03-27-50 Council Meeting Minutes

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620 REGUTA R MEETING MARCH 27TH, 1950 The Presiding Officer declared said motion carried and instructed the.City Clerk to publish and post notice of said public hearing as provided in the foregoing motion. RESOLUf ION A RESOLUTION AUTHORIZING PUBLICATION BY THE CLERK OF THE CITY OF SOUTH BEND, INDIANA, OF THE NOTICE OF A PUBLIC HEARING TO BE HELD ON THE APPLICATION OF THE HOUSING AUTHORITY OF THE CITY OF SOUTH BEND, IITDIANA, FOR APPROVAL OF THE ISSUANCE, SALE AND DELIVERY OF SAID HOUSING AUTHORITY OF CERTAIN BONDS, NOTES, INTERIM CERTIFICATES, DEBENTURES AND OTHER OBLIGATIONS PURSUANT TO THE HOUSING AUTHORITIES ACT OF THE STATE OF INDIANA. WHEREAS, The Housing Authority of the City of South Bend, Indiana, located in the City of South Bend, Indiana, (hereinafter called the "Authority ") is a public body corporate and politic duly organized and existing under and b virtue of the Housing Authorities Act (Chapter 207, Acts of 1937), as amended, (hereinafter called the "A6�. " r and WHEREAS, as of April 17, 1942, the Authority entered into a contract For Financial Assistance with the Federal Public Housing Authority (now known as the Public Housing Administration and hereinafter referred to as "PHA') whereby the PHA agrees to loan to the Authority a sum not to exceed $1,289,200.00 at an interest rate of 3% per annum for the planning, development and construction of 232 units of public low -rent housing, to be known as Project •No.' ITID -15 -1; and WHEREAS, a,s of June 12, 1945, the Authority entered into a Contract For Loan and Annual Contributions with the Federal Public Housing Authority (now known as the Public Housing Administration and hereinafter referred to as "PHA ") whereby the PHA_ agrees to loan to the Authority a sum not to exceed $594,000.00, at an interest rate of 3% per annum, for the planning, development and construction of 100 units of public low rent. housing, to be known, as ' Project No. IND -15 -2; and WfiEREAS, as of February 3, 1942, the City of South Bend and the Authority executed a Co- operation Agreement whereby the City agrees to cooperate with the Authority, in the manner set forth therein, in the development of the aforesaid Projects Nos. IND -15 -1 and 15 -2. WHEREAS, the aforesaid contracts were based upon costs prevailing at the time they were entered into and inasmuch as all costs have increased very much since such date, the actual costs of planning, developing and constructing the projects will cost considerably in excess of such amounts. WFN3REAS, the Authority proposes to secure amendments to the aforesaid contracts with the Public Housing administration which will provide financial assistance for such projects under current prevailing costs. WHEREAS, the Authority, pursuant to said contracts_ and in order to finance its corporate purposes in connection with the planning, construction and operation of said urban low -rent public housing, shall desire to borrow money and to issue, sell and deliver, from time to-.time, as required, its bonds, notes, interim certificates, debentures, and other obligations pursuant to said Act (which bonds, notes, interim certificates, debentures nd other obligations are hereafter referred to collectively as "bonds "); and WHEREAS, pursuant to said Act -the Authority has filed its petition with the Common Council of the City of South Bend, Indiana, asking approval of the issuance, sale and delivery by such Authority from time to time of its bonds, and approval of its housing projects consisting of not to exceed 332 dwelling units for families of low income;-.And WHEREAS# said Abt provides that the project must be approved by the City and the issuance, sale and delivery. of bonds of a Local Authority must be approved by the Common Council after a public hearing held pursuant to a Notice of the time, place and purpose thereof by one publication of least te0ays prior to the date of said hearing in a newspaper of general circulation in the City. NOW, THEREFORE, BE IT RESOLVED BY THE COMMON COUNCIL OF THE CITY OF SOUTH BEND, INDIANA, AS FOLLOWS: 1. That the Clerk of the City of South Bend, Indiana, shall be, and she is hereby authorized anddirected, to publish on the 29th day of March, 1950, in the South Bend Tribune, a newspaper of general circulation published in the City of South Bend, Indiana, a Notice in the form of a Notice attached to and made a part of this Resolution. 2. Said Clerk of the City of South Bend, Indiana, shall file with the Common Council an Affidavit of the publisher of said South Bend Tribune, showing that said Notice was published in the said South Bend Tribune on the 29th day of March, 1950. 3.. This Resolution shall be in full force and effect from and after its passage. Passed by the Common Council this 27th day of March, 1950. WALTER C. ERLER, SR. -Irr'esident of the Council TO: The Common Council of the City of South Bend, Indiana, City Hall, South Bend, Indiana Gentlemen: The undersigned, The Housing Authority of The City of South Bend, Indiana, (herein called the "Authority "), respectfully represents and shows to the Common Council of the City of South Bend, Indiana, as follows:. 1. That it is a public body corporate and politic duly organized and existing under and by virtue of the Housing Authorities Act (Chapter 207, Acts of 1937) of the State of Indiana, as amended, (herein called the "Act ").