HomeMy WebLinkAboutNo. 0133 authorizing the execution and delivery of a certain project temp. loan note in connection with Project No. INDIANA R-57RESOLUTION NO. 133
RESOLUTION AUTHORIZING THE EXECUTION AND DELIVERY
OF A CERTAIN PROJECT TEMPORARY LOAN NOTE IN
CONNECTION WITH PROJECT NO. INDIANA R -5.7
WHEREAS, the City of South Bend, Department of Redevelopment (herein
some Imes called the "Local Public Agencys4) has filed or is about to file a
requisition, together with the necessary supporting documents, with the
United States of America (herein called the "Government ") requesting a
payment on account of the Project Temporary Loan provided for in the Loan
and Grant Contract and numbered Contract Tao. Indiana R -57 (LG), (which,
together with all supplements, amendments, and waivers, is herein 'called
the "Loan and Grant Contract ") by and between the Local Public Agency
and t e Government, said Loan and Grant Contract being in connection
with a certain project of the Local Public Agency designated therein; and
WHEREAS the Local Public Agency has determined to issue its Project
Temp nary Loan Note as security for such payment:
NOW, THEREFORE, BE IT RESOLVED by the South Bend Redevelopment
Commission, Governing Body of the City of South Bend Department of
Redevelopment, as follows:
1
That pursuant to the provisions of a Resolution entitled:
Resolution No. 132, authorizing the issuance of certain
Project Temporary Loan Notes in connection with Urban
Renewal Project Indiana R -57, and providing for the
security for that payment thereof, and for other purposes
duly adopted by the Local Public Agency on the 5th day of May, 1966, the
Mayor or Acting Mayor and the City Clerk of the City of South Bend and the
Executive Director of the Local Public Agency are hereby authorized and
direr ed to prepare and execute a note, authorized by said Resolution, in
the principal amount of three hundred and forty thousand dollars ($340, 000.00),
or, if the Government shall only approve said requisition for a lesser amount,
in the lesser amount so approved by the Government. Such note shall bear
interest from the date of the acceptance of the Local Public Agency's delivery
thereof and the payment therefor by the Government; shall be dated the
20th day of May, 1966; shall be designated Project Temporary Loan Note
No. 1 shall bear a statement at the foot thereof in substantially the following
form:
and c
Gove
deliv
the a
thing
2.
"Delivery of this Note was accepted and payment therefor
made on the day of , 19
UNITED STATES OF AMERICA
Housing and Home Finance Administrator
By
Ii.
.all not be valid until said statement is duly, executed on behalf of the
nment. The Executive Director is hereby authorized. and directed to
r such note to and accept payment therefor from the Government, and
)resaid officers are hereby authorized and directed to do all acts and
necessary for the execution, sale, and delivery of such note.
That the proceeds of such note shall be deposited and disbursed
only in accordance with the provisions of the Loan and Grant
Contract, unless otherwise approved by the Government.
3 � That this Resolution shall take effect immediately.
this 19th day of May, 1966.