HomeMy WebLinkAboutNo. 0067 approving/providing for execution of proposed loan/capital grant contract No. IND R-29(LG) between the COSB Dept. of Redevelopment and USA, establishing a project expenditures accountRE!
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OF
RESOLUTION #67
OLUTION APPROVING AND PROVIDING FOR THE EXECUTION
A PROPOSED LOAN AND CAPITAL GRANT CONTRACT, NUMBERED
'TRACT NO. INDIANA R- 29(LG), BETWEEN THE CITY OF SOUTH
D, DEPARTMENT OF REDEVELOPMENT AND THE UNITED STATES
AMERICA, PERTAINING TO A CERTAIN PROJECT DESIGNATED
,JECT NO, INDIANA R -29, AND ESTABLISHING A PROJECT
ENDITURES ACCOUNT WITH RESPECT TO SAID PROJECT,
AND FOR OTHER PURPOSES
WHEREAS, under Title I of the Housing Act of 1949, as amended,
the United States of America (herein called the "Government ") has
tendered to the City of South Bend, Department of Redevelopment
(herein called the "Local Public Agency ") a proposed Loan and Capital
Grant Con ract under which the Government agrees to make a Project
Temporary Loan, a Project Definitive Loan, and a Project Capital
Grant to the Local Public Agency to aid in financing an urban renewal
project, designated Project Noe Indiana R -29, in the urban renewal
area desc ibed therein; and
WHEREAS the Local Public Agency has given due consideration to
said proposed Contract; and
6HHER AS 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
things, 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-29", into which shall be deposited certain funds described
in said proposed Contract:
BE I RESOLVED BY THE CITY OF SOUTH BEND, DEPARTMENT OF REDEVE-
LOPMENT A FOLLOWS
Section le The proposed Contract, designated "Loan and Capital
Grant Contract, Contract No. Indiana R- 29(LG)" consisting of Parts I
and II, under and subject to the provisions, terms, and conditions of
which the Government will make a Project Temporary Loan, a Project
Definitiv 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 -29, situated in the City of South Bend, Indiana, is hereby in all
respects qLpproved.
Section 2> The President is hereby authorized and directed to
execute said proposed Contract in two counterparts on behalf of the
Local Public Agency, and the Secretary is hereby authorized and
directed to impress and attest the official seal of the Local Public
Agency on each such counterpart and to forward such counterparts to
the Housi g and Home Finance Agency, together with such other documents
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Resolutio4 #67
relative the approval and execution thereof as may be required by
the Gover:ent.
Section 3. The Local Public Agency agrees to abide by all of
the provi ions, terms, and conditions of said Contract.
Section 4. With respect to this Project of the Local Public
Agency, designated Project No. Indiana R-29, there is hereby establish-
ed a separate and special fund, designated "Project Expenditures
Account; Project No. Indiana R-2911, which shall be maintained in a
bank or banks which are members of the Federal Deposit Insurance
Corporation. All funds which, by the terms of the Loan and Capital
Grant Contract, are required to be deposited in said Account shall
be prompt y deposited therein.
S
Adopted ai
mission h(
129 West (
(SEAL)
ATTEST:
on 5. This Resolution shall take effect immediately,
the special meeting of the South Bend Redevelopment Com-
ld on August 29, 1963, at the office of the Commission,
olfax Avenue, South Bend, Indiana.
CITY OF SOUTH BEND
DEPART14ENT OF REDEVELOPMENT
A
0 <1:Vesident
So __h Benc! Redevelopment Commission
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