HomeMy WebLinkAbout2008-05-21 Resolution 166RESOLUTION NO. 166
A RESOLUTION OF
THE SOUTH BEND REDEVELOPMENT AUTHORITY
APPROVING THE EXECUTION OF A NOTE AND OTHER RELATED DOCUMENTS
CONCERNING REFINANCING OF SECTION 108 LOAN
WHEREAS, the South Bend Redevelopment Authority ("Authority") has been created
pursuant to Ind. Code § 36-7-14.5 as a separate body, corporate and politic, and as an
instrumentality of the City of South Bend, Indiana to finance local public improvements; and
WHEREAS, the Authority, as "Borrower", has previously entered into an agreement with
the Department of Housing and Urban Development under Section 108 of the Housing and
Community Development Act of 1974, as amended from time-to-time, and has executed a Note
and various other documents related thereto; and
WHEREAS, the Authority now desires to refinance the Section 108 transaction as a cost
savings measure and, upon advice of legal counsel,. to execute those documents necessary to
accomplish the refinancing.
NOW THEREFORE, BE IT RESOLVED by the South Bend Redevelopment Authority
as follows:
1. The President, Vice President, and Secretary of this Authority and each of them
is hereby authorized to take all actions and to execute all such instruments upon advice of
legal counsel as are necessary or desirable to accomplish the transactions contemplated
by this Resolution.
2. This Resolution shall be in full force and effect from and after its passage by the
Authority.
ADOPTED at a meeting of the South Bend Redevelopment Authority held. on M_a~21,
2008 at 1308 County-City Building, 227 West Jefferson Boulevard, South Bend, Indiana 46601.
CITY OF SOUTH BEND, INDIANA
REDEVELOPMENT AUTHORITY
/ J'ignature ~~
Jose Alvarez, President
Prime Name an Tit e
Raphael 'Thomas , Secretary
Printe ame an fit e
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F:\DATA\SHARE1Lego1\Wpdata\Cheryl GVvtatters_BOnds &. Financing\Section 108, 2008 Refinance\Res_ Authority_Execute Ibcuments.doc