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2. That as of April 17, 1942, the Authority entered into
<br />a contract For Financial Assistance with the Federal
<br />Public Housing Administration (none known as the Public
<br />Housing Administration and hereinafter referred to as
<br />"PHA ") whereby the PHA agrees to loan to the Authority
<br />a sum not to exceed $1,289,200.00 at an interest rate
<br />of 3% per annum, for the planning, development and
<br />construction of 232 units of public low -rent housing,
<br />to be known as project No. IND -15 -1.
<br />3. That as of June 12, 1945, the Authority entered into a
<br />Contract For Loan and Annual Contributions with the Federal
<br />Public Housing Authority (now known as the Public Housing
<br />Administration and hereinafter referred to as "PHA.") whereby
<br />the PHA agrees to loan to the Authority a sum not to exceed
<br />$594,000.00 at an interest rate of eo per annum, for the
<br />planning, development and construction of 100 units of
<br />public low -rent housing, to be known as Project No.
<br />IND -15 -2,
<br />4.
<br />That the aforesaid contracts were based upon costs prevailing
<br />at the time they were entered into and inasmuch as all costs
<br />have increased very much since such date, the actual costs
<br />of planning, developing and constructing the projects will
<br />cost considerably in excess of such amounts.
<br />5.
<br />That the Authority proposes to secure amendments to the
<br />aforesaid contracts with the Public Housing Administration
<br />which will provide financial assistance for such projects
<br />under current prevailing costs.
<br />6.
<br />That as of February 3, 1942, the City of South Bend and the
<br />Authority executed a Co- operation Agreement whereby the City
<br />agrees to cooperate with the Authority, in the manner set
<br />forth therein, in the development of the aforesaid Projects
<br />Nos. IND -15 -1 and 15 -2.
<br />7.
<br />That said Three Hundred.Thirty -two (332) units of urban low-
<br />rent public housing, which will be planned and developed by
<br />the Authority pursuant to the aforesaid contracts, will be
<br />built in the City of South Bend, will be subject to the
<br />planning, zoning, sanitary and building laws, ordinances
<br />and regulations which are applicable to the City, and will
<br />be on a site or sites determined upon by the Authority to be
<br />consistent with and most advisable for the future growth of
<br />the City. The said Units shall be constructed in such a
<br />manner that they will not be of elaborate or extravagant
<br />design or materials and economy will be promoted both in
<br />construction and administration, and all other requirements
<br />of the Indiana Housing Authorities Act and the United States
<br />-Housing Act of 1937, as amended, will be complied with. The
<br />site for Project IND -15 -2 has been selected by the Authority
<br />and approved by PHA and is located on Western Avenue between
<br />Scott and Taylor Streets and is commonly known as the Maggiet.s
<br />Court Area. The site £ or project IND -15 -1 has been selected by
<br />the Authority and is located on Middlefield Addition lying
<br />between Lincoln Way West and the -. Crumstown Road, in South Bend,
<br />Indiana.
<br />8.
<br />That hereafter the Authority, pursuant to said contracts and kn
<br />order to finance its corporate purposes in connection with the
<br />construction and operation of said low -rent urban public housing,
<br />not to exceed Three Hundred Thirty -two (332) units, as described
<br />herein, shall desire to borrow money and to issue, sell and deliver,
<br />from time to time, as required, its bonds., notes, interim certificates,
<br />debentures, and other obligations pursuant to said Act, which said
<br />notes and all other bonds, notes, interim certificates, debentures,
<br />and other obligations are hereafter collectively referred to as "bonds".
<br />9. That said bonds shall not be a debt of the City, the Town, or the
<br />County, or the State or any political subdivision thereof, nor shall
<br />the City, Town, County, the State or any political subdivision be
<br />liable thereon, nor in any event shall such bonds be payable out of
<br />any funds or properties other than those of the Authority. The
<br />bonds shall not constitute an indebtedness within the meaning of
<br />any constitutional, or statutory debt limitation or restriction.
<br />10. That Sections 14 and 15 of said Act provide that all bond issues
<br />of a housing authority must be approved by the Common Council, Town
<br />Board or County Council, as the case may be, after a public hearing
<br />held pursuant to Notice of the time, place and purpose thereof, by
<br />one publication, at ?east ten (10) days prior to the date of the
<br />hearing, in a newspaper of general circulation in the particular
<br />city, town, or county.
<br />ll. That Section 8 (h) of said Act provides that no housing authority
<br />shall initiate any project under said Act until the governing body
<br />of the City, town, or county, as the case may be, has first approved
<br />such project.
<br />WHEREFORE, THE UNDERSIGNED, THE HOUSING AUTHORITY OF THE CITY OF SOUTH BEND,
<br />INDIANA, HEREBY RESPECTFULLY PETITIONS THE COMMON COUNCIL OF THE CITY OF SOUTH
<br />BEND, INDIANA, AS FOLLOffS:
<br />10 That said Council shall cause to be published once in the South Bend
<br />Tribune,& newspaper of general circulation in said City of South Bend,
<br />Indiana,, a Notice of a public hearing, to be held at least ten (10) days
<br />subs ue t t the blicatiion of said Notice wh ch said Notice. shall
<br />spec gyhe:�ime, ace and purpose of saidublc hearing.
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