HomeMy WebLinkAboutNo. 0128 approving/providing for execution of proposed loan/capital grant contract No. INDIANA R-57(LG) between COSB Dept. of Redevelopment and USAUnite
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RESOLUTION NO. 128
RESOLUTION APPROVING AND PROVIDING FOR THE EXECUTION
OF A PROPOSED LOAN AND CAPITAL GRANT CONTRACT, NUMBERED
CONTRACT NO. INDIANA R -57 (LG), BETWEEN CITY OF SOUTH
BEND, DEPARTMENT OF REDEVELOPMENT, AND THE UNITED
STATES OF AMERICA, PERTAINING TO A CERTAIN PROJECT
DESIGNATED PROJECT NO. INDIANA R -57, AND ESTABLISHING
A PROJECT EXPENDITURES ACCOUNT WITH RESPECT TO SAID
PROJECT, AND FOR OTHER PURPOSES
HEREAS, under Title I of the Housing Act of 1949, as amended, the
States of America (herein called the "Government ") has tendered to
ty of South Bend, Department of Redevelopment (herein called the
Public Agency ") a proposed Loan and Capital Grant Contract under
the Government agrees to make a Project Temporary Loan, a Project
tive Loan, and a Project Capital Grant to the Local Public Agency
in financing an urban renewal project, designated Project No.
a R -57, in the urban renewal area described therein; and
EREAS, 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 the State 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
thing ,s, that, with respect 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 Expenditures Account; Project No. Indiana R -57 ", into
N�;hich shall be deposited certain funds described in said proposed Contract:
as JE IT RES-_-JVED BY The City of South Bend, Department of Redevelopment
lows:
Section 1. The proposed Contract designated "Loan and Capital Grant
Contract, Contract No. Indiana R -57 (LG) ", consisting of Parts I and II,
under and subject to the provisions, terms, and conditions of which the
Goverilment 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 an urban renewal
project, designated Project No. Indiana R -57, situated in the City of South
Bend, Indiana, is hereby in all respects approved.
Section 2: The President of the Redevelopment Commission, governing
body of the City of South Bend, Department of Redevelopment, is hereby
authorized and directed to execute said proposed Contract in two counter-
parts on behalf of the Local Public Agency, and the Secretary is hereby
authorized and directed to impress and attest the official seal of the
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Local
parts
such
may b
Public Agency on each such counterpart and to forward such counter -
to the Department of Housing and Urban Development, together with
Cher documents relative to the approval and execution thereof as
required by the Government.
Section 3. The Local Public Agency agrees to abide by all of the
provisions, terms, and conditions of said Contract.
Section 4. With respect to this Project of the Local Public Agency,
designated Project No. Indiana R -57, there is hereby established a separate
and special fund, designated "Project Expenditures Account, Project No.
India ma R -57 ", which shall be maintained in a bank or banks which are
members of the Federal Deposit Insurance Corporation. All funds which,
by th terms of the Loan and Capital Grant Contract, are required to be
depos ted in said Account shall be promptly deposited therein.
ction S. This Resolution shall take effect immediately.
Adopt�d this 7th day of April, 1966.
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