HomeMy WebLinkAboutNo. 0083 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-7WHEREAS 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 theai 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 Government and, in any such case, if the Local Public Agency shall have
complied with all conditions precedent to its obtaining a payment by the
Governmen 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 ernment, 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 purp(
security
the inte:
Public A;
is desir,
such obl
Project
of the P
of
as
AS it appears that obligations of the Local Public Agency, known and
:) in the Loan and Grant Contract as "Preliminary Loan Notes , issued for
es as hereinafter authorized, and of the details, description, and
S herein provided, are generally marketable at interest rates lower than
st rate or rates which the Government is required to charge the Local
ncy under the terms of the Loan and Grant Contract, and the Government
s of cooperating with the Local Public Agency in its endeavor to sell
ations in order to reduce carrying charges and other costs of the
d in order to encourage participation of private capital in the financing
iect.
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BASED ON FORM H -3078
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2
INDIANA A 5 - -1 -64
1
ICESQLUT3:+ON #83
RESOLUTION AUTHORIZING THE ISSUANCE) SALE.. AND DELIVERY
FROM TIME TO TIME OF PRELIMINARY LOAN NOTES., THE EXECUTION
OF REQUISITION AGREEMENTS., AND THE EXECUTION OF PROJECT
TEMPORARY LOAN NOTES FOR DELIVERY PURSUANT TO REQUISITION
Raw, iewi N CONNECTION WITH URBAN RENEWAL PROJECT N0.
WHERE
,�T_=twwt
(herein ca
led the Local Public Agency , has entered into a contract dated as of
InUa= Rw7
the WWI
day of , 19„_,,,,.,, numbered Contract No . -
(which, to
ether with any supplements thereto or amendments, modifications, or
"Loan Grant Contract "),
waivers of
the United
any provisions thereof, is herein called the and
States of America (herein called. the ''Government "), acting by and
with
through the
Housing and Home Finance Administrator, which Loan and Grant Contract
for Project Temporary Loan by the Government to the Local
provides,
Public Age
in part, a
cy under Title I of the Housing Act of 1949, as amended (42 U._S.0
5 9 57.Ofl~
to exceed $ 83.
1450 et s
in an amount outstanding at any time not ,
�•)� g
Local Public Agency in its undertaking and carrying out of a certain
to aid the
urban renewal
redevelopment project (herein called the "Project ") designated
� 1644 fully identified in the Loan and
Project No.
and which is more
Grant Contract;
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 theai 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 Government and, in any such case, if the Local Public Agency shall have
complied with all conditions precedent to its obtaining a payment by the
Governmen 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 ernment, 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 purp(
security
the inte:
Public A;
is desir,
such obl
Project
of the P
of
as
AS it appears that obligations of the Local Public Agency, known and
:) in the Loan and Grant Contract as "Preliminary Loan Notes , issued for
es as hereinafter authorized, and of the details, description, and
S herein provided, are generally marketable at interest rates lower than
st rate or rates which the Government is required to charge the Local
ncy under the terms of the Loan and Grant Contract, and the Government
s of cooperating with the Local Public Agency in its endeavor to sell
ations in order to reduce carrying charges and other costs of the
d in order to encourage participation of private capital in the financing
iect.
ju
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SECTIO 1. AMOUNT AND PURPOSES. The Local F�.blIc- -g��ey hereby � mines
to borrow d there is hereby authorized -to be - b,orroved a sum not to exseeii -:the
principal aniount outstanding at any one time of TWO. MI-1,112R, Five Hundred ,
1:
whe esp' evi ence -b- y ou stare ing Pro 7ec empor Dare o nafter
called "Pro ect Temporary Loan Notes "), Preliminary Loan Notes, or Project Definitive
Loan Obliga ions, as those terms are used in the Loan and Grant Contract: Provided.,
i'hat, for the purposes of this Resolution, said maximum principal amount shall be
increased 037 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 efinitive Loan Obligations, shall 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'and costs.ineurred or to be incurred in the Local Public Agency's under-
taking and arrying 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 obl gations (hereinafter called the "Notes ") of the Local Public Agency
payable to he ,bearer; each of which shall be designated "Preliminary Loan Note ",
and each separate issue of the Notes shall be fu -ether identified by a series
designation from "First Series" upward in order of issuance and in relation to
the Project and previous issues of Preliminary Loan Notes, if any, followed by
the letter esignation't The Notes shall be issued in substantially the
form of Preliminary Loan ote attached hereto and marked "Exhibit A ", with the
blank space3 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 orm of the Payment Agreement appearing on the reverse of said
"Exhibit A ".
the
of the Locf
is hereby
of estimate
orderly fix
whole or it
Loan Notes
with estimF
Provide 9
upward to i
certain, wi
approximate
satisfactoi
shall bear
date certa:
3. DETAIL OF SERIES OF NOTES. The . or
the 9441 of on behalf
Public Agency (herein respectively called the "Authorized Officer ")
thorized and directed to determine from time to time, and on the basis
, the amount of Project Temporary Loan funds required to provide for the
acing 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.
at, for the convenience of financing, said estimate shall be rounded
e next multiple of $1,000. Each such estimate shall cover a time period
ch shall be not less than approximately QO days and not more than
.y 380 days, in relation to a financing schedule otherwise mutually
to the Authorized Officer and the Government. Each series of the Notes
,he date of the commencement of said time period and shall mature on a
L upon the expiration of such period under said financing schedule.
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The aggregate principal wwunt of the respective series of Notes shall equal the
said estimate of loan funds required by the Local Public Agency, exclusive of said
estimated erest, for the period from and including the date of such Notes to
their maturity: Proms, That, for convenience of financing, in determining the
principal amount of the respective series of Notes said estimate shall be rounded
upward to the next multiple of $1,000. The Notes of the respective series of
Notes shat be numbered from 1 upward in orderly sequence.
SECTS N 4. ADVERTISM 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 described in Section 3 hereof and a Requisition Agreement herein-
after desc ibed, they Authorized Officer shall advertise a series of Notes, in
the princi al amount determined under said Section 3, for sale in accordance
with the p iurrounding licies, terms, and conditions of sale specified in the form of
Notice of ale of Preliminary Loan Notes attached hereto as "Exhibit B ",
with the b ank spaces therein completed as required by this Resolution and
the facts 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 following the publication of the Notice of Sale nor later than the sixteenth day
following such publication; Provided furtbeE That the hour fixed for the public
opening of bids shall be one a lock P.M., lawful time in the City of New York,
New York. Said Notice of Sale shall be published once in The Daily Bond Buyer,
a financial 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 ale to be published in The Daily Bond Buyer pursuant to which the Local
Public Agency and other local public bodies jointly advertise their respective
series of Prelimineary Loan Notes for sale pursuant to the policies, terms, and
conditions substantially as provided by Exhibit B hereto. Said Notice of Sale
shall be published on a date mutually satisfactory to the Authorized Officer and
the Governmnt,, and under a predetermined financing schedule designed to provide
to the Loa 1 Public Agency funds to assure the orderly financing or refinancing
of the Pro ect for the financing period determined pursuant to Section 3 hereof'.
The form o Proposal (Form loo. H -3088 - (8 -58)) attached hereto and marked
"Exhibit C', including the policies, terms, and conditions thereof, is hereby
adopted as the form of proposal which shall be required of bidders pursuant to
the Notice of Sale: Proms ded, That the Authorized Officer may consent to a
request made by a successful- bidder prior to the delivery of Notes to designate
a paying agent., if qualified under the terms of the Notice of Sale, other than
the paying agent named in the proposal, and, alsop may consent to changes in the
denominati ns of Notes as specified in the proposal.
SECTI N 5. AWARD OF NOTES. The Authorized officer is hereby appointed
as the awarding officia owe behalf of the Local Public Agency, anal 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 purchase of the series of Notes.
Proposals, including telegraphic proposals or instructions as to the completion
of proposa s, received after one o` clock P.M.� the hour (New York time) specified
in the Not ce of Sale, shall not be opened but rather shall be returned by the
3 _
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 vrIth advice
and recomme elation for award or awards based on the conditions of award specified
in the Notice of Sale, and proposals received pursuant to such Notice of Sale,
and request concurrence in the proposed award or awards: Provided, That such
sward or rds shall be made at the lowest rate or rates spec if eel.ir_ the
proposals, ut in no.eveat at a rate which equals or exceeds the rate, or the
lowest of aiy two or more interest rates, to be borne by the Project Temporary
Loan Note 07 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 informal, to the effect that the Government has no objections to the
proposed avird or aimrds 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. Each such notice of award shall be unqualified
and shall be confirmed by letter from the Authorized Officer to each successful.
bidder.
SECT 6. PREPARATION AND EXECUTION OF NOTES. Promptly following; the
award of a series of Notes, the Authorized Officer shall have the -same prepared,
in accords ce with recognized municipal financing practices, for execution and
delivery tc the purchaser or purchasers The Notes shall be signed in the name
of he Loc 1 Public nc by and through the manual signature of the Mayor of the
of and shall have the corporate seal of
said City I m ressed thereon and attested by the or the
W�.'� of the �?'' of on
behalf of the Local 1 blic Agency; and said officers are hereby authorized and
directed t cause said Notes to be properly executed..
SECT I N 7. SECURITY AND EXECUTION OF UiSITION AGREEMENTS. Each series
of Notes slall be payable as to both principal and interest solely from funds
provided by the United States of America pursuant to a requisition agreement:
Prow ided, That the Local.Public Agency hereby consents to the Payment Agreement
of the Uni ed States of America to be endorsed on each Note. Each such requisition
agreement shall be in substantially the form of either Form No. H -30T9a (5 -63) or
No. H -3079 (5-63), as required by the facts, a copy of each of which forms of
"Requisition Agreement" has been examined by the Redevelopment Commission, on
behalf of he Local Public Agency, and are hereby ordered. to be filed as a part
of the official records of the 'Local Public Agency. The Secretary of the
Redevelopment Commission shall endorse on each copy of said forms of "Requisition
Agreement" a statement identifying such fortes as the forms of requisition agreement
approved b this Resolution, and shall furnish the said Regional Administrator and
bond counsel engaged by the Local Public Agency to render the approving opinion
respecting the series of Notes, defined in a specific Requisition Agreement as the
"New Prel nary Loan Notes "t each a certified copy of said Forms H -3079a (5 -63)
and H -3078 (5 -63) as hereby approved.. The proper officer or officers of the
Local Pub c Agency are hereby authorized and directed to execute the specific
Requisitio2 Agreement designed to secure their payment. without limiting the
general t and conditions of such Requisition Agreement, when executed by the
Gavernmen the same is hereby declared to be and is hereby assigned. by the Local.
Public Agency for the benefit of the holder .or holders from time to time of the
New Prelim nary 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 Gcvernment 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.
SECTI N 8. EXECUTION AND nELTVERY OF PROJECT TEMPORARY LOAN NOTES. The
Mayor of t &4am of on behalf of the
Local Publ a Ag ncy s hereby authorized and directed to execute the Project
Temporary an Note(s), as described and defined in the Requisition Agreement
as the "Es row Project Temporary Loan Note" (the issuance of which has heretofore
been autho ized by a Resolution Authorizing the Issuance f Certai Project
Temporary Isoan Notes in Connection With Project No. , and
,Providing for the Security for the Payment Thereof, and for Other Purposes, duly
adopted by the Local Public Agency on the ......9 " ,� day of ►� ,y_,,,,
19-"-., as amended). Each such Escrow Project Temporary Loan mote shall have the
corporate seal of said City impressed thereon and attested by the 4UtY C-10ZU
or the of the RM
of The Escrow Project Temporary Doan Note or the
aggregate r c pa amount of any two or more notes constituting the Escrow Project
Temporary Loan Note under the Requisition Agreement shall equal the principal amount
of the New Preliminary Loan Notes described in the Requisition Agreement plus
estimated interest thereon determined on the basis of the requisition and in
accordance with Section 3 hereof, and:, also, shall equal the amount of the
Requisitioned Payment described in the Requisition Agreement. Project Temporary
Loan Noteswhether purchased by the Government through direct purchase under
the Loan and Grant Contract, or through operations under a Requisition Agreement,
or deposited with the Government fox' purchase pursuant to a Requisition Agreement,
shall be numbered from 1 upward in orderly sequence; and each such Project Temporary
Loan Note a) shall bear interest from date of delivery thereof and the payment
therefor b the Government at a rate or rates determined in accordance with the
Loan and G ant Contract; (b) shall bear a statement at the foot thereof an
substanti l.y the following form:
and (c) shv
Government
Requisition
Government
and Condit:
"Delivery of this note was accepted and payment therefor
made on the day of
UNITED STATES OF AMERICA
Housing and Home Finance Administrator
By
►► ,
Title
X11 not be valid until said statement is duly executed on behalf of the
. The Escrow Project Temporary Loan Note, as described in a specific
L Agreement, shall be delivered by the Authorized Officer to the
to be held and paid for by the Government in accordance with the terms
.ons contained in such Requisition Agreement.
5 .
swnoi 9. DISPOSITION OF PROCEEDS. The proceeds of each issue of
Preliminary Loan Notes issued pursuant to the authority of this Resolution shall
be applied for the authorized purposes of this Resolution and as may be required
by provisio s of the Requisition Agreement securing the respective issues of
such Notes.
SECTION 10. DELIVERY OF NOTES. Each Note of each issue of Notes
authorized pursuant o this esolution 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 shall be delivered to the purchaser in accordance with the provisions
of a Lette of Instructions (Urban Renewal Program), being Form No. H -308+ (12 -62),
a copy of ich has been examined on behalf of the Local Public Agency and is
hereby app oved. A copy of said Form H -3 084 (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 t Commission shall endorse on such copy a statement identifying the
same as t form of Letter of Instructions approved by this Resolution, and shall
furnish th said Regional Administrator and said bond counsel, each a certified
copy of said Form No. -H -3084 (12 -62) as hereby approved. Following the execution
of an issue of No N prepare and execute said Letter
of Instructions and forward each such Letter of Instructions, together with the
Notes and 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.
SECTION 11. TRANScRir-TS AND PROCEEDINGS. The officers of the Local Public
Agency, in luding the Authorized. Officer and attorneys for the Local Public Agency,
are hereby authorized to furnish.to the Government, bond counsel engaged to reno'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
informativ data, certificates and transcripts of proceedings as they may reason-
ably re que t pertaining to the Local Public Agency, the Project, and the financing
of the Pro ect.
SECTION 12. CHANGES IN_AUM BRED AMOUNT. In the event the Local Public
Agency and the.Government shall enter into one or more amendments to the Loan and
Grant Contract 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 l of this Resolution, is
either increased 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 increased 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 11 operate to modify in any manner the terms of payment on account of
the Projec Temporary Loan under any outstanding Requisition Agreement.
SECTION 13. EFFECTIVE DATE. This Resolution shall take effect immediately.
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