HomeMy WebLinkAboutRM 08-04-609
4 Augu t, .1960
11:00M.
REDEVELOPMENT COMMISSION
Regular Meeting
Redevelopment Department Office
129 West Colfax Avenue
The South Bend Redevelopment Commission, Governing Body of the City of
South Bend, Department of Redevelopment met in regular meeting at 129 West
Colfax venue in the City of South Bend, Indiana, at 11 :00 o'clock A. M. on the
4th `!day of August, 1960, the place, hour, and the date duly established for the
holding of such meeting.
The President called the meeting to order and on roll call the following answer-
ed present:
Mr. Fred J. Helmen, President
Mr. Clyde E: Williams, Sr., Vice President
Mr.. James G. Louis, Secretary
Mr. Virgil A. Place
Mr. Frank G. Koczan
and the following were absent:
(None)
The Pr sident declared a quorum present.
Also p esent:
S
Mr.
Henry Sucher, Executive Director
Mr,
James H. Neidigh, Assistant Planning Director
Mr.
Frederick K. Baer, Attorney
Mr.
Thomas L. Hickey, Trustee
Mr.
Lewis Haber, Reporter, South Bend Tribune
Mr.
Robert Young, WNDU -TV
Mrs.
King, East Sample Street
h Bend Civic
Planning Association, Inc . :
Mr.
Howard Goodhew, President
Miss Virginia Guthrie, Executive Secretary
Mr.
Edgar D. Seybold, Assistant Executive Secretary
_ 1 _
I.
On moti
meeting
was dis,
PIROVAIL, GRr MINUTES
i duly made, seconded, and unanimously carried, the minutes of the
f July 21, 1960 were approved as read, and the following business
.ssed:
II. �Afia�W�IL, ® I1CIL,IL,S;
Sample Street Project Fund:
1410.05 Travel ( Expenses for Chicago Trip -H. Sucher) $ .11.45
1410 16 ' Printing (1, 000 copies of brochure) 614.00
1416.19 Sundry - ;Services, Supplies, Utilities. 397.67
$1,-023.112
Urban Redevelopment Fund,
56 - Insurance - Fidelity Bonds $ 10.00
363 Drafting Supplies 39.70
721 Office. Fixtures 48.30
$ 148.00
Upon motion duly made, seconded, and unanimously approved, the claims for
payment totaling $1, 171. 12 were endorsed by a majority of the Commission
members.
Claim fo� Transfer of Funds:
Transfer of funds from the Urban Redevelopment Commission
(No Appropriations Account)
To the Project Expenditures Account in the amount of $6,692.47.
This amc unt to. cover Federal Payroll Accounts from July 16 thru
August 31, 1960 and to provide funds for option payments. After
sale of bonds, this amount will be transferred back to the Urban
Redevelopment Commission.
Upon mo on duly made, seconded, and unanimously carried, the claim for the
transfer f funds was endorsed by a majority of the Commission members.
- 2 -
1J.1• fG1LLW.ttI/ W/C►1P1kJrAL GRaRiL G11 M1L%ACJL .LLWO. ZMZNiVQa &—I (( •a G))
Mr. Frederick K. Baer, legal counsel for the Commission gave a synopsis
of the Contract. Mr. Baer and Mr. Sucher satisfactorily answered all ques-
tions asked by the Commissigners and interested parties attending the meeting.
IV. BLIESOILWT1101M ]NO 727E
A Res lution entitled:
Resolu ion of the South Bend Redevelopment Commission, Governing Body of
the -Ci of South Bend, Department of Redevelopment, Approving and Provid -.
ing for the Execution of a Proposed Loan and Capital Grant Contract No.. Ind-
Tana R`. 7 . (LG) Between City of South Bend, Department of Redevelopment and
the `United States of America, Pertaining to a Certain Project Designated Proj-
ect No Indiana R -7, and Establishing a Project Expenditures Account With Re-
spect t Said Project, and for Other Purposes
was introduced by Mr. Frank G. Koczan.
Said Resolution was then read in full and discussed and considered.
Mr. Clyde E. Williams, Sr., then moved the adoption of the Resolution as in-
troduced and read Mr. Virgil A. Place seconded the motion, and on roll call,
the following voted "Aye ":
Mr. Fred J. Helmen 'Mr. Clyde E. Williams, Sr., Mr. James` G. Louis,
Mr. Virgil A. Place, Mr. Frank G. Koczan,
and the following voted "Nay ": (None) .
The President thereupon declared the motion carried and the Resolution adopt-
ed as izitroduced, and read.
Resolu ion. No. 22 is hereby attached and made a part of these minutes.
V., B,.ZSGJLWYIIGIW IWO- Z3
A Resolution entitled: -
Resolution of the South Bend Redevelopment Commission, Governing Body of
the Citf of South Bend, Department of Redevelopment, Authorizing the Issuance
of Certain Project Temporary Loan Notes in Connection with Urban Renewal
Project No. Indiana R -7 and Providing for the Security for the Payment There. -
of, and for Other Purposes
- 3 -
was i troduced by Mr. James G. Louis.
Said. esolution was -then read in„full and discussed and.. considered.
Mr, irgil A. Place then moved the adoption of the Resolution as introduced
and read. Mr, Clyde E. Williams, Sr., seconded the motion, and, on roll
call following voted "Aye ":
VI. IRSO AN]EIL, - IREIL,®CCATI[OIW "W®IRIK.EIL
Mr. Sucher presented three applications of qualified applicants to the Com-
missi ners for their_approval and selection of the Relocation Worker.. After
discussing the qualifications, following the interview with the applicant,
Mr. James G. Louis made a motion to hire Mrs.. Goldie Ivory for the posi-
tion of Relocation Worker at the budgeted salary of $5, 000 per year.
Mr. Clyde E. Williams, Sr., seconded the motion,, and, on roll call, was
unanimously carried.
The President declared the motion carried, and asked Mr. Sucher to notify
the ,_applicants of the decision by.letter.
V I I. I IPI.®C{ IRIE Ski IRIEIP®IRT7
Mr, S cher informed the Commissioners that the application for planning
funds n the Linden School- General Neighborhood Renewal Plan was sub-
mitted to the Housing and Home Finance Agency in Chicago. It is expected
that the Department will be working on both projects at the same time.
Mr. Sucher reported the work involved in preparing additional copies .needed
in preparing legal transcripts of ,documents for submis lions. by our Attorney
would ecessitate- a copy machine in office.
- 4 -
r,�
1
On motion duly made, seconded, and unanimously carried, the Commissioners
approved obtaining a Thermo -Fax Copy Machine on a rental basis.
There being no further business to come before the meeting, upon motion duly
made and seconded, the meeting was adjourned.
Adjoutnment: 12:30 P.M.
s
:r.
Helmen, President
- 5 -
. James G. ouis,_ Secretary
RESC
OF A
CONT
DEPA
OF A
PROJ7
EXPE
FOR C
the Uj
to the
"Loca
Which
aid in
in the
said pi
pursua
and ca:
things,
UTION OF THE SOUTH BEND REDEVELOPMENT COMMISSION,
NING BODY OF THE CITY OF SOUTH BEND, DEPARTMENT OF
ELOPMENT, APPROVING AND PROVIDING FOR THE EXECUTION
ROPOSED LOAN AND CAPITAL GRANT CONTRACT NUMBERED
ACT NO. INDIANA R -7 (LG), BETWEEN CITY OF SOUTH BEND,
TMENT OF REDEVELOPMENT AND THE UNITED STATES
[ERICA, PERTAINING TO A CERTAIN PROJECT DESIGNATED
6T NO. INDIANA R -7, AND ESTABLISHING A P R O J E C T
DITURES ACCOUNT WITH RESPECT TO SAID PROJECT, AND
PURPOSES.
WHEREAS, under Title I of the Housing Act of 1949, as amended,
ted States of America (herein called the "Government ") has tendered
:ity of South Bend, Department of Redevelopment (herein called the
Public Agency ") a proposed Loan and Capital Grant Contract under
fie Government agrees to make a Project Temporary Loan, a Project
ve Loan, and a Project Capital Grant to the Local Public Agency to
financing an urban renewal project, designated Project No. Indiana R -7,
,rban renewal area described therein; and
WHEREAS the Local Public Agency has given due consideration to
Contract; and-
WHEREAS the Local Public Agency is duly authorized, under and
it to the Constitution and laws of the State of Indiana to undertake
ry out said Project and to execute such proposed Contract; and
WHEREAS under said proposed Contract it is required, among other
that, with respect to said Project, the Local Public Agency shall
r I -
k�'.
Res
the F
des
which
No. 22
y set up, and maintain in a bank or banks which are members of
ral Deposit Insurance Corporation, a separate and special fund
d "Project Expenditures Account; Project No. Indiana R -711, into
shall be deposited certain funds described in said proposed Contract:
BE IT RESOLVED BY the South Bend Redevelopment Commission,
Gove4ing Body of the City of South Bend, Department of Redevelopment,
AS FOLLOWS:
Section 1. The proposed Contract, designated "Loan and Capital
Grant 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
Gove nment 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
to the Local Public Agency to aid in financing an urban renewal
proje4, 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 lin two counterparts on behalf of the Local Public Agency, and the
Secretary of the South Bend Redevelopment Commission is hereby author-
ized 4nd directed to impress and attest the official seal of the Local Public
y on each such counterpart and to forward such counterparts to the
Housing and Home Finance Agency, together with such other documents
relat e to the approval and execution thereof as may be required by the
Gove nment.
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,
desig ated Project No. Indiana R -7, there is hereby established a separate
- 2 -
(, Resc
No. 22
andspecial fund, designated "Project Expenditures Account; Project No.
Indiana R -711, which shall be maintained in a bank or banks which are mem-
bers of the Federal Deposit Insurance Corporation. All funds which, by
the terms of the Loan and Capital Grant Contract, are required to be de-
posit d in said Account shall be promptly deposited therein.
Section 5. This Resolution shall take effect immediately.
129 M
SEAL
ADOPTED at the regular meeting of the South Bend Redevelopment
ssion held on August 4, 1960, at the office of the Commission,
A Colfax Avenue, South Bend, Indiana.
SOUTH BEND REDEVELOPMENT COMMISSION
ATTEST:
r, Executive Director
- 3 -
}
�Lw
r
is a
of s.
re
(CEIRTRIFIICA TZ 01F ]RE COILDING 01FA IIC KI R
The undersigned HEREBY CERTIFIES that:
Y. He is the duly appointed, qualified, and acting Secretary of the
h Bend Redevelopment Commission (herein called the "Local Public
icy "), and keeper of the records thereof, including the minutes of its
zings;
2. The annexed copy of extracts from the minutes of the regular
Of the Local Public Agency, held on the 4th day of August, 1960,
�e, correct, and compared copy of the whole of the original minutes
meeting on file and of record insofar as the same relate to the
Lon referred to in said extracts and to the other matters referred
to therein;
3. Said meeting was duly convened in conformity with all applicable
req 'rements; a proper quorum was present throughout said meeting and the
reso ution hereinafter mentioned was duly proposed, considered, and adopted
in conformity with applicable requirements; and all other requirements and
proceedings incident to the proper adoption of said resolution have been duly
fulfilled, carried out, -,nd otherwise observed;
4. He is duly authorized to execute this Certificate; and
5. The copy of the resolution annexed hereto entitled:
Reso ution of the South Bend Redevelopment Commission, Governing Body
of th<
T of South Bend, Department of Redevelopment, Approving and
red Contract No. Indiana R -7 (LG), Between City of South Bend,
ment of Redevelopment and the United States of America, Pertain
To a Certain Project Designated Project No. Indiana R -7, and Establishing
a Project Expenditures Account With Respect To Said Project, and for Other
Purposes.
- 1 -
(Ce tificate of Recording Officer)
is a true, correct, and compared copy of the original resolution referred
to in said extracts and as finally adopted at said meeting and, to the extent
required by law, as thereafter duly signed or approved by the proper officer
or cfficers of the Local Public Agency and dv) published, which resolution
is o 1 file and of record.
WITrTESS my hand and the seal of the Local Public Agency, this 4th
day of August, 1960.
(SEA L)
iT
Jam C. Louis, Secretary
South Bend Redevelopment Commission
- 2 -
]RES OIL,T[I7'II'I[ON IN O.. Z3
LUTION OF THE S O U T Ii B E N D REDEVELOPMENT COMMISSION,
GOViRNING BODY OF THE CITY OF SOUTH BEND, DEPARTMENT OF
REDt VELOPMENT, A U T H. 0 R I Z I N G THE ISSUANCE OF C E R T A I N
PROJECT TEMPORARY LOAN NOTES IN CONNECTION WITH URBAN
RENE,WA L PROJECT NO. INDIANA R- 7 AND PROVIDING F O R T H E
SECURITY FOR THE PAYMENT THEREOF, AND FOR OTHER PURPOSES.
WHEREAS the City of South Bend, Department of Redevelopment
(henE in sometimes called the "Local Public Agency "), is duly authorized
and �roposes to undertake and carry out a certain urban renewal or rede-
nt project of the character authorized by law with financial aid by
the Ltnited States of America (herein sometimes called the "Government ")
in th� form of a Project Temporary Loan under Title I of the Housing Act
of 1949 (Public Law 171 - 81st Congress, approved July 15, 1949), as
amended, which may be made by the Government to the Local Public Agency
with irespect to the Project in accordance with a Contract for a loan and
gran by and between the Local Public Agency and the Government; and
WHEREAS, in order to enable the Local Public Agency to obtain such
financial aid, it is necessary for the Local Public Agency to authorize and,
from time to time, issue certain obligations as hereinafter provided:
NOW, THEREFORE, BE IT RESOLVED by the South Bend Redevel-
Commission, Governing Body of the City of South Bend, Department
of Redevelopment, as follows:
Section 1. That in order to provide funds to enable the Local Public
:y to defray expenses and costs in connection with the undertaking and
earn ing out of the Project, and to refund, renew, extend, or substitute
for *y Project Temporary Loan Notes by this Resolution authorized to be
- 1-
Res lution No. 23
r1
iss4d, there are hereby authorized to be issued, from time to time,
Project Temporary Loan Notes of the Local Public Agency in an aggre-
gate principal amount outstanding at any one time (whether authorized
by this Resolution or any other resolution authorizing the issuance .of
Project Temporary Loan Notes in connection with the Project) of not
toe Geed Two Million Five Hundred Twenty -Seven Thousand Five Hun-
dre4 Dollars ($2, 527, 500) .
Section 2. That each such note shall be designated "Project
Temporary Loan Note "; shall be payable, as to the principal thereof
toge�her with the interest thereon, upon demand, but solely from the
Project Temporary Loan Repayment Fund hereinafter mentioned and
not 4herwise; shall be payable at the principal office of the Local Public
in any coin or currency of the United States of America which, on
the date of the payment of the principal thereof and the interest thereon,
is legal tender for the payment of public and private debts; shall be pay-
ablelto the United States of America or order; shall be signed in the name
of the Local Public Agency by the Mayor, City of South Bend, Indiana
shal� have the official seal of the Local Public Agency impressed thereon
and �ttested by the City Clerk, City of South Bend, Indiana and shall bear
interest at the rate or rates as follows:
(a) Each such Project Temporary Loan Note delivered to and
paid for by the Government during the period from
August 4, 1960 to June 30, 1965 (herein called the
"Initial Loan Period "), shall bear interest during the
Initial Loan Perio.d on the unrepaid principal amount
thereof at the rate of Four and Five- Eighths per centum
(4 5 %8 %)per annurn; and
(b) From and after the expiration of the Initial Loan Period,
each such Project Temporary Loan Note, whether deliv-
ered to and paid for by the Government prior to or after
the expiration of the Initial Loan Period shall bear interest
-2-
(Resolution No. 23)
the
the
on the unrepaid principal amount thereof at the rate per
annum, which is and shall be the higher of (1) Four and
One - Eighths per centum (4 1/8 %) per annum, or (2) the
rate, not to exceed, in any event, Six per centum (6 %)
per annum, which, subject to such limitation, shall be
equal to the average yield to maturity on all outstanding
marketable obligations of the United States having a ma-
turity of approximately five years from the first day of
May or November, as the case may be, next preceding
the expiration of the Initial Loan Period, as determined
by the Housing and Home Finance Administrator, upon
the advice of the Secretary of the Treasury of the United
States of America, by estimating such average yield on
the basis of daily closing market bid quotations or prices
during the month of May or November, as the case may
be, next preceding the expiration of the Initial Loan Pe-
riod and by adjusting such estimated average yield to the
nearest one - eighth of one per centum.
Section 3. That each Project Temporary Loan Note issued during
tial Loan Period, including a statement of the delivery thereof to
rnment, shall be in substantially the following form:
PROJECT TEMPORARY LOAN NOTE
Project No.
No. $
(herein
called the "Local Public Agency "), for value received, hereby promises
to
ay, but solely from the Project Temporary Loan Repayment Fund here-
-3-
(Relsolution No. 23)
r mentioned and not otherwise, upon demand, to the United States
of .4merica or order, the sum of
DOLLARS
($ 1 ), and at such time to pay, but solely from said Fund
and1not otherwise, interest on said sum, from the date of the acceptance
of
ivery of and the payment for this Note, at the rate or rates as follows:
During the period from the date of the acceptance of delivery
of and payment for this Note to , 19
(herein called the "Initial Loan Period "), said principal sum
shall bear interest on the unrepaid amount thereof at the rate
of ( %) per annum.
From and after said date said principal sum shall bear interest
on the unrepaid principal amount thereof at the rate per annum
(to be duly noted on behalf of the United States of America on the
reverse hereof) which is and shall be the higher of (a)
per centum ( %) per annum,
or (b) the rate, not to exceed, in any event,
per centum ( %) per annum , which,
subject to such limitation, shall be equal to the average yield to
maturity on all outstanding marketable obligations of the United
States having a maturity of approximately five years from the
first day of May or November, as the case may be, next preced-
ing the expiration of the Initial Loan Period, as determined by
the Housing and Home Finance Administrator, upon the advice
of the Secretary of the Treasury, by estimating such average
yield on the basis of daily closing market bid quotations or prices
during the month of May or November, as the case may be, next
preceding the expiration of the Initial Loan Period and by adjusting
such estimated average yield to the nearest one- eighth of one per
centum.
- 4 -
(Resolution No. 23)
Both the principal of and interest on this Note are payable at the
pri cipal office of the Local Public Agency in
, in any coin or currency of the United
States of America, which, on the date of the payment of the principal of
interest on this Note, is legal tender for the payment of public and
pri�ate debts.
This Note is issued pursuant to the provisions of (a) the Constitu-
and laws of the
ing particularly
of ,
8
(b) 4 Resolution duly adopted by the Local Public Agency on the day
of 19 , providing for the issuance of Project Tem-
porary Loan Notes (herein called the "basic Note Resolution "); and (c) a
Re olution likewise adopted on the day of , 19 ,
pro iding for the issuance of this particular Note; and the proceeds hereof
arel to be used to defray expenses and costs involved in the Local Public
Agoney's undertaking and carrying out of a certain urban renewal or re-
nt Project of the character authorized by said laws and designa-
ted IProject No.
, which is more fully identified in the
basic Note Resolution. Said Project for which this Note is issued is being
assisted by the United States of America pursuant to Title I of the Housing
Actl of 1949 (Public Law 171 - 81st Congress, approved July 15, 1949, as
am(
and
pay.
and supplemented) .
Under the basic Note Resolution, there is established a separate
special fund therein referred to as the "Project Temporary Loan Re-
t Fund" in which are required to be deposited certain moneys,
therein described, as and when the same are received by the Local Public
Agency, -and 01i,s luo e, ;toge_ther with all other notes issued pursuant to
the basic Note Resolution, constitute, as ,to both the principal thereof and
the nterest thereon, an exclusive first lien and charge upon said Fund
-5-
(Resolution No. 23)
r provision therefrom in accordance with the basic Note Resolution
for (only certain costs therein mentioned, and, subject only to the pro-
vis'on for such costs, said Fund is irrevocably pledged to the payment
of t e principal of and interest on this Note and all other notes which are
issued as aforesaid.
This Note shall not constitute a debt or indebtedness of the State or
of any town, city, county, municipality, or political entity or subdivision
the�ein or thereof, within the meaning of any constitutional, statutory,
1001 law or charter provision, and neither the State nor any such town,
city, county, municipality, or political entity or subdivision, other than
)
the ocal Public Agency, shall be liable hereon, and, in no event, shall
either this Note or the interest thereon be payable from or out of any
s or properties other than those of the Local Public Agency.
IT IS HEREBY CERTIFIED, RECITED, AND DECLARED that all
, conditions, and things required to exist, happen, and be performed
pre�edent to and in the issuance of this Note do exist, have happened, and
hav4 been performed in due time, form., and manner as required by law.
IN WITNESS WHEREOF, the Local Public Agency has caused this
Noto to be signed in its name and its seal to be impressed hereon and
atte�ted, by its proper officers thereunto duly authorized, and this Note
to b dated the day of 19
(SE�L) By
ATTEST:
De4ery of this Note was accepted and payment therefor made on the
Ml
, 19
UNITED STATES OF AMERICA
Housing and Home Finance Administrator
By
I
(Rel
the
solution No. 23)
Each such Project Temporary Loan Note placed in the custody of
Government for acceptance of delivery and payment therefor or is-
sueld subsequent to the expiration of the Initial Loan Period shall be
iss�ed in substantially the foregoing form, as modified by striking there -.
fro�-i the recitals pertaining to the interest rate or rates to be borne by
eac� such note, commencing with the words "at the rate or rates as
follows: ", and by.inserting in lieu thereof the following: "at the rate of
per centum ( %) per annum. "
Section 4. That there is hereby established a separate and special
which is hereby designated the "Project Temporary Loan Repayment
; Project No. Indiana R -711, said Fund being elsewhere herein referred
to 4s the "Project Temporary Loan Repayment Fund ". Said Fund shall be
maintained in a bank or banks which are members of the Federal Deposit
Ins4rance Corporation. The following moneys shall be deposited in the
Project Temporary Loan Repayment Fund as and when such moneys are
received by the Local Public Agency:
(a) The proceeds of all sales of Project Land by the Local
Public Agency:
(b) All payments which are made by the Government to the
Local Public Agency on account of the Project Capital
Grant;
(c) All lease proceeds which the Local Public Agency de-
rives under leases by it of Project Land, but not beyond
the date of the establishment by the Local Public Agency
of a fund to secure the payment of a Project Definitive
Loan which may be secured, in whole or in part, by a
lien upon and pledge of such lease proceeds: Provided ,
That such lease proceeds shall not be deemed to include
income derived by the Local Public Agency directly from
- 7 -
(Resolution No. 23)
its temporary operation of Project Land pending its
preparation and ultimate sale, lease, or retention of
Project Land;
(d) All moneys constituting compensation by. the Local
Public Agency for Project Land which it retains in-
stead of selling or leasing;
(e) All moneys which may be provided by the Local Public
Agency from sources other than the Government or
from the proceeds of a Project Definitive Loan, if any,
to compensate the Project Temporary Loan Repayment
Fund for the fair value imputed to Project Land which
is leased by the Local Public Agency rather than sold
by it for cash;
(f) All such Local Grants -in -Aid in the form of deficiency
cash grants as, after the Gross Project Cost and the
Net Project Cost have been determined and the 'payment
of all costs comprising Item I of Gross Project Cost has
been duly made or provided for and all other Local
Grants -in -Aid applicable to the Project which have been
provided have been determined, are provided with re-
spect to the Project to meet the deficiency, if any, in
Local Grants -in -Aid in connection with the Project;
(g) All accrued interest, if any, which is paid to the Local
Public Agency on Project Temporary Loan Notes at the
time when the Government takes up and pays for such
Project Temporary Loan Notes; and
(h) The unexpended balance, if any, remaining or belonging
in the Project Expenditures Account after all costs con-
stituting Item I of Gross Project Cost have been paid.
'Re�
the
volution No. `L3}
Section 5. That if any Project Land is leased, instead of sold, by
cal f ublic Agency, the reasonable and proper costs incurred from
tim� to time by the Local Public Agency during the period of such lease,
Whi
and
th e
suc
the
and
upo
ect
the
vis
pri.
costs -are for the Local Public Agency's maintenance, management,
administration during such period of Project Land so leased, may, to
extent necessary, be paid from those lease proceeds referred to as
i in Section 4 hereof which are deposited in the Project Temporary
Repayment Fund, but from no other moneys therein.
Section6. That Project Temporary Loan Notes issued pursuant to
provisions of this Resolution shall, as to both the principal thereof
the interest thereon, constitute an exclusive first lien and charge
n the funds which, by the terms of this Resolution, comprise the Proj-
Tei- n - -racy Loar. Repayment Fund after provision therefrom for only
costs ;.mentioned in Section 5 hereof, which Fund, subject only to pro-
as aforesaid, is hereby irrevocably pledged to the payment of the
ipal of and interest on such Project Temporary Loan Notes.
Section 7. That the
is
he eby authorized to file requisitions, together with necessary supporting
do uments. with the Government, from time to time as Project Temporary
or Project Capital Grant funds are required, requesting payments to
be �nad.e on account of the Project Temporary Loan or the Project Capital
Griot provided for in the said Contract for loan and grant, and to do and
pe�form all other things and acts required to be done or performed in order
to Obtain such payments.
Section 8. That, when and as directed by further resolution or
re4olutions, the proper officers of the Local .Public Agency shall prepare,
cute, and deliver to the Government the Project Temporary Loan Notes
he�eby authorized and shall accept payment therefor from the Government.
9 -
(Rel
Lod
solution No. 23)
Section 9. That the proceeds of the sale of all Project Temporary
Notes issued pursuant to this Resolution shall be deposited and dis-
sed only in accordance with the provisions of the Contract for loan and
grant, unless otherwise approved in writing by the Government.
Section 10. That the Project (which is designated Project No.
Indiana R -7 and is herein called the "Project ") includes and consists of
all lundertakings and activities of the Local Public Agency in the Project
Ara, in accordance with the Plan for the renewal or redevelopment of
the Project Area, for the elimination and for the prevention of the deve-
nt or spread of slums and blight, and to the extent contemplated by
sail Plan involves slum clearance and redevelopment and the carrying
outl of plans for a program of voluntary repair and rehabilitation of build-
i.ng1s or other improvements in the Project Area: Provided, That the Proj-
ectl shall not include the construction or improvement of any buildings
mplated by the Plan for the renewal or redevelopment of the Project
Aria.
Section 11. That the land area of the Project (herein called the
" Project Area "), is situated withing the City of South Bend, Indiana,
the boundaries of the Project Area shall be as described in the Con-
tr#t for loan and grant.
Re!
the
Section 12. That each of the following terms, when so used in this
>olution, shall, unless the context clearly indicates otherwise, have
meaning ascribed to it in this Section:
(a) The term "Contract means that certain document, a
counterpart of which is now on file with the Local
Public Agency, designated Contract No. Indiana R -7 (LG),
naming the Local Public Agency and the Government as
the parties thereto, and providing for a Project Temp-
orary Loan, a Project Definitive Loan, and a Project
Capital Grant to the Local Public Agency with respect
S
;solution No. 23)
to the Project.
(b) The term "Plan" means the urban renewal or redevel-
opment plan referred to in the said Contract for loan
and g rant.
(c) The terms "Local Grants -in- Aid ", "Gross Project Cost ",
"Item I of Gross Project Cost ", "Net Project Cost ",
"Project Land ", "Project Temporary Loan ", "Project
Definitive Loan ", "Project Capital Grant ", "Project
Expenditures Account ", "fair value ", "land ", and
"redevelopment ", and derivatives thereof, have the
same meanings, respectively, attributed to said terms
in the Contract for loan and grant.
Section 13. That this Resolution shall take effect immediately.
A OPTED at the regular meeting of the South Bend Redevelopment
Commission held on August 4, 1960, at the office of the Commission,
124 West Colfax Avenue, South Bend, Indiana.
(SEAL)
ATITE ST:
F-37 =77=771EITl-Mw
_11-
_.J
(CE113'II''IEFII(CA'I[ Z or R ECOILDIING 4DFZl E CKIR
The undersigned HEREBY CERTIFIES that:
1. He is the duly appointed, qualified, and acting Secretary of the
Bend Redevelopment Commission (herein called the "Local Public
Agency"), and keeper of the records thereof, including the minutes of its
proceedings;
2. The annexed copy of extracts from the minutes of the regular
meeting of the Local Public Agency, held on the 4th day of August, 1960,
is a rue, correct, and compared copy of the whole of the original minutes
of sad meeting on file and of record insofar as the same relate to the
resolution referred to in said extracts and to the other matters referred
to th$rein;
3. Said meeting was duly convened in conformity with all applicable
requirements; a proper quorum was present throughout said meeting and the
resolution hereinafter mentioned was duly proposed, considered, and adopted
in conformity with applicable requirements; and all other requirements and
proceedings incident to the proper adoption of said resolution have been duly
fulfilled, carried out, ind otherwise observed;
Re s o:
the
of C
4. He is duly authorized to execute this Certificate; and
5. The copy of the resolution annexed hereto entitled:
Lon of the South Bend Redevelopment Commission., Governing Body of
of South Bend,
in Proiect Temnor
t of
ent, Authorizing the Issuance
T Loan Notes in Connection with Urban Renewal
Project No. Indiana R -7 and Providing for the Security for the Payment There-
of, wid for Other Purposes
- 1 -
r
(Ceitificate of Recording Officer)
is a true, correct, and compared copy of the original resolution referred
to in said extracts and as finally adopted at said meeting and, to the extent
req fired by law, as thereafter duly signed or approved by the proper officer
or Ifficers of the Local Public Agency and d0y published, which resolution
is oh file and of record.
WITT -,LESS my hand and the seal of the Local Public Agency, this 4th
day of August, 1960.
I
(SEAL)
U
Jam6T-O. Louis, Secretary
TSouth Bend Redevelopment Commission
- 2 -
COWMACr OF ZKPLOYA r
1%18 AGRE19MI fT, made and entered into this 17th day of
, 1560, by and between the *OWN MND RZMTZLCPIMW
ISSIOA, hereinafter designated as Commission, and
ICY Y. BAZR, an attorney at law duly admitted and licensed
to l practice in the State of Indiana, bereinafter designated as
At *orsey ,
V I T N Z S S S T H:
W11MA80 the Commission is engaged in the acquisition of
a Tract of land mown as /ample Street Renewal Project, Indiana
R -T. and
SAS, the city's estimated share of the cost of said
set will be approximately •1,100,000.00, which will be
f l4anced by the issuanos of bonds, and
WIARRAS, in connection with the development of said Pro-
j t and the issuanoe of said bonds it will be meoessary to
re aim legal counsel to prepare the proceedings relating to the
au borisation, issuance and sale of said bonds in conformity
vi h the statutes of the State of Indiana so as to render said
acceptable to investwent houses and purchasers who may
ire to bid upon the same, and as well as to perform all other
duties in connection with the issuance of said bonds, and
wliMia, by resolution duly mad*, seconded and unanimously
by the Redevelopment Commission at a meeting held on the
17�h day of (larch, 1960, the Attorney was employed to handle
tract matters for the Commission, including the bond issme, and
WHUXAa, the Commission now desires to reduw to writing
it* agreement to retain the services of Frederick K. Door, attor-
, as special counsel is the Performance of said legal dutiest
SOl, THIMFORI, in consideration of the mutual a*,, nants
in contained, the Commission salp1076 Y special ooumsel,
ick [. Saar, and said Attorney hereby accepts said employ-
wits
Attorney shall prepare all necesewy preoeedings relating
to the authorization sod ismance of bonds in OW apOrosisate sus
of $1,100,000.00 and skall further do and perform all other sate
of a legal nature which are neoessary and proper to carry out
tbe, Masple Street rrojoot; and said Attorney shall further pr*-
pov all resolutions, publications and documents nectssary for
tkWj Immasoe and sale of said bonds, and do ail else rewired by
statutes of the Bt ate of Indiana to cowple to said bond projects
Attornoy is further authorised by the Commission to retain
olal bond counsel, aoM, McCord, Ise a hiller of Indianapolis,
In4iara.
so
At
Tor the serrioes of the said Attorney, the Commission
to pad to said Attorney a fee equal to the bar rate Y
forth to a Sehedule of Minimum Hem of the Mt. Joseph 0@WMW
Asseoiation, dated Jawary 1, 1"0. Maid fees shall be pay-
by the Commissios subsequent to the sale of the boads.
ite Director
MOWN Um RSO MIA)RIM11? COIO MON
by
izv-
authori
IRKS GIL.1i']TltON NO- - Z I
, this Commission has heretofore on the 7th day of July, 1960,
the issuance of bonds in the amount of $1, 100, 000 to pay the cost of
acquisition, clearance and renewal of the property described in Resolution No. 14
and all e*penses necessarily incurred in connection with said proceedings; and
REAS, the Commission did not include the proceeds of said bonds in
the regular budget for the year 1961; and
, the Executive Secretary of this Commission gave notice of the
hearing n the matter of appropriating the proceeds of said bonds as required by
law; and
S, such public hearing was held on July 21, 1960, at 10:00 A.M. ,
Central Standard Time (11 :00 A.M. , Daylight Saving Time) at the office of the
Commission and all taxpayers or interested persons desiring to be heard in re-
gard to s�id appropriation were heard; now therefore,
BCE IT RESOLVED by the South Bend Redevelopment Commission that:
1� An extraordinary emergency exists for the making of additional ap-
propriation by the South Bend Redevelopment Commission in the amount of
$1, 100, 000 to be appropriated on the cost of acquisition, clearance and renewal
of the property described in Resolution No. 14 and also expenses necessarily
incurred �n connection with said proceedings.
2.1 The proceeds of the bonds of said District in the amount of $1, 100, 000
heretofore authorized to be issued, be appropriated for the purposes set forth
herein; t#at such appropriation shall be in addition to all appropriations provided
for in thel existing budget and levy, and shall continue in effect until the comple-
tion of said project.
A OPTED at the regular meeting of the South Bend Redevelopment Com-
mission eld on July 21, 1960, at the office of the Commission, 129 West Colfax
Avenue, $outh Bend, Indiana.
SOUTH BEND REDEITELOPMENT CO MISSION IcA By ,`' i
'F--166d J,c a en, President
\J
ATTEST:
Henry Su her, Executive Sec etary