HomeMy WebLinkAboutAuthorizing the Mayor to Excute Notes and Take All Action to Secure Funds Under Section 108 Loan Guarantee ProgramRESOLUTION
NO. 1731-89
Passed by the Common Council of the City of South Bend, Indiana,
June 12, 19 89
Attest: City Clerk
President of Common Council.
Presented by me to the Mayor of the City of South Bend, Indiana
June 13, 89
19
Approved and signed by me_ 9
City Clerk
Mayor
RESOLUTION NO. J%J I - 0 /
A RESOLUTION OF THE COMMON COUNCIL OF THE
CITY OF SOUTH BEND, INDIANA, AUTHORIZING
THE MAYOR TO EXECUTE NOTES AND TAKE ALL
OTHER ACTIONS NECESSARY TO SECURE FUNDS
UNDER THE SECTION 108 LOAN GUARANTEE
PROGRAM UNDER TITLE I OF THE HOUSING AND
COMMUNITY DEVELOPMENT ACT OF 1974,
AS AMENDED.
WHEREAS, the Mayor of the City of South Bend, Indiana, is
the Chief Executive Officer of the City and is the applicant for a
Section 108 Loan Guarantee under Title I of the Housing and
Community Development Act of 1974, as amended; and
WHEREAS, an application for Section 108 Loan funds was
authorized by the Common Council in Resolution No. 1638 -88 on
August 22, 1988, and subsequently approved by the U.S. Department
of Housing and Urban Development.
WHEREAS, proceeds from this loan will be used for various
redevelopment activities within the West Washington- Chapin
Development Area as outlined in the "Final Statement of Section 108
Loan Guarantee objectives and Projected Use of Funds;" and
WHEREAS, the redevelopment of the West Washington- Chapin
Development Area will be greatly facilitated by the receipt of
proceeds available through a Section 108 Loan Guarantee.
WHEREAS, the program requires that promissory note(s) be
executed by the City.
NOW, THEREFORE, BE IT RESOLVED, by the Common Council of
the City of South Bend, Indiana, as follows:
SECTION I. That the Mayor of the City of South Bend,
Indiana is hereby authorized to execute notes and take all other
actions necessary to secure funds under the Section 108 Loan
Guarantee Program of the United States Government under Title I of
the Housing and Community Development Act of 1974, as amended.
SECTION II. That for the activities, project, or
programs to be funded under this Resolution, the Mayor shall submit
to the Common Council an appropriation ordinance prior to
expenditure of any Section 108 Loan Guarantee funds received upon
approval of this application.
SECTION III. That
and effect from and after its
approval by the Mayor.
PRESENTED
NOT APPROVEQ
ADOPTED "(a_/3_g9
this Resolution shall be in full force
adoption by the Common Council and
W. mil
JUN 7 1989
IRENE GAM�M�n
^4M CA