Jas
been filed with the Commission; and
i
,.....w
- ..:_._. .�. �Ad00 '. AdOD
f AJOJ�"
AdU7 r
1111311
_,,,
. .. ,., w+..��a*ws.r:4.s',
Ol13X ..r..'r.....»c «..w ....,..s....u...,, sr. ».,... ..
, .. .::i:::..t:::«w..tixwa.u.ti+. +;tea.•. @rA1.4..'rw02f3X
1+++ idsL'. w+ 1cx, r. �. av4 .:a.Yw#+.Ww.''✓nai4i�.�a�.k
_
'
WHEREAS, the Commission finds that in order to provide
funds
for the payment of part of the costs of such Project, it
will
be necessary to issue bonds of the Redevelopment District
III
the amount of Six Hundred Eighty Thousand Dollars ($680,000);
now
therefore,
BE IT RESOLVED, by the South Bend Redevelopment Commission
that:
1. For the purpose of providing fun. ds to be used in
P
ying the acquisition, clearance, rehabilitation, site improvement,
and
renewal of property described in Resolution No. 118 and
incidental
costs necessary to be incurred in carrying out said
Project,
the City of South Bend, acting for and on behalf of
the
South Bend Redevelopment District, shall make a loan in the
amount
of Six Hundred Eighty Thousand Dollars ($6800000). In
order
to- procure said loan, the City Controller is hereby
authorized
and directed to have prepared and to issue and sell
he negotiable bonds of the City, payable solely out of a special
ax to be levied on all property within said District, to be
esignated as "Redevelopment District Bonds of 1966," in the
ggregate principal amount of Six Hundred Eighty Thousand Dollars
$680,000, which bonds shall be issued in the denomination of
Five
Thousand Dollars ($5,000.00), shall be numbered consecutively
rom 1 to 136, shall be dated as of the first day of the month
n which such bonds are sold, and shall bear interest at a rate
of exceeding five per cent (5%) per annum, (the exact rate or
-
ates to be determined by bidding), which interest shall be payable
krr�
.Crl
X Rd�
yK
' r nol,
` -�n Y,
Low
A.IUJ
---- ..,.,.:.w.»k:
AdOO _ I Adoo. AdOJ�
- -. .w.i::.w-wsr:.cw,...•W.. -Ld'r v..:.:.n... ...,at,a�w.:....
on
the first day. of January, 1968, and semi - annually thereafter
on
January 1 and July l of each year, and shall be evidenced by
co
pons attached to said bonds. Both bonds and interest coupons
shall
be payable in lawful money of the United States of America
at
the American Bank and Trust Company, South Bend, Indiana.
Said
bonds shall mature as follows:
$100,000 on each January 1 in the years
1969 to 1974 inclusive; and $80,000 on
January l of the year 1975.
Said bonds shall be signed in the name of the City of
South
Bend, acting for and on behalf of the South Bend
Re
evelopment District, by the Mayor of said City, and
attested
by the City Controller, who shall affix his official
seal
to each of said bonds. The interest coupons attached
t
said bonds shall be executed by placing thereon the
Adoo
AdOJ�
Oa3X
Oa3X 1083X
oaax
.•. ;.-.. n..4.+.:.,«+1:. w
'+. r. a+ Y�+ ckuo4 :.ua......Y+::t...r4w.::v -o>o-. . "..r..++r.3rw.L,3w+ :.:a..wn.x a.:w.:,.,+..... «. «.. r: v, w'.. brC ".+inw:.:...���.«,.....i..r' .
The City of South Bend, in St. Joseph County,
State of Indiana, acting for and on behalf of the
South Bend Redevelopment District (which District
includes all of the territory within the corporation
boundaries of the City of South Bend) for value
received, hereby promises to pay to the bearer
hereof, solely out of a special tax to be levied
upon all of the property within the South Bend
Redevelopment District, the principal amount of
FIVE THOUSAND DOLLARS
on the first day of January, 1969, and to pay
interest thereon, solely out of the said special
tax, from the date hereof until the principal is
paid, at the rate of per cent ( %)
per annum, which interest is payable January 1, 1968, .
and semi - annually thereafter on January 1 and July 1
of each year, upon presentation and surrender of
the annexed interest coupons as they severally become
due.
Both principal and interest of this bond are
payable in lawful money of the United States of
America at the American Bank and Trust Company,
South Bend, Indiana.
This bond is one of an authorized issue of
One Hundred. Thirty -six (136) bonds of like date and
tenor, except as to numbering and dates of maturity,
in the total amount of Six Hundred Eighty Thousand
Dollars ($680,000), issued by the South Bend
Redevelopment District pursuant to a resolution
adopted by the South Bend Redevelopment Commission
on October 5, 1966, and in strict compliance
with Chapter 176 of the Acts of 1953, as
supplemented by Chapter 187 of the Acts of 1955,
and Chapter 318 of the Acts of 1963, for the
purpose of providing funds to pay the cost of
acquisition, clearance, rehabilitation, site
improvement, and renewal of property described
"
in Resolution No. 118, adopted by the South Bend
Redevelopment Commission on January 3, 1966, and
all expenses necessarily incurred in connection
with said proceedings.
CCYiY'
IY If
OP
COPY I ^Y�
iii 111
'k[
k
111 __�__
Rr"=
o exc ng .
it is hereby certified and recited that all
acts, conditions and things required by law and
the constitution of the State of Indiana to be
done precedent to and in the issuance, sale and
delivery of this bond have been properly done,
happened and performed in regular and due form
as prescribed by law, and that the total indebted-
ness of the South Bend Redevelopment District,
including the bonds of this issue, does not exceed
any constitutional or statutory limitation of
indebtedness. The City of South Bend, acting by
and through its Department of Redevelopment and its
Redevelopment Commission covenants that it will
cause a special tax for the payment of the bonds
of.this issue to be levied, collected and applied
for that purpose.
IN WITNESS WHEREOF, the South Bend Redevelopment
Commission of the City of South Bend, St, Joseph
-County, State of Indiana, has caused this bond
to be signed by the Mayor of said City, in the name
of the City of South Bend, for and on behalf of the.
Redevelopment District of said City, the signature
of said Mayor to be attested by the Controller
of the said City, the seal of said City Controller
to be affixed thereto, and the interest coupons
hereto attached to be executed by placing thereon
the facsimile signature of said City Controller as
of the first day of 19
CITY OF SOUTH BEND
By
Mayor
(Seal of City
Controller)
ATTEST:
Li w.
�•'
A IUJ
Oif3 %Oli3X
Ad00 Ado 0
Oti .
3X
AdOJ4'
OLI�X
�.-,. „.: ,�, «. w .;•wb -x.w ,"
a aKt +
: JiwfL :aa.K.+- t+a'.u:,;;::�.i..e.: era... �.. aYw,. W,.. u«' vW«,.: a:. oiw..., e.. J... .:,.c,:»»,..ar.+,= .w.+::.is. ,.,.w,....a.,wr .,. .. x. M ., .w.,., ,
_.,, ....
This bond does not constitute a corporate
obligation or indebtedness of the City of South
Bend, but the same is an obligation of the South.
Bend Redevelopment District and is payable only
out of the special taxes to be levied upon all _
of the property within said District and deposited
in the Redevelopment District Bond Fund of said
District. Under the provisions of the authorizing
statute, this bond is negotiable as an inland bill
o exc ng .
it is hereby certified and recited that all
acts, conditions and things required by law and
the constitution of the State of Indiana to be
done precedent to and in the issuance, sale and
delivery of this bond have been properly done,
happened and performed in regular and due form
as prescribed by law, and that the total indebted-
ness of the South Bend Redevelopment District,
including the bonds of this issue, does not exceed
any constitutional or statutory limitation of
indebtedness. The City of South Bend, acting by
and through its Department of Redevelopment and its
Redevelopment Commission covenants that it will
cause a special tax for the payment of the bonds
of.this issue to be levied, collected and applied
for that purpose.
IN WITNESS WHEREOF, the South Bend Redevelopment
Commission of the City of South Bend, St, Joseph
-County, State of Indiana, has caused this bond
to be signed by the Mayor of said City, in the name
of the City of South Bend, for and on behalf of the.
Redevelopment District of said City, the signature
of said Mayor to be attested by the Controller
of the said City, the seal of said City Controller
to be affixed thereto, and the interest coupons
hereto attached to be executed by placing thereon
the facsimile signature of said City Controller as
of the first day of 19
CITY OF SOUTH BEND
By
Mayor
(Seal of City
Controller)
ATTEST:
L
Ad3x
(Interest.Coupon)
OL13% ; oa_i%
Coupon No. $
On 19 , the City
of South Bend, Indiana, acting for and on behalf
of the South Bend Redevelopment District, will
pay to bearer at the office of the American Bank
and Trust Company, South Bend, Indiana, out of the
Redevelopment District Bond Fund,
Dollars,
being the interest then due on its Redevelopment
District Bond of 19 dated ,
19 No.
CITY OF SOUTH BEND
By (Facsimile)
City Controller
i
3. As soon as may be done after the adoption of this
resolution, the Executive Secretary shall give notice of the
filing of the petition for and determination to issue bonds
as required by.Sec. 64 -1910 and Sec. 64 -1915 of Burns' Indiana
Statutes, 1961 Replacement. Said notice shall be published once
each week for two weeks in the two newspapers of general circulation
in the District, and said notice shall also be posted in three (3)
public places in the District.
4. Prior to the sale of said bonds, the City Controller
shall cause to be published a notice of such sale once each week
for two weeks in two newspapers published and of general
circulation in the District, and at least one time in The
Indianapolis Commercial, a financial journal published in
tho City of Indianapolis, Indiana, and The Bond Buyer, a
r
dOa
l
Adoa € OdOO
AdO 7�
r oa�x
,oaax
'- "'."' -.. iiv x.•n•in�:
.:.
d aotj3x F ,
F
•arY + IU4YwL5J'+.rWk.Ftil4+w'Ywwi+' wow. un+ i�' 4' i. aN. w. pM' v¢ l' �i. r,+ r. Y.t l. wva.. LAW��4W+ wwli�Wiew.+ w. rv.... w•+ wnWw •..hkM.W.wuSV.wu+..wwM+n .krr .. ..,.
. .. ..
;t
f
nancial journal published in the City of New York, New York.
The
date fixed for the-sale shall not be earlier than seven
(
) days after the last of such publications. Said bond sale
notice
shall state the time and place of sale, the purpose
for
which the bonds are being issued, the total amount thereof,
the
maximum rate of interest thereon, the time and place of
payment,
the terms and conditions upon which bids will be
received
and the sale made, and such other information as the
City
Controller shall deem necessary. The notice of said
Sale
shall not, however, be published prior to the expiration
o
.the period during which taxpayers may file remonstrances
or
objecting petitions to the issuance of said bonds. In the
event
a remonstrance shall be filed by owners of taxable real
estate
under the provisions of Sec. 64 -1910 of Burns` Indiana
Statutes,
1961 Replacement, then the bond sale notice shall not
bet
published unless and until the Redevelopment Commission shall .
have
determined that such remonstrance is insufficient. In the
event
an objecting petition or petitions are filed by taxpayers
under
the provisions of Sec. 64 -1915 of Burnst Indiana Statutes,
1S61
Replacement, then the bond sale notice shall not be published
u
less and until the State Board of Tax Commissioners shall issue
its
order approving the issuance of said bonds. In the event it
s
all be determined by the State Board of Tax Commissioners, or
otherwise,
that the whole amount of the bonds herein authorized shall
not
be issued, then the City Controller shall be authorized to
advertise
and sell a lesser amount of bonds and the bonds not issued
and
sold shall be the bonds of the latest maturity or maturities.
�X 1
- - t°!ti Y r
�o x�WO
• COCY OPY
COPY
lfM)r rC ^°^v XOPOI 7t Y
Py
J
s 1
I
i
ion
oa3x
Odoo i
a
, oaxf
�doo dog
1 ova
oa�x 3x
S. All bids for said bonds shall be sealed and shall
be
presented to the City Controller at his office. Bidders
for
said bonds shall be required to name the rate or rates of
i
terest which the bonds are to bear, not exceeding five per
cent
(5% per annum, and such interest rate or rates shall be
irk
multiples of one - eighth (1/8) of one per cent (1%) and
not
more than three (3) interest rates shall be named by each
b
dder. Bids specifying more than one interest rate shall
also
specify the amount and maturities of the bonds bearing
each
rate, but all'bonds maturing on the same date shall bear
- the
same rate. The Controller shall award the bonds to the
highest
qualified bidder. The highest bidder shall be the one
w
o offers the lowest net interest cost to the Commission, to
be
determined by computing the total interest on all of the
bonds
to their maturities and deducting therefrom the premium
bid,
if any. No bid for less than the par value of said
bonds,
including accrued interest at the rate named to the
date
of delivery, shall be considered. The Controller shall
have
full right to reject any and all bids. In the event no
satisfactory
bids are received on the day.named in said notice,
t
e Controller shall be authorized to cpntinue the sale from
day
to day thereafter for a period of thirty (30) days without
r
advertisement; provided,'however, that if said sale be continued,
no
bid shall be accepted which is lower than the highest bid
received
at the time fixed for said sale in the bond sale notice.
lfM)r rC ^°^v XOPOI 7t Y
Py
J
s 1
I
A 100
011:1
AdOO[
d - Omax OL13X
OLIJX
..
The City Controller is hereby authorized and directed
to
obtain legal opinion as to the validity of said bonds from
Ice,
Miller, Donadio & Ryan, bond counsel of Indianapolis, and
to
furnish such opinion to the purchaser of said bonds. The
cost
of said opinion shall be considered a part of the cost of
said
project and shall be paid out of the proceeds of said bonds.
6. The Mayor is hereby authorized to execute said bonds
and
the City Controller is hereby authorized and directed to
have
said bonds and coupons prepared, attest the bonds, affix
his
seal, and execute the interest coupons to be attached thereto
in
the form and manner herein provided. After said bonds shall
-halre
been properly executed, the City Controller shall deliver
the
same to the St. Joseph County Treasurer, ex officio Treasurer
of
the City of South Bend and of the Redevelopment Commission,
and
shall take his receipt therefor; and upon the consummation
of
the sale of said bonds, the City Controller shall then certify
to
the Treasurer the amount which the purchaser is.to pay for the
same;
thereupon, said Treasurer shall be authorized to receive
from
the purchaser the amount so certified by the Controller and
to
deliver the bonds to such purchaser.
7. Subject to the hearing hereinafter mentioned, the
proceeds
of the said bonds shall be appropriated for application
on
the cost of acquisition, clearance, rehabilitation, site
improvement,
and renewal of'property described in Resolution No. 118,
adopted
by the Commission on January 3, 1966, and all expenses
necessarily
incurred in connection with said proceedings.
1 jkOPY
fCO Y,
OPY
i COPY,
e d this 5th da of October 1966
op y
® l
J
i)
n, 'f;bPY
? X[:Ro
COPY
A a
Ad00 A
Ad03 3 ..
.... .. .,r .. . .....:.:.... .
.wwr,wc.+,......r,..y.+w. +r v.... c..., v. w.. a.. r. iaeJa +Jiy.t.a..w.w.s.�:,.«,..,u.c: '
a
The President and Executive S
Secretary are hereby authorized
to c
call a meeting of the Commission a
at which a public hearing
shall b
be held to-hear all taxpayers a
and interested persons
within t
the South Bend Redevelopment D
District on the matter
of s
said appropriation.
The Executive Secretary of t
the Commission is hereby
ordered t
to give notice of such hearing a
as required by law in
o newspapers and by posting.
Ad t e
op y
® l
J
i)
n, 'f;bPY
? X[:Ro
COPY