HomeMy WebLinkAboutNo. 0022 approving/providing execution of posposed loan/capital grant contract No. INDIANA R-7(LG), establishing a project expenditures account and for other purposesIR ESi®1L MT'I['IIQDM NO.. ZZ
RESOLUTION OF THE SOUTH BEND REDEVELOPMENT COMMISSION,
GOVERNING BODY OF THE CITY OF SOUTH BEND, DEPARTMENT OF
REDE ELOPMENT, APPROVING AND PROVIDING FOR THE EXECUTION
OF A PROPOSED LOAN AND CAPITAL GRANT CONTRACT NUMBERED
CONTRACT NO. INDIANA R -7 (LG), BETWEEN CITY OF SOUTH BEND,
DEPARTMENT OF REDEVELOPMENT AND THE U N I T E D S T A T E S
OF AMERICA, PERTAINING TO A CERTAIN PROJECT DESIGNATED
PROJECT NO. INDIANA R -7, AND ESTABLISHING A P R O J E C T
EXPENDITURES ACCOUNT WITH RESPECT TO SAID PROJECT, AND
FOR C
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
"Locaql Public Agency ") a proposed Loan and Capital Grant Contract 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 No. Indiana R -7,
in the urban renewal area described therein; and
WHEREAS the Local Public Agency has given due consideration to
said x
purs
sed Contract; and
WHEREAS the Local Public Agency is duly authorized, under and
to the Constitution and laws of the State of Indiana to undertake
and cz rry 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
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Re s o:
No. 22
y set up, and maintain in a bank or banks which are members of
the Federal Deposit Insurance Corporation, a separate and special fund
desig ated "Project Expenditures Account; Project No. Indiana R -711, into
whit shall be deposited certain funds described in said proposed Contract:
BE IT RESOLVED BY the South Bend Redevelopment Commission,
Governing Body of the City of South Bend, Department of Redevelopment,
AS FOLLOWS:
Section 1. The proposed Contract, designated "Loan and Capital
Gran Contract, Contract No. Indiana R -7 (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 Definitive Loan,
and a Project Capital Grant under Title I of the Housing Act of 1949, as
amen ed, to the Local Public Agency to aid in financing an urban renewal
project, designated Project No. Indiana R -7, situated in the City of South
Bend Indiana, is hereby in all respects approved.
Section 2.' The President of the South Bend Redevelopment Com-
miss on is hereby authorized and directed to execute said proposed Con-
tract in two counterparts on behalf of the Local Public Agency, and the
Secretary of the South Bend Redevelopment Commission is hereby author-
ized nd directed to impress and attest the official seal of the Local Public
Agency on each such counterpart and to forward such counterparts to the
Housing and Home Finance Agency, together with such other documents
relat've to the approval and execution thereof as may be required by the
Gove nment .
de sik
Section 3. The Local Public Agency agrees to abide by all of the
ions, terms, and conditions of said Contract.
Section 4. With respect to this Project of the Local Public Agency,
ated Project No. Indiana R -7, there is hereby established a separate
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Resolution No. 22
v
andspecial fund, designated "Project Expenditures Account; Project No.
Indiana R -7 ", which shall be maintained in a bank or banks which are mem-
bers f the Federal Deposit Insurance Corporation. All funds which, by
the terms of the Loan and Capital Grant Contract, are required to be de-
posited in said Account shall be promptly deposited therein.
Section 5. This Resolution shall take effect immediately.
ADOPTED at the regular meeting of the South Bend Redevelopment
Commission held on August 4, 1960, at the office of the Commission,
129 est Colfax Avenue, South Bend, Indiana.
SOUTH BEND REDEVELOPMENT COMMISSION
SEAL
ATTE
ST:
v Sucher vExecutive Director
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