HomeMy WebLinkAboutNo. 0084 authorizing issuance, sale, delivery from preliminary loan notes, execution of requisition agreements, execution of project temp. loan notes for delivery pursuant to requisition agreements IND R-29BASED ON FORM H -3078
(5-63)
INDIANA 5 -1 -64
P2ESQLUTIOK #64
RESOLUTION AUTHORIZING THE ISSUANCE, SALE, AND DELIVERY
FROM TIME TO TIME OF PRELIMINARY IRAN NOTES,, THE EXECUTION
OF REgUISITION AGMWMS, AND THE EXECUTION OF PROJECT
TEMPORARY LOAN NOTES FOR DELIVERY PURSUANT TO REQUISITION
AGMEMEM y IrI CONNECTION WITH URBAN RENEWAL PROJECT NO-
lea-
(herein ca the Local Public Agency"), has enterea into a contiracu ua— wA.
the Gth day of 19 63 ,, numbered Contract No .
(which, together with any supplements thereto or amendments, modifications,,or
waivers of any provisions thereof, is herein called the "Loan and Grant Contract "),
with the U ited States of America (herein called the "Government "), acting by and
through the Housing and Hoge Finance Administrator, which Loan and Grant Contract
provides, in part, for a Project Temporary Loan by the Government to the Local
Public Age cy under Title I of the Housing Act of 1949, as amended (42 U S.C.
1450 et se q.), in an amount outstanding at any one time not to exceed $w 1#4174070* 0
to aid the Local Public Agency in its undertaking and carrying out of a certain
urban rene a1 o ent project (herein called. the "Project ") designated
Project No and which is more fully identified in the Loan and
Grant Cont act; and
WHEREAS the Loan and Grant Contract provides in connection with the financing
of the Project that if the Local Public Agency can obtain loan funds from sources
other than the Government at interest rates lower than the pertinent Project
Temporary Loan Interest Rate or Rates it may do so with the prior written consent
of the Gov rnment and, in any such ease,, if the Local Public Agency shall have
complied 'th`all conditions precedent to its obtaining a payment by the
Government' under the Loan and. Grant Contract in a specified amount on account of
the Project Temporary Loan, the Local Public Agency, with the prior written consent
of the Go rnment, may pledge its right under the Loan and Grant Contract to a<.
sufficient amount of.such particular payment as security for the repayment by the
Local Public Agency of the principal of and interest on its obligations evidencing
loan funds so obtained from sources other than the Government; and
referred
the purpo
security
the inter
Public Ag
is desire
such obli
Project a
of the Pi
TV
as follo,
s it appears that obligations of the Local Public Agency, known and
in the Loan and Grant Contract as "Preliminary Loan Notes ", issued for
s as hereinafter authorized, and of the details, description, and
herein provided, are generally marketable at interest rates lower than
t rate or rates which the Government is required to charge the Local
cy under the terms of the Loan and Grant Contract, and the Government
of cooperating with the Local Public Agency in its endeavor to sell
,tions in order to reduce carrying charges and other costs of the
in order to encourage participation of private capital in the financing
ect.
of
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SECTION
to borrow and
principal amount
1. AMOUNT AND PURPOSES. The Local Public Agency hereby determines
there is hereby authorized to be borrowed a sum not to exceed the
outstanding at any one time of OM NUUMA V~ _Huaft"
nced by outstanding Project Temporary Loan Obligations hereinafter
whether evid
called "Project
Temporary Loan Notes "), Preliminary Loan Notes, or Project Definitive
an Obligations,
as those terms are used in the Loan and Grant Contract: Provided,
That, for the
purposes of this Resolution, said maximum principal amount shall be
increased or
decreased to a sum determined with certainty under the provisions of
Section 12 hereof.
To the.extent feasible, and without limiting the powers of the
Local Public
Agency to borrow funds directly from the Government under the terms
of the Loan
and Grant Contract, such borrowings, exclusive of borrowings evidenced
by Project Definitive
Loan•Oblgations', shail.be evidenced'by obligations of the
Local Public
Agency issued, sold, and delivered pursuant to the authority of this
Resolution,
and the funds so borrowed shall be borrowed for and used to'defray
expenses an
costs incurred or to be incurred in the Local Public Agency's under-
taking and carrying
out of the Project, or to retire, refund, renew, or extend
its outstanding
Project Temporary Loan Notes, if any, and outstanding Preliminary
Loan Notes,
if any, as hereinafter more fully provided.
SECTION
2. AUTHORIZATION AND DETAILS OF NOTES'. There shall be and hereby
are authorized
to be issued, sold, and delivered from time to time, as funds _.are',
needed for any
one or more of the aforesaid purposes, the negotiable, short -term
special obligations
(hereinafter called the "Notes ") of the Local Public Agency
payable to the
bearer, each of which shall be designated "Preliminary Loan Note
and each separate
issue of the Notes shall be further identified by a series
designation
from "First Series" upward in order of issuance and in relation to
she Project
and previous issues of Preliminary Loan Notes, if any, followed by
the letter designation",
"• The Notes shall be issued in substantially the
form of Pre
iminhry Loan Note attached hereto and marked "Exhibit A ", with the
blank spaces
therein completed as required by this Resolution and the facts.
surrounding
each specific series of Notes, and the terms and conditions of said
form of Preliminary
Loan Note are hereby adopted as-though the same were set
forth in full
in the text of this Resolution. Each of the Notes shall have
endorsed thereon
a payment agreement on behalf of the United States in substan-
tially the
form of the Payment Agreement appearing on the reverse of said
"Exhibit A"
the
of the Loca:
is hereby a
of estimate .
orderly fin
whole or in
Loan Notes
with estima
Provided, T
upward to t
certain, wh
satisfacto
shall bear
date certa
OF SERFS . OF_ NOTES . The or
the of on behalf
Public blic Agency (herein respectively called the Authorized Officer ")
ithorized and directed to determine from time to time, and on the basis
>, the amount of Project Temporary Loan funds required to provide for the
Erasing of the Project, including funds to retire, refund, or extend in
part, outstanding Project Temporary Loan Notes and outstanding Preliminary
>f the Local Public Agency, if any; and to requisition such funds, together
;ed interest thereon, from the Government under the Loan and Grant Contract
iat, for the convenience of financing, said estimate shall be rounded
ie next multiple of $1,000. Each such estimate shall cover a time period
Lch shall be not less than approximately 90 days and not more than
Ly 380 days, in relation to a financing schedule otherwise mutually
T to the Authorized Officer and the Government. Each series of the Notes
the date of the commencement of said time period and shall mature on a
z upon the expiration of such period under said financing schedule.
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The aggregate principal amount of the respective series of Notes shall equal the
said estimate of loan funds required by the Local Public Agency, exclusive of said
estimated interest., for the period from and including the date of such Notes to
their maturity: Proms ded�, That, for convenience o.f financing, in determining the
principal amount of the respective series of Notes said estimate shall be rounded
upward to the next multiple of $1,0100. The Notes of the respective series of
Rotes shall be numbered from 1 upward in orderly sequence.
SECTI N 4. ADVERTISING OF NOTES Upon receipt of the advice of or on
behalf of the Regional. Administrator of the Housing and Home Finance Agency,
indicating that the Government.anticipates approving a payment to the Local
Public Agency of funds on account of the Project Temporary Loan under the
requisitio Ede' cribed -in Section 3 hereof and a Requisition Agreement herein-
after dese d, the Authorized officer shall advertise a series a Notes, in
the princi amount determined under said Section 3, for sale in accordance
with the p ies, terms, and conditions of sale specified in the form of
Notice of of Preliminary Loan Notes attached hereto as "Exhibit B ", with the b spaces therein completed as required by this Resolution and
the facts surrounding each series of Notes: Provided, That the date specified
for the receipt of sealed proposals shall be mutually satisfactory to the
Authorized Officer and the Government, but in no event earlier than the seventh
day folio g the publication of the Notice of Sale nor later than the sixteenth day
.following such publication; Provided further, That the hour fixed for the public
opening of bids shall be one o� clock P.M• awful time in the City of New York,
New York. Said Notice of Sale shall be published once in The Daily Bond Buyer,
a finanei newspaper of national circulation published in the City and State
of New York. The Authorized officer is hereby empowered to join with other local
public bodies in offering Preliminary Loan Notes for sale under a consolidated
Notice of Sale to be published in The Daily Bond Buyer pursuant to which the Local
Public cy and other local public bodies jointly advertise their respective.
series of Preliminary Loan Notes for sale pursuant to the policies, terms, and
conditione substantially as provided by Exhibit B hereto. Said Notice of Sale
shall be jublished on a date mutually satisfactory to the Authorized officer and
the Government, and under a predetermined financing schedule designed to provide
to the local Public Agency funds to assure the orderly financing or refinancing
of the Project for the financing period determined pursuant to section 3,hereof.
The form of Proposal (Form No. E- 3088 - (8 -58)) attached hereto and marked
"Exhibit ", including the policies, terms, and conditions thereof, is hereby
adapted the form of proposal which shall be required of bidders pursuant to
the Notic of Sale: Provided, That the Authorized officer may consent to a
request de by a successful bidder prior to the delivery of Notes to designate
a paying gent, if qualified under the terms of the Notice of Sale, other than
the payin agent named in the proposal, and., also', may consent to changes in the
denominat ons of Notes as specified in the proposal.
SECT N �. &WARD OF NOTES. The Authorized Officer is hereby appointed
as the awLrding official on behalf of the Local Public Agency, and is hereby
authorized and directed on each date specified in a Notice of Sale of a series
of Notes, and at the time and place specified in such Notice of Sale, to receive,
open, and review all proposals received for the.purebase of the series of Notes.
Proposals including telegraphic proposals or instructions as to.the completion
of propos ls, received after one o' clock P.M.a the hour (New York time) specified
in the No ice of Sale, shall not be opened but rather shall be returned by the
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Authorized Officer to the proposed bidder who shall be advised of the date and
hour when his proposal or telegram was received. Any proposals which are incomplete
in any substantial respect shall be forthwith rejected by the Authorized, Officer.
Upon completion of the review, the contents of all proposals shall be communicated
by telephone to counsel on behalf of the said Regional Administrator with advice
and recomme dation for award or awards based on the conditions of award specified
n. the Noti a of Sale, and proposals received pursuant to such Notice of Sale,
and request concurrence in the proposed award or awards: Provided, That such
award or awards shall be made at the lowest rate or rates specified in the
proposals, but in no event at a rate which equals or exceeds the rate, or the
lowest of any two or more interest rates, to be borne by the Project Temporary
Loan Note or Notes authorized for delivery to the Government for purchase under
the terms of a Requisition Agreement as herein provided.. Upon receipt of the
advice of or on behalf of the said Regional Administrator, which advice may be
formal or ' formal, to the effect that the Government has no objections to the
proposed award or awards of the Notes, the Authorized Officer shall promptly
notify each successful bidder by telegram of the award.of all or a portion of
the series of Notes to such bidder. Nach such notice of award shall be unqualified
and shall be confirmed by letter from the Authorized,Officer to each successful
bidder.
SECTION 6. PREPARATION AND EXECUTION OF NOTES. Promptly following the
award of a series of Notes, the Authorized Officer sba.11 have the same prepared,
in accordance with recognized municipal financing practices, for execution and
delivery to the purchaser or purchasers. The Notes shall be signed in the name
of,the Loca Public Agenc by and through the manual signature of the Mayor of the
of and shall have the corporate seal of
said City i pressed thereon and attested b y the 41 k or the
of the o + r...., on
behalf of t e Local Public Agency; and said- officers axe hee b authorized and
directed to cause said Notes to be properly executed.
of Notes sh
provided by
Provided, T
of the Unit,
agreement s'.
No. H-3079b
" Requisitio
behalf of t
of the offi
Redevelopme
Agreement"
approved by
bond course
respecting
"New Pre lin
and H -3079b
Local Publi
Requisition
general tex
Government
1 7. SECURITY AND EXECUTION OF REQUISITION AGREEMENTS. Each series
X11 be.payable as to both principal and interest solely from funds
the United States of America pursuant to a requisition agreement:
tat the Local Public Agency hereby consents to the Payment Agreement
:d States of America to be endorsed on each Note. Each such requisition
tall be in substantially the form of either Form No. H -3079a (5-63) or
(5 -63), as regixired by the facts, a copy of each of which forms of
L Agreement" has been examined by the Redevelopment Commission, on
ie Local Public Agency, and are hereby ordered. to be filed as a part
.ial records of the Local Public Agency. The Secretary of the
it Commission shall endorse on each copy of said forms of "Requisition
L statement identifying such forms as the forms of requisition agreement
this Resolution, and shall furnish the said. Regional. Administrator and
L engaged by the Local Public Agency to render the approving opinion
the series of Notes, defined in a specific Requisition Agreement as the
Lnary Loan Notes ", each a certified copy of said Forms H•3079a (5 -63)
(5 -63) as hereby approved. The proper officer or officers of the
Agency are hereby authorized and directed to execute the specific
Agreement designed to secure their payment. Without limiting the
ns and conditions of such Requisition Agreement, when executed by the
Lhe same is hereby declared to be and is hereby assigned, by the Local
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Public Agency for the benefit of the holder or holders from time to time of the
New Preliminary Loan Notes described therein, and the proceeds of the Project
Temporary Loan Note or Notes executed pursuant to Section 8 hereof and deposited
with the Government for purchase pursuant to such Requisition Agreement are hereby
irrevocabl pledged first, to the payment at maturity of the principal and interest
on said Ne Preliminary Loan Notes.
Mayor of t
Local. Publ
Temporary:
as the "Be
been autho
Temporary
Providing
adopted by
19-�_, as
corporate
Temporary I
of the New
estimated i
accordance
Requisition
Loan Notes,
the Loan an
or deposite
shall be nu
Loan Note (
therefor by
Loan and Gr
substantial
and (c) sha:
Government.
Requisition
Government
and conditi
The
of the
Agency is hereby authorized and directed to execute the Project
)an Note(s), as described and defined in the Requisition Agreement
row Project Temporary. Loan Note" (the issuance of which has heretofore
zed by a Resolution Authorising the Issuance f Ce to Project
>an Notes in Connection With Project No. and
>r the Security for the Payment The f and for Other Purnoses., duly
:he Local Public Agency on the day of ,
emended). Each such Escrow Project Temporary Loan Note �vehe
-al of said City impxes ted by the
or the of the
Sam The Escrow Project Temporary Loan Note or the
�ineipal amount of any two or more notes constituting the Escrow Project
>an Note under the Requisition Agreement shall equal tie principal amount
'reliminary Loan Notes described in the Requisition Agreement plus
Merest thereon determined on the basis of the requisition and in
r1th Section 3 hereof, rand, also, shall equal the amount of the
:d Payment described in the Requisition Agreement. Project Temporary
whether purchased by the Government through direct purchase under
Grant Contract, or through operations under a Requisition Agreement.,
L with the Government for purchase pursuant to a Requisition Agreement,
ibered from 1 upward in orderly sequence; and each such Project Temporary
t) shall bear interest from date of delivery thereof and the payment
the Government at a rate or rates determined in accordance with the
Ent Contract; (b) shall bear a statement at the foot thereof in
.y the following form:
"Delivery of this note was accepted and payment therefor
made on the day of Is, -.
WITED STATES OF AMERICA
Housing and Home Finance Administrator
By
Title
Ll not be valid until said statement is duly executed on behalf of the
The Escrow Project Temporary Loan Note, as described in a specific
Agreement, shall, be delivered by the Authorized Officer to the
to be held and paid for by the Government in accordance with the terms
ms contained in such Requisition Agreement.
_5.
Preliminary
be applied
by provisio
such Notes.
9. DISPOSITION OF PROCEEAS. The proceeds of each issue of
Loan Notes issued pursuant to the authority of this Resolution shall
'or the authorized purposes of this Resolution and as may be required
m of the Requisition Agreement securing the respective issues Of
SECTION 10. DELIVERY OF NOTES. Each Note of each issue of Notes
authorized pursuant to this Resolution shall be payable on the maturity date
thereof at the incorporated Bank having trust powers or the incorporated Trust.
Company, as the purchaser thereof shall designate in the proposal. Such Bank or
Trust Company is hereby designated as the Paying Agent for each such Note, and
the Notes hall be delivered to the purchaser in accordance with the pro�rlsions
of a Lette of Instructions (Urban Renewal Program), being Form No. H -3084 (12 -62),
a copy of hick has been examined on behalf of the Local Public Agency and is
hereby app owed. A copy of said Form H -3084 (12 -62) is hereby ordered to be filed
as a part f the official records of the Local Public Agency. The Secretary of the
Redevelop nt Commission shall endorse on such copy a statement identifying the
same as t Jad form of Letter of Instructions approved by this Resolution, and shall
furnish tsaid Regional Administrator and said bond counsel, each a certified
copy of Form No. H -3084• (12 -62) as hereby approved. Following the execution
of an issof Notes, the d execute said Letter
of Instruions and forward ac suc Ze ter of Instructions ogether with the
Notes and 163ignature Certificate and Receipt described therein, to,the said Regional
Administrator with the request that the same be approved and forwarded to the
designated Paying Agent.
SECTI N 11. TR�ANSCRxpTS ANb PROCEEDINGS. The officers of the Local Public
Agency, Including the Authorized Officer and attorneys for the Local. Public Agency,
are hereby authorized to furnish to the Government, bond counsel engaged to re C]er
the approving opinion on -the respective issues of Preliminary Loan Notes authorized
to be issu d hereunder, and to the purchasers of Preliminary Loan.Notes such
informative data, certificates.and transcripts of proceedings as they may reason-
ably reque t pertaining to the Local Public Agency, the Project, and the financing
of the Project.
SECTION 12. CHANGES IN AUM BIZED gletMT. In the event the Vocal Public
Agency and the Government sha11 enter into one or more amendments tokthe Loan and
Grant Cont act on a date or dates subsequent to the adoption of this Resolution
whereby the maximum amount of the Project Temporary Loan outstanding at any one
time, refe red to in the first preamble and in Section 1 of this Resolution, is
either Inc eased or decreased, the maximum amount of the Project Temporary Loan
stated in terms of dollars in said preamble and in Section 1 shall automatically
be increas d or decreased to the maximum limitation specified in terms of stated
dollars in the latest of any such amendment: Provided., That no such increase or
decrease s all operate to modify in any manner the terms of payment on account of
the Projec Temporary Loan under any outstanding Requisition Agreement.
SECTI N 13. EFFECTIVE DATE. This Resolution shall take effect immediately.
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