HomeMy WebLinkAboutNo. 0288 authorizing the sale, issuance, delivery of project notes in the aggregate principal amount of $1,319,000 and the execution of Requisition Agreement No. 1-1970iilii) -9016
(11-60)
RESOLUTION NO. 2003
RESOLUTION AlifIi0RI'I_7 tG :I: SALE, ISSUAIdC E AND
DELIVERY OF P i20JEC' NOTES IN Ti.r AGGREGZ TE
PRINCIPl.L :^.i -iOUNT OF $1,319,000 AND THE EXECUTION
OF REOUISITION AGREENfENT NO. 1 -1970
T ?RL•' S, Tire City of South i3end, Department of Redevelopment (herein called
the "Local Issuing Agency ") has entered into One or more contracts (which, tG-
gethcr witl any supplements thereto or amendments or waivers of any provisions
thereof, are herein called the "Contract ") with the United States of America
(herein ca led the "Government ") providing for a loan by the Government to the
Local Issu ng Agency for financing the urban renewal, low -rent housing or
redcvelopm nt project(s) described in the Contract and herein called the "Project ";
and
111 111.R1?. \S ., pursuant to advertisement for the receipt of proposals for the
Purchase o� tl:e First Series 1970 of Project Notcs (herein sometimes called
" \cw Proje t Notes ") of the Local Issuing Agency aggregating $1,319,000, which
zmncared in a Notice of Sale published on January 27, 1970, in the South Bend
Tribune in the City of South Bend, Indiana and in The Daily Bond Buyer in the
City of New York, New York, proposals for the purchase of the New Project Notes
in the form approved by the Local Issuing Agency were received, opened, and
canvassed t Lha time and place mentioned in said advertisement, to wit: at
1246 County-City Building, 227 West Jefferson Blvd. in the City of South Bend,
Indiana 4 601 at one o'clock P.14., EST, on February 10, 1970, which proposals
are as :'ol ows:
:lame of BiFider.
Tile First 7ational Bank of Boston
and John N,veen & Co., Inc.
The Northe Trust Company and
A.G. Becker and Company, Inc.
St. Joseph Bank & 'Crust Company
Interest
Rate
4.79%
5.03
5.04
Bark of America, N.T. & S.A., 5.06
"First National City Bank, Continental
Illinois National Bank.and Trust Company
of Chicago, First Boston Corporation,
and i.10 llo. National Lank and Trust
Como any
First national Bank in St. Louis 5.125
& Associates
Principal PremiU -m
Amount
$1,319,000
1,319,000
1,319,000
1,319,000
1,319,000
$21:00
6.00
29.00
41.00
5.00
Morgan Gu ranty Trust Company 5.13 1,319,000 25.00
Of :lew 1'o -.k and Salo -mon Brothers
and llut z 1 r
NK
,1 J4 THEREFORE, BE IT RESOLVED by the Local Issuing Agency as follows:
Secn 1. The aforesaid publication of the Notice of Sale and the form and
contents "rt;o.ereof as so published are hereby, in all respects, approved, ratified
and confi ., ed.
Sec.t'ol-, 2. in order to provide funds to pay expenses incurred or to be in-
1 i.l Zile development' of the P rojeCt, Or to refund, renew Or exten its Out -
staP,(: ng .''otes issued in connection therewith, the Local Issi:ing Agency Hereby
determine to borrow the sum, of One Million Three Hundred and Nlineteen Thousand
Dollars ( ,319,000) and issue its negotiable Project Notes. therefor.
C I o.; 1 'I"IL;C of Lhc dc-signatc-di
dli�Lcrl-iiiles that eac .1%4ch proposal offf_'r,- LO
o 1: o �2,z L I
C C :.It L1.1(2 Z-1,ILL, Or Llliat as 01110i1g proposals the
I L r �2 S 1C r a I: e , e a c 0 1) c) s 3 1 0 fers t' e 1- ghCS t premium M, per dol 11ar iii
votes specified in such p 0-,)Osal, except that in the event that every pro-
to all or any part: ofL the 'Totes authorized by this Resolution specifieS a
CO be by the Government to the purchaser as compensation for the pi aCel ;ei.i: -,Moun' Of NloLes, then the- award of the Notes to whic'-, suc,,,-i
L
!)Ioposals is base(I on the lowest fee specified per dollar amount- of such
by L:,c- Govern=ment, Each proposal enumerated Belo :.-. �s hereby accepted
an�! said �,'Otes are hereby awarded to the purchaser as follows:
.Xone Of such Notes shall be valid until after the bank or trust co-
Mpany at I-,,hich it is
payable sha-11 have siisned the agreement., app:;aring-on each Note, to act as paying
a'ant theroof. Each such X. T
ote shall be executed in the name of the Local Issul.-;1�7
J.
A,�,,_-ncy by th:, n ual or facsimile signature of the GItY SOU.-'h 711,�'.
y. and shall have the corp. orate seal of t,
ly Cie_
in,-,,)):-,�,sscd iMprinted or ' -produced thereon and attested by the C1- C1
�y - K I'V Ly
and said officers are hereby authorized and directed to cause said
Notes to be PrOPerlY executed.
scct5o;a 5. Each such Note shall. be in substantially the form of HUD-10010, which',
is 1`4e:,:cin by reference., and shall be secured by an agreement entitled
,
"R_-quisi 11-io.a A,reex�_-nt 1,To. 1-1970 " (herein called the "Requisition Agreemen G
substa,Iti,,-Jl the form Of HUD-9003, i-,rhich is incorporated herein by reference, to be
entered illtO �bet-,Ween the Local Issuing Agency and the Government.
Section o'. The Raojuisition. Agreement shall be executed in the nwue of the Local
"ssuing A,,i
,�;n,(y loy the Dianuaaj or fL,.csjy .ajie k si�Tn_ u ro of the
of the Local Issuing A,-ency and shall have the cox-porate seal of the Local Issuing
."E,A ency fruprerscd, imprinted or reproduced -hereon and attested by the
. L =y
the and said Officers are herby authorized and directed -,%-,0 -clu I se
Rcoui5ition A_ri•r.ecment to be PrOPerly executed.
Sect:
P" on 7. For the punctual pay;,,,ent of the principal of and interost on the New
the Local Issuing A.r_;ency hereby expressly and irrevocably promises to nay
2u:,,-.,s %,fhi&j ii,. y be received from 1k;1ra C0verrz,,,ent pursua�qt to the Requisition, A-reem_cr"
to Cuch Series of Project Notes and said A-reemont 1111en executed by the
is heieby declared to be and is hereby 0.ssiGncd by the Local Issuing A-Sency
for th _ bone-f`Ltl Of the holder or holders ' oyn to in7la of t, No
Ir 41 'w project 1,0,
"'M Ile u0 s.
All cor_t
::-Jbi2,-ftons, ds and amounts authorized or required by the Contract to be
U
Of Project Loan Notes (referred to in the Contract as
Loan "Advance !.Totes" Or "Pernmanent Notes") as issued in .10-Ject -
Y
wlith the Projccll- are hereby irrevocably
pledged to secure the payment of the
'_c' P- jecil- ed70ti'f3®
-a! 0 )-"^d interest to �!�curity on the lNew o
1H 127 1
Tntcrest Rate
Premium
Purchaser
2he 717=t 1'1ational 3=1,
Bost`oTS amd john NznveczL
Co., '"Mc.
45 Hilk Street
1,03ton" D'Sn—'.0. 0 2 10, 3
Sec. 4.
Each Note shall be dated Mlarch. 3
U
, 1970 shall be payable
as to both
pl-inci-pal and interest
to bearer, on Soiz-c,7wbar
J.
2.1 1, 19 70 , and,
.Durzuant to
each proposal for the
purchase of said Rotes hereinabove accepted, shall
bear tha i-ate
of interest per annum, payable at z-)turity; shall bear the numbers and be
Jr the deno-minations;
and shall be
payable as to both principal and interest at the
incorPorated
bank having trust powers or incorporated trust
company, as follows:
Interest
'qu bers
Denominations
Rate Payable At
7`
4J ��nd 70'
7-114
_75-22
25,000.
45 Mi lk Strew
2 0
0
02110,6 3_237
-5,01010-
achusctts 0022,05
.Xone Of such Notes shall be valid until after the bank or trust co-
Mpany at I-,,hich it is
payable sha-11 have siisned the agreement., app:;aring-on each Note, to act as paying
a'ant theroof. Each such X. T
ote shall be executed in the name of the Local Issul.-;1�7
J.
A,�,,_-ncy by th:, n ual or facsimile signature of the GItY SOU.-'h 711,�'.
y. and shall have the corp. orate seal of t,
ly Cie_
in,-,,)):-,�,sscd iMprinted or ' -produced thereon and attested by the C1- C1
�y - K I'V Ly
and said officers are hereby authorized and directed to cause said
Notes to be PrOPerlY executed.
scct5o;a 5. Each such Note shall. be in substantially the form of HUD-10010, which',
is 1`4e:,:cin by reference., and shall be secured by an agreement entitled
,
"R_-quisi 11-io.a A,reex�_-nt 1,To. 1-1970 " (herein called the "Requisition Agreemen G
substa,Iti,,-Jl the form Of HUD-9003, i-,rhich is incorporated herein by reference, to be
entered illtO �bet-,Ween the Local Issuing Agency and the Government.
Section o'. The Raojuisition. Agreement shall be executed in the nwue of the Local
"ssuing A,,i
,�;n,(y loy the Dianuaaj or fL,.csjy .ajie k si�Tn_ u ro of the
of the Local Issuing A,-ency and shall have the cox-porate seal of the Local Issuing
."E,A ency fruprerscd, imprinted or reproduced -hereon and attested by the
. L =y
the and said Officers are herby authorized and directed -,%-,0 -clu I se
Rcoui5ition A_ri•r.ecment to be PrOPerly executed.
Sect:
P" on 7. For the punctual pay;,,,ent of the principal of and interost on the New
the Local Issuing A.r_;ency hereby expressly and irrevocably promises to nay
2u:,,-.,s %,fhi&j ii,. y be received from 1k;1ra C0verrz,,,ent pursua�qt to the Requisition, A-reem_cr"
to Cuch Series of Project Notes and said A-reemont 1111en executed by the
is heieby declared to be and is hereby 0.ssiGncd by the Local Issuing A-Sency
for th _ bone-f`Ltl Of the holder or holders ' oyn to in7la of t, No
Ir 41 'w project 1,0,
"'M Ile u0 s.
All cor_t
::-Jbi2,-ftons, ds and amounts authorized or required by the Contract to be
U
Of Project Loan Notes (referred to in the Contract as
Loan "Advance !.Totes" Or "Pernmanent Notes") as issued in .10-Ject -
Y
wlith the Projccll- are hereby irrevocably
pledged to secure the payment of the
'_c' P- jecil- ed70ti'f3®
-a! 0 )-"^d interest to �!�curity on the lNew o
Such ')'.ed 'C d tha licii created thereby. shall cease and terminate Mcn monies or invest-
.,.. 't sccuriti s convcrtlblc into cash not later than the maturity date of the i cw
1'oyct Wes sufficient and for the 1;acp: sc of paying the principal and interest to �.
maturity on s 'ch Notes, are deposited with the laying agent or ageIlts for such Notes.
s
Section 3. `llic proceeds derived from the sale of the New Project Notes, together ,
`.lit: such amb -int of'
otncr funds of the local issuing Agency as may be necessaryy, shall
rig;' L pDl icd, •Amu1.i.a'ncous ly with the receipt of said proceeds, in acC`bKdance w1 th the
1)rU1r i > iUiiS of the HaUui s ition Agreement. jj6 n w
Pn� ^'?iC:=a of St. a�osep County E•b OI n•b�.e �✓ 7
Section `Itcl _ `1s riereby authorized and
va? : i?� T o p C3 I 3? oG
U. ractca to send 1)'iG� f�� _y �yC�CC,:. l;0 cJ&A Paying Qcnt; for the New Project Notes in
subs'i antia.11y .the fog a of HUD•-0,00',•, which is incorporated herein by reference, and to
transmit therewith with (a) the New Project Notes for which the addressee is the paying
c ent for del.very and payment and (b) a signature certificate said receipt, in accor-
dance with th tcli:ls of said letter, and to take such other actions" as may be required
to co: ;:.,�lcte Q.e delivery transaction in accordance with the terms of the letter to the
payinZ agent.
Section The Local issuing Agency-hereby authorires.the Government to pay to
any purchaser of the Notes a placement fee as compensation for services required in
placing the N teso
Section U. This Resolution shall take effect irrcmediatelyo
? :. rv: 12 o KJ p . G3 at t - ReS ',. yve -nS a» 00 r `GI ant CO m C
KO
„ d a _h D.-,;..s W.n• at 1246 County—City =.yC::a
_ �p n
.....''.7 ::°�. z: aJe ..00a Blvd., South Land, ."f.1..'�;."?•.c:�a�'a 66o on A�:9a". rua` ry 20, .}o9 0.
CITY Or SOUTH BEND
DEPI:RTMINT Or RED;?VELOFMEN.T
e n. J. ?di helm, Presicin
ATTEST:
Rev. Willie V ` Williams' Secretary
SEAL
a