HomeMy WebLinkAboutNo. 0281 authorizing the sale, issuance, delivery of project notes and the execution of requisition agreements IND R-66RESOLUTION NO. 281
AUTHORIZING THE SALE, ISSUANCE AND DELIVERY
OF PROJECT NOTES AND THE EXECUTION OF REQUISITION
AGREEMENTS, IND. R-66
WHERE A.1, The City of South Bend, Department of Redevelopment (herein called
the "Local ssuing Agency ") is undertaking the development and /or operation of
one or more urban renewal, low -rent housing or redevelopment projects and may
engage in such undertakings in respect to additional projects all pursuant to
the terms of one or more contracts (which contracts and any contract in substitution
thereof, to e with any supplements thereto or amendments or waivers of any
provision t ereof, are herein called the "Contract ") with the United States of
America (he ein called the "Government ") providing for a loan by the Government
to the Local Issuing Agency for financing the urban renewal, low -rent housing or
redevelopme t project(s) described in the Contract and herein called the "Project ";
and
WHEREAS), the Local Issuing Agency proposes to obtain loans from others than
the Government in anticipation of the delivery of notes to the Government, which
loans shall be evidenced by negotiable short -term notes of the Local Issuing Agency
(herein called "Project Notes "); and
WHEREAS, The Local Issuing Agency proposes to issue Project Notes as hereinafter
provided:
NOW, THEREFORE, BE IT RESOLVED by the Local Issuing Agency as follows:
Sectioa 1. For the purpose of providing funds to pay expenses incurred or to
be incurred pursuant to the Contract or to refund, renew or extend its outstanding
Notes issued in connection therewith, the Local Issuing Agency hereby determines
to issue its Project Notes for purchase by the public from time to time in amounts
which shall not exceed the - aggregate loan amount or the Actual Development Cost
specified in the Contract, as the case may be. Such Project Notes shall be in
such principal amounts, bear such interest rates, be dated and mature, all as
prescribed in this Resolution.
Section 2. a. The Controller of the City of South Bend is hereby authorized
and directed to advertise from time to time the public sale of Project Notes of
the Local Issuing Agency by causing the publication of a Notice of Sale thereof
in a newspaper pursuant to State Law, if required, and in The Daily Bond Buyer,
a financial newspaper published in the City of New York, New York. The Notice of
Sale for publication locally shall be substantially in the form of HUD -9001, which
is incorporated herein by reference. The Notice of Sale to be published in the
Daily Bond Buyer may be included in a consolidated Notice of Sale. Each Notice
of Sale sh 11 be published at intervals in accordance with a schedule of advertising
arranged i cooperation with the Government. Each separate issue of Project Notes
advertised for sale shall be numbered in consecutive series.
b. Each proposal submitted for all or a part of any series of
Project Notes shall be in substantially the form of HUD -9002, which is incorporated
herein by reference, and is hereby approved by the Local Issuing Agency.
Section 3 a. The Controller of the City of South Bend is hereby authorized
and directed on each date specified in a duly published advertisement of the Notice
of Sale for a series of Project Notes and at the time and place mentioned therein
to receive open and review all proposals received for the purchase or Project
Notes. Up n completion of the review, the contents of all proposals shall be
communicat d by telephone to the Government with a recommendation for award.
a recommen4
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proposals
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b. The Executive Director after receiving Government approval of
d award is hereby authorized and directed on behalf of the Local Issuing
and the Project Notes at the lowest interest rate or rates not in excess
ntage rate per annum specified in the Contract or under State Law offered
sals without reference to premiums: Provided however, that as among
ecifying the same lowest interest rate, awards shall be made on the basis
st premium per dollar principal amount of the Notes specified in such
The Executive Director shall promptly notify each successful bidder by
the principal amount of Project Notes so awarded to such bidder.
Section 5. Each Project Loan Note shall bear interest and be payable in
the form 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; and 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 -9017 which is incorporated herein
be refere ce.
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
heretofore; issued pursuant to any previous resolution.
7. This Resolution shall take effect immediately.
Sect on 8. Adopted at the Regular Meeting of the South Bend Redevelopment
Commissio a held in the Office of the Local Public Agency at 120 West LaSalle
Avenue, Suite 1001, South Bend, Indiana on November 21, 1969.
CITY OF SOUTH BEND
DEP NT OF REDEVELOPMENT
� C
Donald A. Wiggins, sident
ATTEST:
SEAL