HomeMy WebLinkAboutNo. 0075 authorizing the sale, issuance, delivery of preliminary loan notes in aggregate principal amount of $970,000, execution of requisition agreement No. 1, execution/delivery of project temporary loan note No. 2 in connection with IND R-29therein cal
of the jt1
(which, tog,
waiver: of
With the Uri
through the
Temporary L
,)using Act
amended, in
to aid the :
urban renew
No. Ind,
Grant o tr
.Form H -3080
(6.59)
Resolution #75
RESOLUTION AUTHORIZING THE SALE, ISSUANCE AND
DELIVERY OF PRELIMINARY LOAN NOTES IN THE
AGGREGATE PRINCIPAL AMOUNT OF $_,7
THE EXECUTION OF REQUISITION AGRE, EM NT NO. ,
AND THE EXECUTION AND DELIVERY OF PROJECT
TEMPORARY LOAN NOTE NO. .._ 2, IN CONNECTION WITH
PROJECT NO,
)d the` cal Public Agency" has entered into a contract dated as
day of se , 19, numbered Contract No..,.2c:Q
;her with any supplements thereto or amendments, modificat ons or
q provisions thereof, is herein called the "Loan and Grant Contract "),
;ed States of America (herein called the "Government") acting by and
lousing and Home Finance Administrator, providing, ,im part, for a Project
to by the Government to the Local Public Agency .under Title I of the
)f 1949 (Public Law 171 - 81st Congress, approved July 15* 1949)s as
Ln amount outstanding.at any one time not to exceed $ 4
)cal Public Agency in its undertaking and carrying out o a certain
. project (herein called the " Project ") designated Project
R-29 and which is more fully identified in the Loan and
:t; and
WH , pursuant to advertisement for the receipt of proposals for the pur-
chase of Preliminary Loan Notes ( t Series,)
r�, herein sometimes called
"Preliminary Loan Notes ", of the Local Agency aggregating
which aDDeared in a Notice of Sale published in the
proposaLs r
Agency were
advertiseme .
in the City
Mr o'cl
which propo
issue of the
in the City o , and in
7. 1264 issue of The Daily Bond RcFer e y of New York,
he purchase of said notes in the form approved by the Local Public
eived, opened, and canvassed at the time and place provided by said
to wits At 129 ®$
.,
Rand
• 1'',, , 19,.x,
are as follows:
1 -
. WHERKLE
(herein call
of the f&b_
(which., togs
waivers of z
with the UrA
through the
Temporary Lc
.)using Act
amended., in
to aid the I
urban renews
No. Xnd,
Grant Vo—ntrz
chase of
which app
proposa-Ls i
Agency were
advertiseme:
in the City
_21W_ o' c 1
which propo
Form H-3080
(649)
Resolution #75
RESOLUTION AUTHORIZING THE SALE, ISSUANCE AND
DELIVERY OF PRELIMINARY LOAN NOTES IN THE
AGGREGATE PRINCIPAL AMOUNT OF $ 970,
THE EXECUTION OF REQUISITION AGREEMisNTN O.
AND THE EXECUTION AND DELIVERY OF PROJECT
TEMPORARY LOAN NOTE NO. _2_.t IN CONNECTION WITH
PROJECT NO.,
)d7_ the T1L6_c_a! Public Agezic3F0)'h -as entered into a contract dated as
day of sqepkgabj r. _., 19 1U,, numbered Contract No. TnO. A-2 =,
.9 J
;her with any supplements thereto or amendments modifications or
).y provisions thereof., is herein called the "Loan and Orant Contract").,
:ed States of America (herein called the "Government") acting by and
lousing and Home Finance Administrator, providingy in partp for a Project,
in by the Government to the Local Public Agency under Title I of the
)f 1.949 (Public Law 171 - 81st Congress$ approved July' 15.. 1949)p as
m amount outstanding.at any one time not to exceed 01.417,07g.90
)cal Public Agency in its undertaking and carrying out of a certain
. project (herein called the "Project") designated Project
R-29 and which is more fully identified im the Loan and
-t; and
pursuant to advertisement for the receipt of proposals for the pur-
Liminary Loan Notes (__. t Series' ),, herein sometimes called
rlxj ___SL
Loan Notes", of the Local Public Agency aggregatihg
3d in a Notice of Sale published in the
,issue of the
in the City -of and
MY 2, urch ssue of The Daily Bond 97wer 17n Me Uity of Neu Yorkp
� the pse of said notes in the form approved by the Local Public
7eceivedp opened, and canvassed at the time and place provided by said
lox to witi At 129 Mat 901= &V=ue at
If SnUth BanA —1 -Ind 4 an a
-,k., p.,M_ p _F,.8.T_.q
als are as follows:
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Form H -3080 (Con,t t d)
(6 -59)
Local Public Agency hereby determines will provide th lowest interest cost
and i therefore hereby accepted, and said Preliminary Loan Notes are hereby
avard- d to said purchaser, as follows t
g
$970,0
Interest
Rate Purchaser
30.00 1.99% St, Joseph Bank and Trust Company of
South Bend
Jefferson and Michigan Corner
South Bend, Indiana
J
Section 4. Each such note shall be dated than 11th day of
-3"
w ' 19,&;
shall be designated "Pieliminary Loan Note
Series a
)n; shall be-payable.. as to both principal and
int ®re
t, to bearers on the
18th day of February ' 165 ;
and, pLrsuant
to the proposal for the purchase o said notes., hercinabove
accept
d9 shall bear the rate
of interest per annum, payable at maturity'
shall tear
the numbers$ be in the denominations and be payable as to both
princi
al. and interest at the
bank or trust oompsany as followss
Numbers
Interest
Purchaser
Inclusive
Denominations Rate Payable At
St., Joseph
Bank and 1--9
$1000000 1.99.1 St, Joseph Bank and
Trust Compaay
of 10
50,000 Trust Company of .
",,!)uth Bend
11
20,000 South Bend
,_.Ifferson &
Michigan
Jefferson ,& Michigan
Cor,
Corner
South Bend,
Indiana
South Bend, Indiana
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Form 11-3080 (C`OnV d)
(6 -59)
Wons of the Preliminary Loan Notes shall be valid until after the bank or
trust compaV at which it is payable shall have signed the agreement, appearing
on each suci note, to act as paying agent thereof. Each of the Preliminary
Loan Notes 5hal.1 be signed in the name of the Local Public Agency by the
.9f %e City cif South and
shall have he corporate seal of t impressed thereon and
attested by the thereof, and said officers
are hereby authorized and directed tZ cause said no es to be properly executed.
Sectio 5. Each of the Preliminary Loan Notes shall be issued in
substenTial Y the form of the note hereto attached and marked Exhibit "A ".
Section 6. The agreement entitled "Requisition Agreement No. "
(herein called the "Requisition Agreement "), which has been executed. by tkie
officers of the Local Public Agency, and has been presented to and read
before the meeting., and the execution thereof, are hereby fully ratified$
confirmed, md approved. Said Requisition Agreement$ when executed by the
Government, 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 Preliminary Loan Notes, and the proceeds of the Project Temporary Loan
Note executed pursuant to Section 7 hereof are hereby irrevocably pledged
first, tote payment$ at maturity, of the principal of and interest on the
Preliminary Loan Notes issued pursuant to this Resolution.
Section 7. The and C, -
are hereby orized
an irected to prepare and execute the Project Temporary Loan Note described
in the Requisition Agreement (the issuance of which has heretofore been
authorized y a Resolution Authorizing the Issuance of Certain Project.Temporary
Loan Notes in Connection with Project No. Ind. Rr-29 and Providing for
the Security for the'Payment Thereof, and for Other Purposes, duly adopted by
the Local Public Agency on the day of MRtember , 19 51 ), in the
principal w ount of
.»............ „..,,,,,.,. Dollars 1 . ppc �Qp� Said note shall be
G•rT T .rii.�w
designated 'Project Temporary Loan Note "; shall be numbered Number i shall
be dated the 11 day of,y,, 19� shall bear interest from
the date of the acceptance of the Local Public tigency's delivery thereof >and
the payment therefor by the Government; shall bear a statement at the foot
thereof in ubstantially the following form:
very of this note was accepted and payment therefor
on the day of , 190
UNITED STATES OF AMMI ICA
Housing and.Home Finance Administrator
BY
ee
4 ..
St
nd shFrl1
the Gover
Form H-30 80 (Contad)
(6 -59)
be valid until said statement is duly executed on behalf. of
_
Said Project Temporary Loan Not h bbe d livered by by the Treasurer cl
_g r �
to
xQ overnm t o e e1 an a._d for by ---fie Government in Faccor
the terms and conditions contained in said Requisition Agreement.
Section 6. The proceeds derived .From the sale of the Preliminary Loam
Notoo, toget er with such amount of other appropriate funds of the Local.
Public Agency as may be necessary, shall be applied, simultaneously with the
receipt of said proceeds, as follows:
Se
au'thorIzet1
for the Pre:
Instruction
Preliminary
accordance
: To the payment and discharge of the principal of
and interest on the follovring Project Temporaay
Loan Notes of the Local Public Agency :Issued
pursuant to the Loan and Grant Contract and held
or to be held by the Government for its own use
and benefit on the date of the Preliminary Loan
Notes herein authorized:
Nom Date
1 9« -19 -63
Principal
Amotmt
$100 000
-1ond: Any balance of such proceeds shall be deposited
�_.._. in the appropriate account or fund established
pursuant to the Loan and Grant Contract and shall
be used only .1i accordance with the provisions of
the Loan and Grant Contract.
Officio Treasurer of the City, of South Bend
9. TheTreasurer of St. Joseph County ex/ is hereby
Td directed to send immediately a letter to each paying agent
Lminary Loan Notes in substantially the form of the Letter of
hereto attached and marked Exhibit "B" and to transmit the
Loan Notes to said paying agent for delivery and payment in
ith the terms of said letter.
10. This Resolution shall take effect immediately.
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