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HomeMy WebLinkAboutNo. 0280 authorizing the issuance of project loan notes in connection with Urban Renewal Project No. IND R-66the "Local out a cent R -66) of t of America Loan under which may said Proje the "Contr aid, it is time, issue provided: NOW, T Governing B Sectia Resolution meaning or as follows: (1) T (2) Secti the Govern of this Re corporated set forth RESOLUTION NO. 280 RESOLUTION AUTHORIZING THE ISSUANCE OF PROJECT LOAN NOTES IN CONNECTION WITH URBAN RENEWAL PROJECT NO. IND. R -66 the City of South Bend, Department of Redevelopment (herein called blic Agency ") is duly authorized and proposes to undertake and carry urban renewal or redevelopment project (designated Project No. Ind. character authorized by law with financial aid by the United States ,erein called the "Government "), in the form of a Project Temporary tle I of the Housing Act of 1949, as amended (42 U.S.C. 1450 et seq.), made by the Government to the Local Public Agency with respect to in accordance with a certain Loan and Grant Contract (herein called "), by and between the 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 Local Public Agency as follows: 1. Whenever the following terms, or any of them, 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. 2. The Contract entered into between the Local Public Agency and t for the above identified Project is hereby .declared to be a part ution and all applicable provisions thereof shall be deemed in- rein to the same extent as if the provisions thereof were expressly 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 authorized 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 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 other resolution authorizing the issance of Project Loan Notes) not in excess of the amount 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 necessary 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 axe authorized to do andperform all other things and acts required 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 nrovis ons of the Contract. Section 4. Each of the Project Notes of the Local Issuing Agency shall be in substantially the form of HUD -9010, which is incorporated herein by reference. Each series of Project Notes shall bear a date not later than the date on which they are to be delivered to the purchaser and shall mature within a term of not to exceed 1 months from their date. Each series of Project Notes shall bear interest at the rate or rates per annum fixed in the proposal or proposals accepted for the pur hase of such Notes, shall be issued in such denominations, and both principal aid interest thereof shall be payable at such incorporated bank having trust power or incorporated trust company as the purchaser designates in his proposal, aid shall be secured by a "Requisition Agreement" in substantially the form of HUD-9003, which is incorporated herein by reference, to be entered into between the Local Issuing Agency and the Government. Sectioa 5. Each of the Project Notes issued in a series which has been awarded shall be executed in the name of the Local Issuing Agency by the manual or facsimile signature of the Mayor of the City of South Bend and the City Clerk of the City of South Bend is authorized and directed to date and to cause the City seal of the City of South Bend to be impressed, imprinted or reproduced thereon and to attest such - sealing, the aforesaid officers shall take all other actions necessary to com- plete deli ry of any Project Notes which have been awarded. Section 6. Each Requisition Agreement securing one or more series of Project Notes shall be executed in the name of the Local Issuing Agency by the manual or facsimile signature of the President of the Redevelopment Commission and the Secretary of the Redevelopment Commission is authorized and directed to cause the seal of the Local Issu ng Agency to be impressed, imprinted or reproduced thereon and to attest the same. Section 7. The Treasurer of St. Joseph County, Ex Officio Treasurer of the City of South Bend is authorized and directed to deliver.thheProject Notes by signing and promptly sending after acceptance of each proposal a letter to each paying agent for such Project Notes in substantially the form of HUD -9004, which is incorpo ated herein by reference, and to transmit therewith (a) the Project Notes for which the addressee is the paying agent for delivery and payment and (b) a signature certificate and receipt, in accordance with the terms of the letter, and to take such other actions as may be required to complete the delivery transaction in accordaAce with the terms of the letter to the paying agent. Section 8. The Treasurer of St. Joseph County, Ex Officio Treasurer of the City of South Bend, Controller of the City of South Bend and the Executive Director and /or Assistant Director of the Local Issuing Agency are authorized to take all actions as may be required to validate and complete delivery of the Project Notes herein aut orized to be issued from time to time. Section 9. For the punctual payment of the principal of and interest on each series of Project Notes, the Local Issuing Agency expressly and irrevocably promises to pay any sums which may be received from the Government pursuant to`the Requisition Agreement relating to such series of Project Notes and each such Requisition Agreement when execu ed by the Government is declared to be and is hereby assigned by the Local Issuing Agency for the benefit of the holder or holders from time to time of such series of Project Notes. All contributions, funds and amounts authorized or required by the Con Tact to be applied to the payment of Project Loan Notes (referred to in the Contra ,t as "Project Temporary Loan Obligations," "Advance Notes" or Permanent Notes ") as issued in connection with the Project are irrevocably pledged to secure the payment of the principal of and interest to maturity on each series of Project Notes. Such pledge and the lien created thereby shall cease and terminate as to any series of Project Notes when monies or investment securities convertible into cash not later than the maturity date of such Notes, sufficient and for the purpose of paying the principal and interest to maturity on such Notes, are deposited with the paying agent or agents for such Notes. Secti the Govei available n 10. The Executive Director is authorized and directed to pay (a) to ment such amount of such funds of the Local Issuing Agency as may be or such purpose and as may be necessary to pay the principal of and -2- on obligations of the Local Issuing Agency then held by the Government which may be tefunded in part by any one or more series of Project Notes and (b) to the paying agent or agents of any then outstanding series of Project Notes, or to the Government for transm.ttal to said paying agent or agents, such amount of funds of the Local Issuing Ag ncy as may be available for such purpose and as may be necessary to pay the princi al of and interest on such Project Notes which are refunded in part by succeeding issues of Project Notes. Section 11. The Local Issuing Agency hereby covenants with the holders from time to time of any Project Notes issued under this resolution that it will not amend this resolution in any way which would limit or alter the rights of such holders under Section 9 hereof or otherwise impair the rights and remedies of such holders until such Project Notes, together with interest thereon, and all costs, expenses a d damages in connection with any action or proceedings by or on behalf of such ho tders are fully met and discharged. 12. This Resolution shall take effect immediately. Section 13. Adopted at the Regular Meeting of the Redevelopment Commission held in the Office of the Department of Redevelopment, 120 West LaSalle Avenue, Suite 1001, South Bend Indiana on November 21, 1969. ATTEST: John SEAL CITY OF SOUTH BEND DEPARTMMq-F REDEVELOPMENT -3- 4. A. Wiggins, PregXdknt