HomeMy WebLinkAboutNo. 0267 authorizing the issuance of project loan notes in connection with Urban Renewal Project No. IND R-56"Local Pub
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NOW, T
Governing B
Sectio
Resolution
meaning or
as follows:
(1) T
(2) A
RESOLUTION NO. 267
RESOLUTION AUTHORIZING THE ISSUANCE OF
PROJECT LOAN NOTES IN CONNECTION WITH
URBAN RENEWAL PROJECT NO. IND. R -56
3 the City of South Bend, Department of Redevelopment (herein called the
Lc Agency ") is duly authorized and proposes to undertake and carry out
rban renewal or redevelopment project (designated Project No. Ind. R -56)
icter authorized by law with financial aid by the United States of America
Led the "Government "), in the form of a.Project Temporary Loan under Title
ising Act of 1949, as amended (42 U.S.C. 1450 et seq.), which may be made
:nment to the Local Public Agency with respect to said Project in accord -
certain Loan and Grant Contract (herein called the "Contract "), by and
Local Public Agency and the Government; and
, in order to enable the Local Public Agency to obtain such financial
ecessary for the Local Public Agency to authorize and, from time to
certain obligations in the form of Project Loan Notes, as hereinafter
FORE, BE IT RESOLVED by the South Bend Redevelopment Commission,
of the City of South Bend, Department of Redevelopment as follows:
1. Whenever the following terms, or any of the, are used in this
e same, unless the context shall indicate another or different
tent, shall be construed, are used, and are intended to have meanings
term "Resolution" shall mean this Resolution.
other terms used in this Resolution and which are defined in the
tract shall have the respective meanings ascribed thereto in the
tract.
Sectioa 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 expressly set forth in full
herein.
Sectioi 3. In order to evidence payments made by the Government on account
of the Proj ct 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 issue (or any such Note by any other resolution authorized to be issued and
which is ou standing, 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 reso ution authorizing the issuance of Project Loan Notes) not in excess
of the amOUILt 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 necessa y 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 Proj ct Loan Notes shall be deposited and disbursed only in accordance with
the provisi ns of the Contract.
Sectioi 5.
Each Project Loan Note shall bear interest and be payable in the
-2-
form and n
in the nan
and shall
and attest
in substar,
ner prescribed by the Contract and this Resolution; shall be signed
of the Local Public Agency by the Mayor of the City of South Bend;
ve the official seal of the Local Public Agency impressed thereon
by the Clerk of the City of South Bend; and shall otherwise be
ally the form of HUD -9107 which is incorporated herein by reference.
Section 6. This Resolution shall supersede all previous resolutionsauthorizing
Project Temporary Loan Notes, and the Project Loan Notes authorized by this
Resolution shall be exchanged for any Project Temporary Loan Notes heretofore issued
pursuant to any previous resolution.
Sect
Sects
in the Off
1001, Sout
ATTEST:
John
SEAL
7. This Resolution shall take effect immediately.
8. Adopted at the Regular Meeting of the Redevelopment Commission
e of the Department of Redevelopme , 120 West LaSalle Avenue, Suite
Bend, Indiana on July 11, 1969.
Donald A. Wiggins, Presid
, Secre
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