HomeMy WebLinkAboutNo. 0278 approving/providing for execution of a proposed loan and capital grant Contract No. IND R-66(LG) between COSB Dept. of Redevelopment and USA, establishing expenditures account and for other purposesRESOLUTION NO. 278
RESOLUTION APPROVING AND PROVIDING FOR THE EXECUTION OF A
PROPOSED LOAN AND CAPITAL GRANT CONTRACT, NUMBERED CONTRACT
NO. IND. R -66 (LG), BETWEEN THE CITY OF SOUTH BEND, DEPART-
T OF REDEVELOPMENT AND THE UNITED STATES OF AMERICA, PERTAINING
TO A CERTAIN PROJECT DESIGNATED PROJECT NO. IND. R -66, AND ESTABLISHING
A ROJECT EXPENDITURES ACCOUNT WITH RESPECT TO SAID PROJECT, AND FOR
OT R PURPOSES
WH REAS, under Title I of the Housing Act of 1949, as amended, the
United Stat s of America (herein called the "Government ") has tendered to the
City of Sou h Bend, Department of Redevelopment((herein called the "Local Public
Agency "') a roposed Loan and Capital Grant Contract under which the Government
agrees to m ke a Project Temporary Loan, a Project Definitive Loan, and a Project
Capital Gr t to the Local Public Agency to aid in financing an urban renewal
project, designated Project No. Ind. R -66, in the urban renewal area described
therein; an
WHEREAS, the Local Public Agency has given due consideration to said proposed
Contract; and
WHEREAS, the Local Public Agency is duly authorized, under and pursuant to
the Constitution and laws of Indiana to undertake and carry out said Project
and to execute such proposed Contract; and
WHEREAS, under said proposed Contract it is required, among other things,
that, with expect to said Project, the Local Public Agency shall promptly
set up, and maintain in a bank or banks which are members of the Federal Deposit
Insurance Corporation, a separate and special fund designated "Project Ex-
penditures Account; Project No. Ind. R -66 ", into which shall be deposited
certain funds described in said proposed Contract:
BE IT RESOLVED BY the South -Bend Redevelopment Commission, Governing Body
of the City of South Bend, Department of Redevelopment as follows:
Section . The proposed Contract, designated "Loan and Capital Grant Contract,
Contract No Ind. R- 66(LG) ", consisting of Parts I and II, under and subject to
the provisi ns, terms, and conditions of which the Government will make a Project
Temporary Loan, a Project Definitive Loan, and a Project Capital Grant under Title
I of the Housing Act of 1949, as amended, to the Local Public Agency to aid in
financing urban renewal project, designated Project No. Ind. R -66, situated
in the City of South Bend, Indiana, is hereby in all respects approved.
Section . The President is hereby authorized and directed to execute said
proposed Co tract in two counterparts on behalf of the Local Public Agency, and
the Secretary is hereby authorized and directed to impress and attest the official
seal of the Local Public Agency on each such counterpart, and the Executive Director
is hereby authorized and directed to forward such counterparts to the Department of
Housing and Urban Development, together with such other documents relative to the
approval ani execution thereof as may be required by the Government.
Section Za. The Executive Director is hereby authorized to file requisitions
on behalf of the Local Public Agency, other than for the Project Temporary Loan,
together wi h the necessary supporting documents.
Section The Local Public Agency agrees to abide by all of the provisions,
terms, and �o-nditions of said Contract.
Section 4. With respect to this Project of the Local Public Agency, designated
Project No. Ind. R -66, there is hereby established a separate and special fund,
designated "Project Expenditures Account; Project No. Ind. R -66 ", which shall be
maintained in a bank or banks which are members of the Federal Deposit Insurance
Corporati n. All funds which, by the terms of the Loan and Capital Grant
Contract, are required to be deposited in said Account shall be promptly
deposited therein.
Sectio* 5. This Resolution shall take effect immediately.
Sect
Commiss
1001, S
ATTEST:
John �E:
(SEAL)
6. Adopted at the Regular Meeting of the South Bend Redevelopment
in the Office of the Commission at 120 West LaSalle Avenue, Suite
h Bend, Indiana on November 21, 1969.
91
CITY OF SOUTH BEND
DEPARTN M OF REDEVELOPMENT
-L
A. Wiggins, PresVd nt