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Home My WebLink AboutNo. 0266 authorizing the issuance of Project Loan Notes in connection with Urban Renewal Project NO IND R-57RESOLUTION NO. 266 RESOLUTION OF THE SOUTH BEND REDEVELOPMENT COMMISSION, GOVERNING BODY OF.THE CITY OF SOUTH BEND, DEPARTMENT OF REDEVELOPMENT, AUTHORIZING THE ISSUANCE OF PROJECT LOAN NOTES IN CONNECTION WITH URBAN RENEWAL'PROJECT, NO. IND. R -57 W EREAS, the City of South Bend, Department of Redevelopment, (herein called he "Local Public Agency "), is duly authorized and proposes to under- take ani carry out a certain urban renewal or redevelopment project (desig- nated P oject No. Ind. R -57) of the character authorized by law with financial aid by he United States of America (herein called the "Government "), in the form of a Project Temporary Loan under Title I of the Housing Act of 1949, as amended (42 U.S.C. 1450 et seq.), which may be made by the Government to the Local Public Agency with respect to said Project in accordance with a certain Loan and Grant Contract (herein called the "Contract "), by and between the Local P blic 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 here nafter provided: , 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 differ- ent mea ing or intent, shall be construed, are used, and are intended to have meaning as follows: (1) The term "Resolution" shall mean this Resolution. ( ) 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 same extent as if the provisions thereof were express- ly 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 author- ized 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 ate 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 Contrac . Govern the ne the Pr of the ction 4. The Executive Director is hereby authorized to file with the nt from time to time as funds are required, requisitions, together with ssary supporting documents, requesting payments to be made on account of ect Temporary Loan available under the Contract, and the proper officers ocal Public Agency shall prepare, execute and deliver to the Government Resolution No. 266 Page 2. Notes hereinafter authorized and shall accept payment therefor from the Govern- ment 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 re- quired 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 5. Each Project Loan Note shall bear interest and be payable in the fom and manner prescribed by the Contract and this Resolution; shall be signed in the name of the Local Public Agency by the Mayor of the City of South Bend; a d shall have the official seal of the Local Public Agency impressed thereon and attested by the City Clerk of the City of South Bend; and shall otherwise be in substantially the form of HUD -9107 which is incorporated herein by refe ence. Section 6. This Resolution shall supersede all previous resolutions authorizing Project Temporary Loan Notes, and the Project Loan Notes authorized by this Resolution shall be exchanged for any Project Temporary Loan Notes here- tofore issued pursuant to any previous resolution. Commissi West LaS (SEAL) ATTEST: tion 7. This Resolution shall take effect immediately. tion 8. Adopted at the Regular Meeting of the South Bend Redevelopment n held June 6, 1969, at the Office of the Redevelopment Commission, 120 lle Avenue, Suite 1001, South Bend, Indiana 46601. CITY OF BEND DEPAR ENT OF REDEVELOPMENT nald A. Wiggins, Nres ' PROJECT LOAN NOTE HUD -9107 (11 -68) CITY OF SOUTH ND, DEPARTMENT OF REDEVELOPMENT (herein called the "Local Public Agency ") for value'received hereby promises to pay, but solely from the Project Temporary Loan Repayment Fund hereinafter mentioned andnot otherwise, upon demand, t a t he United States of America (hereinafter called the "Government ") or or ( ' er, an amount equal to the unrepaid balance of payments, with interest thereon to the date of repayment, made to the Local Public ency by the Government pursuant to the Loan and Grant Contract (herein called the "Contract ") between the Local Public Agency and the Government with respect to a certain urban renewal or redevelopment project as hereinafter set forth. The principal amount of any loan hereunder which may be outstanding at any one time shall not exceed the total estimated expendi- tures which may be made by the Local Public Agency for such project pursuant to the Contract and the maximum Project Temporary Loan as shown herein shall be adjusted automatically to any revised amount of total estimated expenditures as evidenced by an amendatory contract. The Contract, roject and maximum Project Temporary Loan which may be outstanding at any one time are as follows: Contract No. a d Date: Ind. R- 57(LG) .— April 22, 1966, as amended Project No.: Ind. R -57 Maximum Project Temporary Loan: Three Million Four Hundred Sixty Six Thousand Eight Hundred Sixty Eight Dollars ($31,1+66,868.00) This Note is i sued to aid in financing the above - designated Project pursuant to the constitution and statutes of the govern- mental entity specified below (herein called the "State "), and pursuant to the provisions of a resolution (herein called the "Resolu- tion ") duly adopted by the Local Public Agency on the date as follows: STATE RESOLUTION ADOPTED Redevelopment 1953; Chapter MIANA of Cities and Towns Act of 176) Acts of 1953, as amended Resolution No. 266, adopted June 6, 1969. interest j ereor shad gccrue at the interest rate or rates applicable to the above Project as provided in the Contract upon the difference In amount from time to time hetweeq the aggregate amount of payments and the aggregate amount of repayments of princi- pal made on this Note. Each payment qnd repayment of principal shall be duly recorded by the Government, by date and amount, upon the "Statement of Payments and Repgyments "'which is made a part of this Note whether appearing on the reverse hereof or Attached hereto. Both the principal of qnd interest on this Note are payable at the office of the Local Public Agency, pouch Bend, Ilk#an4 in lawful money of the United States of America. Under the Con rgct, there Is estgblished p sepqrate and special fund therein referred to as the "Project Temporary Loan Repayment Fund" in which qre required to be deposited certain' moneys, therein described, as and when the some are received by the Local Public Agency, and this Note, together with all other notes issued pursuant to the above - identified Resolution, consti- tutes, as to both the principal thereof and the interest thereon, an exclusive first lien and charge upon said Fund, which Fund is irrevocably pledged to the payment of the principal of and interest on this Note and all other notes which are issued as aforesaid. r This Note sha I not constitute a debt or indebtedness of the State or of any town, city, county, municipality, or political en- tity or subdivision therein or thereof, within the meaning of any constitutional, statutory, local law, or charter provision, and neither the state nor any su h town, city, county, municipality, or political entity or subdivision, other than 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 L al Public Agency. IT IS HEREB CERTIFIED, RECITED, AND DECLARED that all acts, conditions, 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, form and manner as required by law. ��//the City Seal IN WITNESS HEREOF, the Local Public Agency has caused this Note to be signed in its name and 1133377/to be impressed hereon and attested by its proper officers thereunto.duly authorized, and this Note to be dated the 6th day of June 1969. (SEAL) ATTEST: CITY I VIA ! _ CITY OF • >t 1 3 1 • F± +' .1, NT By e • OF THE CITY OF SOUTH y:- END BEND