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HomeMy WebLinkAboutNo. 0018 adopted Res. No. 14 on May 5, 1960 declaring certain real estate in the South Bend Redevelopment District to be a blighted areas RES;®1L' UTIION NO- Ils WHEREAS, this Commission adopted Resolution No. 14 on May 5, 1960, declaring certain real estate in the South Bend Redevelop- ment District to be a blighted area; and WHEREAS, this Commission held a hearing and confirmed said de ermination on June 16, 1960, by the adoption of Resolution No. 17; and approi Urban R -7 W H E R E A S , the Common Council of the City of South Bend said determination by the adoption of its Resolution approving the zewal Plan and the Feasibility of Relocation for Project No. Indiana ale Street Project) on May 23, 1960; and WHEREAS, this Project has been approved by the South Bend P anning Commission; and W H E R E A S, a petition signed by more than fifty (50) owners of taxa le real estate located in the South Bend Redevelopment District and certified by the St, Joseph County Auditor, requesting the South Bend Rede- velopment Commission to issue bonds for the purpose of procuring funds to pay the cost of acquisition, clearance and renewal of the property described in said Resolution No. 14 and all expenses necessarily incurred in connec- tion with such Project, has been filed with the Commission; and WHEREAS, the Commission finds that in order to provide funds for the payment of part of the costs of such Project, it will be neces- sary to issue bonds of the Redevelopment District in the amount of One Mil- lion s Hundred Thousand Dollars ($1, 100, 000); now therefore, - 1 - Res No. 18. B E I T R E S O L V E D by the South Bend Redevelopment ssion that: 1. For the purpose of providing funds to be used in paying the acquis -tion, clearance and renewal of the property described in Resolu- tion N�. 14 and incidental costs necessary to be incurred in carrying out said Project, the City of South Bend, acting for and on the behalf of the South end Redevelopment District, shall make a loan in the amount of One Million One Hundred Thousand Dollars ($1, 100, 000) . In order to procurle said loan, the City Controller is hereby authorized and directed to hav4 prepared and to issue and sell the negotiable bonds of the City, solely out of a special tax to be levied on all property within the t, to be designated as "Redevelopment District Bonds of 1960, " in the *ggregate principal amount of One Million One Hundred Thousand Dollar ($1, 100, 000), which bonds shall be issued in the denomination of One Thousand Dollars ($1, 000), shall be numbered consecutively from 1 to 1, 100, 1 shall be dated as of the first day of the month in which such bonds are so , and shall bear interest at a rate not exceeding four per cent (4 0/6) per an um (the exact rate of rates to be determined by bidding), which interes shall be payable on the first day of July preceding the maturity of the fir t series of such bonds , and semi - annually thereafter on January 1 and July 1 of each year, and shall be evidenced by coupons attached to said bonds. Both bonds and interest coupons shall be payable in lawful money of the United States of America at the office of the Treasurer of St. Joseph County, ex officio Treasurer of the South Bend Redevelopment District. Said shall mature as follows: - 2 - Re s of acting No. 18 $110, 000 on each January 1 in the years 1962 to 1971 inclusive. Said bonds shall be signed in the name of the City of South Bend, and on behalf of the South Bend Redevelopment District, by the Mayor lof said City, and attested by the City Controller, who shall affix his seal to each of said bonds. The interest coupons attached to said bonds hall be executed by placing thereon the facsimile signature of the City Ce ntroller and said official, by attesting said bonds, shall adopt as and fox his own proper signature, his facsimile signature appearing on said coupons. 2. The form and tenor of said bonds and the interest coupons to be thereto shall be substantially as follows, to -wit: UNITED STATES OF AMERICA State of Indiana County of St. Joseph No. CITY OF SOUTH BEND REDEVELOPMENT DISTRICT BOND OF 1960 $1,000 The City of South Bend, in St. Joseph County, State of Indiana, acting for and on behalf of the South Bend Redevelop- ment District (which District includes all of the territory with- in the corporation boundaries of the City of South Bend) for value received, hereby promises to pay to the bearer hereof, solely out of a special tax to be levied upon all of the property within the South Bend Redevelopment District, the principal amount of ONE THOUSAND DOLLARS on the first day of January, 1962, and to pay interest thereon, solely out of the said special tax, from the date hereof until the principal is paid, at the rate of per cent ( %) per annum, which interest is payable July 1, 1961, and - 3 - �1 .F; Res No. 18 emi- annually thereafter on January 1 and July 1 of each year, pon presentation and surrender of the annexed interest coupons s they severally become due. Both principal and interest of this bond are payable in awful money of the United States of America at the office of the reasurer of St. Joseph County, ex officio Treasurer of said edevelonment District. This bond is one of an authorized issue of one thousand one hundred (1, 100) bonds of like date and tenor, except as to umbering and dates of maturity, in the total amount of One Million One Hundred Thousand Dollars ($1, 100, 000), issued by flie South Bend Redevelopment District pursuant to a resolution adopted by the South Bend Redevelopment Commission on July 7, 1960, and in strict compliance with Chapter 176 of the Acts of 1953, as supplemented by Chapter 187 of the Acts of 1955, for e purpose of providing funds to pay the cost of acquisition, clearance and renewal of the property described in Resolution No. 14, adopted by the South Bend Redevelopment Commission an May 5, 1960, and all expenses necessarily incurred in con - ection with said proceedings. This bond does not constitute a corporate obligation or indebtedness of the City of South Bend, but the same is an ob- i gation of the South Bend Redevelopment District and is pay- able only out of the special taxes to be levied upon all of the property within said District and deposited in the Redevelop- ment District Bond Fund of said District. Under the provisions of the authorizing statute, this bond is negotiable as an inland bill of exchange. - It is hereby certified and recited that all acts, condi- tions 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 of this bond have been properly done, hap - ened.and performed in regular and due form as prescribed by law, and that the total indebtedness of the South Bend Re- development District, including the bonds of this issue, does of exceed any constitutional or statutory limitation of indebt- edness. The City of South Bend, acting by and through its Department of Redevelopment and its Redevelopment Commis- sion covenants that it will cause a special tax for the payment of the bonds of this issue to be levied, collected and applied f r that purpose. IN WITNESS WHEREOF, the South Bend Redevelopment Commission of the City of South Bend, St. Joseph County, State of Indiana, has caused this bond to be signed by the Mayor of said City, in the name of the City of South Bend, for and on 4 - Re s of No. 18 calf of the Redevelopment District of said City, the signature said Mayor to be attested by the Controller of the said City, seal of said City Controller to be affixed hereto, and the erest coupons hereto attached to be executed by placing there - the facsimile signature of said City Controller as of the first t of , 19 ( eal of City Controller) tte st: No. e CITY OF SOUTH BEND By Mayor (Interest Coupon) On 19 , the City of South Bend, Indiana, acting for and on behalf of the South Bend Redevelopment District, will pay to bearer at the office of the Treasurer of St. ose h Count Y ► ex officio Treasurer of said Redevelopment ment Dis- trict, out of the Redevelopment District Bond Fund, Dollars, being the interest then due on its Redevel- opment District Bond of 19 , dated , 19 , No. CITY OF SOUTH BEND By (Facsimile) City Controller . As soon as may be done after the adoption of this resolution, the Executi�e Secretary shall give notice of the filing of the petition for and de- termination to issue bonds as required by Sec. 64 -313 and Sec. 64 -1332 Burns Statutes 1195 Replacement. Said notice shall be published once each week for two we4s in the two newspapers of general circulation in the District, and said .ce shall also be posted in three (3) public places in the District. - 5 - Res to be pi newspa least o3 ed in tr nal pub sale sh tions . pose fo No. 18 4. Prior to the sale of said bonds, the City Controller shall cause zblished a notice of such sale once each week for two weeks in two rs published and of general circulation in the District, and at time in The Indianapolis Commercial, a financial journal publish - City of Indianapolis, Indiana and The Bond Buyer, a financial jour shed in the City of New York, New York. The date fixed for the ll not be earlier than seven (7) days after the last of such publica- aid bond sale notice shall state the time and place of sale, the pur- which the bonds are being issued, the total amount thereof, the maximum rate of interest thereon, the time and place of payment, the terms and co ditions upon which bids will be received and the sale made, and such other i formation 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 such 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 shall not be published unless and unt'1 the State Board of Tax Commissioners shall issue its order approv- ing the ssuance of said bonds. In the event it shall be determined by the State B and of Tax Commissioners, or otherwise, that the whole amount of the b nds herein authorized shall not be issued, then the City Controller shall bonds ties. authorized to advertise and sell a lesser amount of bonds and the issued and sold shall be the bonds of the latest maturity or maturi- 6 - aY Re No. 18 5. All bids for said bonds shall be sealed and shall be presented to the Ci 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 ex- ceeding four per cent (4 0/6) per annum, and such interest rate or rates shall be in multiples of one - eighth (1/8) of one per cent (1 0/6) and not more than three () interest rates shall be named by each bidder. Bids specifying more t4an one interest 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 quali- fied bid er. The highest bidder shall be the one who offers the lowest net interes cost to the Commission, to be determined by computing the total interest on all of the bonds to their maturities and deducting therefrom the premitun bid, if any. No bid for less than the par value of said bonds, in- cluding accrued interest at the rate named to the date of delivery, shall be conside ed. 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. 'r the Controller shall be authorized to continue the sale from day to day there- after for a period of thirty (3) days without readvertisement; provide, how- ever, that if said sale be continued, no bid shall be accepted which is to -wer than the highest bid received at the time fixed for said sale in the bond sale notice. e City Controller is hereby authorized and directed to obtain legal opittion s 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 considered a part of the cost of said project and shall be paid out of the proceeds of said bonds. . The Mayor is hereby authorized to execute said bonds and the Cit,,r Controller is hereby authorized and directed to have said bonds and coupons prepared, attest the bonds, affix his seal, and execute the interest coupons - 7 Resolution No. 18 to be d thereto in the form and manner herein provided. After said bonds 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 Controller shall then certify to the Treasurer the amount which the purchaser is to pay for the same; thereupon, said Treasurer shall be auth- orized to receive from the purchaser the amount so certified by the Control - lex an 4- to deliver the bonds to such purchaser. 7. Subject to the hearing hereinafter mentioned, the proceeds of the sail bonds shall be appropriated for application on the cost of acquisi- tion, c earance and renewal of the property described in Resolution No. 14, adopted by the Commission on May 5, 1960, and all expenses necessarily incurr d in connection with said proceedings. The President and Executive Secretary are hereby authorized to call a meeting of the Commission at which a public hearing shall be held to hear all taxpayers and interested persons within the South Bend Redevelopment Distri on the matter of said appropriation. TThe Executive Secretary of the Commission is hereby ordered to give A?T e of such hearing as required by law in two newspapers and by Adopted this 7th day of July, 1960 - r: r, 1;&ecutive Secretary