HomeMy WebLinkAboutResolution Approving the Laurel Woods Apartments RESOLUTION
NO. 955-82
Passed by the Common Council of the City of South Bend, Indiana.
April 26, zg 82
Attest City Clerk
Attest:
President f o
Common Council
Presented by me to the Mayor of the City of South Bend, Indiana
April 27 . zg 82
� ' `' City Clerk
Approved and signed by me (/.(re/Wr zg
IL) Mayor
RESOLUTION NO. Cr.4"
A RESOLUTION APPROVING THE
LAUREL WOODS APARTMENTS
WHEREAS, a shortage of decent, safe and sanitary housing
for persons and families exists in South Bend, Indiana (the
"City") ;
WHEREAS, it is proposed that a housing project be
financed and constructed in the City to be owned and operated
by Laurel Woods Apartments, an Indiana limited partnership
(the "Owner") , consisting of eight two-story buildings with
100 units of housing for persons and families, including
elderly and handicapped persons, eligible for assistance
under Section 8 of the United States Housing Act of 1937 (the
"Project") , as amended;
WHEREAS, the Laurel Woods Housing Finance Corporation
(the "Corporation") , a not-for-profit Indiana corporation,
will be created to provide construction and permanent mort-
gage financing for the Project by issuing its Construction
Loan Notes (FHA-Insured Advances) (Laurel Woods Apartments)
(the "Notes") and its Mortgage Revenue Bonds (Laurel Woods
Apartments--FHA-Insured Mortgage and Section 8 Assisted
Project) (the "Bonds") ;
WHEREAS, Section 11 (b) of the United States Housing Act
of 1937 provides that interest paid on obligations issued by
certain entities, such as the Corporation, to assist in
financing of housing, such as the Project, are tax-exempt,
and the same section authorizes an exemption from taxation
for income derived by such entities from such housing;
WHEREAS, in order to obtain the tax exemption benefits
of federal law, it is necessary for the Housing Authority of
the City of South Bend, Indiana (the "Authority") to make
certain findings and enter into certain agreements with
respect to the Project and the Corporation, which findings
and agreements are set out in substantially the form of the
Resolution attached hereto as Exhibit I ; and
WHEREAS, in order for the Housing Authority of the City
of South Bend, Indiana to make such findings, enter into such
agreements and engage in transactions contemplated by Exhibit
I attached hereto, it is necessary, pursuant to Burns Indiana
Statutes Section 36-7-18-14 , for the Common Council of South
Bend, Indiana, the governing body which activated the Author-
ity, to approve the Project;
NOW, THEREFORE, BE IT RESOLVED by the Common Council of
the City of South Bend, Indiana, that:
SECTION 1. The Project is hereby approved.
SECTION 2. The adoption by the Authority of a Resolu-
tion, in substantially the same form as Exhibit I attached
hereto, is approved.
SECTION 3 . The Authority's transactions contemplated by
the Resolution, attached hereto as Exhibit I , are approved.
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SECTION 4. This Resolution shall be in full force and
effect from the date of its passage, signing and attesta-
tion.
INTRODUCED BY:
PASSED AND APPROVED: , 1982
By ( L
Presiding Office
Attest:
By
City Clerk
Presented by me to the Mayor of South Bend, Indiana,
this day of , 1982.
By
City Clerk
APPROVED AND SIGNED by me this day of
1982.
By
Mayor
Attest:
By
City Clerk
RECORDED , 1982
City Clerk
'' 'PRESENTED , a fl FILED III CLERK'S OFFICE
NOT APPROVED APR 2 1 1982
ADOPTED V-.?l- 8a Irene Gammon
CITY CLERK,SOUTH BEND,IND.
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