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HomeMy WebLinkAboutNo. 0068 approving petition to issue bonds in connection with Project No. INDIANA R-29RESOLUTION #66 ESOLUTION APPROVING PETITION TO ISSUE BONDS IN ONNECTI ©N 'ITH PROJECT NO. INDIANA R--2: W-HER AS, this Commission adopted Resolution No. 53 on November 15, 1562, declaring certain real estate in the South Bend Redevelop- ment Dist ict to be a blighted areas and wHER AS, this Commission held a hearing and confirmed said determina ion on February 5, 1963, by the adoption of Resolution No. 55; aid WHEREAS, the Common Council of the City of South Bend approved said determination by the adoption of its Resolution approving the Urban Renewal Plan and the Feasibility of Relocation for Project No. Indiana R-29 (Chapin Street Project) on January 14, 1963; and WHER�AS, this Project has been approved by the South Bend Planning ommission on December 6, 1962; and WHEREAS, a petition signed by more than fifty (50) owners of taxable real estate located in the South Bend Redevelopment District and certified by the St. Joseph County Auditor, requesting the South Bend Rede elopment Commission to issue bonds for the purpose of pro- curing fu ds to pay the cost of acquisition, clearance and renewal of the pr perty described in said Resolution No. 53 and all expenses necessarily incurred in connection with such Project, has been filed with the Commission; and WHEREAS, the Commission finds that in order to provide funds for the p yment of part of the costs of such Project, it will be necessary to issue bonds of the Redevelopment District in the amount of Two Hu dyed Fifty Thousand Dollars ($250,000); now therefore, BE I' RESOLVED by the South Bend Redevelopment Commission that: 1. acquisiti lution No ing out of the So amount of procure s directed of the Ci the prope District Hundred F in the de ed consec the month rate not rates to on the fi of each y< Both bond: or the purpose of providing funds to be used in paying the n, clearance and renewal of the property described in Reso- 53 and incidental costs necessary to be incurred in carry - id Project, the City of South Bend, acting for and on behalf th Bend Redevelopment District, shall make a loan in the Two Hundred Fifty Thousand Dollars ($250,000). In order to id loan, the City Controller is hereby authorized and o have prepared and to issue and sell the negotiable bonds y, payable solely out of a special tax to be levied on 311 ty within said District, to be designated as "Redevelopment onds of 1963 ", in the aggregate principal amount of Two fty Thousand Dollars ($250,000), which bonds shall be issued omination of One Thousand Dollars ($1,000), shall be number - tively from l to 250, shall be dated as of the first day of in which such bonds are sold, and shall bear interest at a xceeding five per cent (5/0) per annum, (the exact rate or e determi ed b idding), which interest shall be payable st day o'" r9GS _ nets and semi - annually thereafter on January 1 and July 1 ar, and shall be evidenced by coupons attached to said bonds, and interest coupons shall be payable in lawful money of the -1- Resolutio4 #68 United St#es of mLerica at the office of the Treasurer of SiZ. Jo-,eph County, e� officio Treasurer of the South Bend Redevelopment Dist-':ict. Said bond shall mature as follows: 000 on each January 1 in the years 1966 to 1°Z70, inclisive. Said bonds shall be signed in the name of the City of South 3end, acting for and on behalf of the South Bend Redevelopment District, by the Mayor of said City, and attested by the City Controller, who shall affix his official seal to each of said bonds. The interest coupons attached lto said bonds shall be executed by placing thereon the fac- simile signature of the City Controller and said official, by attest- ing said bonds, shall adopt as and for his own proper signature, his facsimile signature appearing on said coupons. 2, he form and tenor of said bonds and the interest coupons to be attiched thereto shall be substantially as follows, tc-wilt: am UNITED STATES OF AMERICA State of Indiana County of St. Joseph CITY OF SOUTH BEND REDEVELOPMENT DISTRICT BOND OF 1963 $1,000 The City of South Bend, in St. Joseph County, State of Indiana, acting for and on behalf of the South Bend went District- (which District includes all of the territory within the corporation boundaries of the City of South 3end) for valuu, received, hero-by promises to pay to the beare.-: her--- of, solely out of a special tax to be levied upon all cf the property within the South Bend Redevelopment District, the principal amount of ONE THOUSAND DOLLARS on the first day of January, 1966, and to solely out of the said special tax, from the principal is paid, at the rate of per annum, which interest is payabljWW' annu-lly thereafter on January 1 and July pres ntation and surrender of the annexed they severally become due. pay interest thereon, the date hereo! until - per 1,9cnt U7— and semi- 1 of each year, up-)n interest coupons a.­y both principal and interest of this bond are payabl-_, in lawful money of the united States of America at the off 4-ce of the Treasurer of St. Joseph County, ex officio Treas'.1rer of said Redevelopment District. his bond is one of an authorized issue of two hund._-ed fifty (250) bonds of like date and tenor, except as to .,.uinbc_:r- ing and dates of maturity, in the total amount of Two Eundret Fifty Thousand Dollars ($250,000), issued by the South 3end -2- Resolut #68 Redevelopment District pursuant to a resolution adopted by the South Bend Redevelopment Commission on August 29`, 1563 and in strict compliance with Chapter 176 of the Acts of 1953, as supplemented by Chapter 187 of the Acts of 1T55, and Chapter 316 of the Acts of 163, for the purpose of providing funds to pay the cost of acquisition, clearance and renewal of the property described in Resolu- tion No. 53, adopted by the South Bernd Redevelopment Com- miss on on November 15, 1.962, and all expenses necessarily incu red in connection with said proceedings. This bond does not constitute a corporate obligation or indebtedness of the City of South Bend, but the same is an obligation of the South Bent? Redevelopment District and is payable only out of the special taxes to be levied upon all of the property within said District and deposited in the Redevelopment District Bond Fund of said District. Under the provisions of the authorizing statute, this bond is n-gotiable as an inland bill of exchange, It is hereby certified and recited that all acts, condi- tion and things required by law and the constitution of the State of Indiana to be done precedent to and in the issuance, sale and delivery ofthis bond have been properly done, happened and performed in regular and due form as prescribed by law, and that the total indebtedness of the South Bead Redevelopment District, including the bonds of this issue, does not exceed any constitutional or statutory limitation of indebtedness. The City of South Bend, acting by and through its Department of Redevelopment and its Redevelopment Commission covenants that it will cause a special tax for the payment of the bonds of this issue to be levied, collected -and appl ed for that purpose. of t has in t the Mayo seal inte then the N WITNESS WHEREOF, the South Bend Redevelopment Crr mission e City of South Bend, St. Joseph County, State of Indiana, aused this bond to be signed by the Mayor of said City, e name of the City of South Bend, for and on behalf of edevelopment District of said City, the signature of said to be attested by the Controller of the said City, the of said City Controller to be affixed thereto, and the est coupons hereto attached to be executed by placing on the facsimile signature of said City Controller as of irst day of , 19 (Seal of ity Contra ler) Attest: C#y Controller -3- CITY OF SOUTH BEND 0 Mayor Resolut Indi< velol the of s< Distj t I I e _ of 1! 3. tion, the the petit Sec. 64 -3 notice sh newspaper shall als ,x`68 (Interest Coupon) )n , 19 the City of South Bend, sna, acting for and on behalf of the South Bend Rede- )ment District, will pay to bearer at the office of 'reasurer of St. Joseph County, ex officio Treasurer tid Redevelopment District, outof the Redevelopment -ict Bond Fund Dollars, being _ntel'est teen dui: on its Redevelopment District Bons:? 3 , dated , 19 , No. CITY OF SOUTH BEND By (Facsimile) City Controller ks soon as may be done after the adoption of this resolu- Executive Secretary shall give notice of the filing of .on for and determination to issue bonds as required by .3 and Sec. 64 -1332 Burns Statutes 1951 Replacement. Said ill be published once each week for two weeks in the two of general circulation in the District, and said notice be posted in three (3) public places in the District. 4. Prior to the sale of said bonds, the City Controller shall cause to be published a notice of such sale once each week for two weeks in two newspapers published and of general circulation in the District, and at least one time in The Indianapolis Commerc4_al, a financial journal published in the City of Indianapolis, Indiana and The Bond Buyer, a financial journal published in the City of New York, New York. The date fixed for the sale shall not aye earlier than seven (7) days after the last of such publications. Said bond sale notice shall state the time and place of sale, the purpose: for which the bonds are being issued, the total amount thereof, the maxi- mum rate of interest thereon, the time and place of payment, the terms and conditions upon which bids will be received and the sale made, and such other information as the City Controller shall deem necessary. The notice of said sale shall not, however, be published prior to the expiration of the period during which taxpayers may file remonstrances or objecting petitions to the issuance of said bonds. In the event a remonstrance shall be filed by owners of taxable real estate under the provisions of Sec. 313 Burns Statutes 1951 Replacement, then the bond sale notice shall not be published unless and until the Redevelopment Commission shall have determined that sucb remonstrance is insufficient. In the event an objecting petition or petitions are filed by taxpayers under the provisions of Sec. 64-1332 Burns Statutes 1951 Replacement, then the bond sale notice stall not be published unless and until the State Board of Tax Commissioners shall issue its order approving the issuance of said bonds. In the event it shall be determined by the State Board of Tax C mmissioners, or otherwise, that the whole amount of the bonds he ein authorized shall not be issued, then the City Controller shall be authorized to advertise and sell a lesser amount of bonds and the bonds not issued and sold shall be the bonds of the latest maturity or maturities. -4- Resolution *68 5. All bids for said bonds shall be sealed and shall be presen- ted to thd.- City Controller at his office. Bidders for said bonds shall be required to name the rate or rates of interest which the bonds are to bear, not exceeding five per cent (5%) per annum, and such interest rate or rates shall be in multiples of one-eighth (1/8) of one per cent (1/) and not more than three (3) interest rates shall be named by each bidder. Bids specifying more than one interest rate shall also specify the amount and maturities of the bonds bearing each rate, but all bonds maturing on the same date shall bear the same rate The Controller shall award the bonds to the highest qualified bidder. The highest bidder shall be the one who offers the lowest net interest cost to the Commission, to be determined by computing the total inter- est on all of the bonds to their maturities and deducting therefrom the premium bid, if any. No bid for less than the par value of said bonds, including accrued interest at the rate named to the date of delivery, shall be considered. The Controller shall have full right to reject any and all bids. In the event no satisfactory bids are received on the day named in said notice, the Controller shallbe authorized to continue the sale from day to day thereafter for a period of thirty (30) days without readvertisement; provided, however, that if said sale be continued, no bid shall be accepted which is lower tha the highest bid received at the time fixed for said sale in the bo:d sale notice. The City Controller is hereby authorized and directed to obtain legal opinion as to the validity of said bonds from Ross McCord Ice & Miller, bond counsel of Indianapolis, and to furnish such opinion to the purchaser of said bonds. The cost of said opinion shall be considere a part of the cost of said project and shall be paid out of the pr ceeds of said bonds. 6. The Mayor is hereby authorized to execute said bonds and the City Controller is hereby authorized and directed to have said bonds and coupons prepared, attest the bonds, affix his seal, and execute ithe interest coupons to be attached thereto in the form and manner herein provided. After said bends shall have been properly executed, the City Controller shall deliver the same to the St. Joseph County Treasurer, ex officio Treasurer of the City of South Bend and of the Redevelopment Commission, and shall take his receipt therefor; and upon the consummation of the sale of said bonds, the City Con- troller shall then certify to the Treasurer the amount which the purchaser is to pay for the same; thereupon, said Treasurer shall be authorized to receive from the purchaser the amount so certified by the Contrpller and to deliver the bonds to such purchaser. 7. Subject to the hearing hereinafter mentioned, the proceeds of the said bonds shall be appropriated for application on the cost of acquisition, clearance and renewal of the property described in Resolution No. 53, adopted by the Commission on November 15, 1962, and all e7 penses necessarily incurred in connection with said pro- ceedings. The ?resident and Executive Secretary are hereby authorized to call a meeting of the Commission at which a 'public hearing shall be held t3 hear all taxpayers and interested persons within the South Beni Redevelopment District on the matter of appropriation. -5- Resolution 68 The 11 xecutive Secretary of the Commission is hereby ord-gyred to give n�tice of such hearing as required by law, in two newspape .:s and by po ting. (S B A L ATTEST: :ed this 29th day of August, 1163. ive Secretary CITY OF SOUTH BEND DEPARTMENT OF REDEVELOPMENT M-M <:resident th Bernd Redevelopment Commission