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191732ORIGINAL TO CITY CLERK - CITY OF ST. PAUL OFFICE OF THE CITY CLERK COUNCIL RESOLUTION — GENERAL FORM FE COUNCIL NO. RESOLVED, that the Common Council of the City of Saint Paul hereby approves: "A BILL FOR AN ACT RELATING TO MUNICIPAL HOUSING AND REDEVELOPMENT AUTHORITIES; L IT IGAT ION IN CONNECTION THEREWITH; AMENDING MINNESOTA STATUTES 1957, SECTIONS 462.421, SUBDIVISION 15, AND BY ADDING A NEW SUBDIVISION; 462.425; SUBDIVISION 2; 462.445, SUBDIVISION 4; 462.475, SUBDIVISION 1; 462.521, SUBDIVISION 1; 462.525, SUBDIVISIONS 1, 2, and 6; 462.541, SUBDIVISION 1; 462.545, SUBDIVISION 6; 462.591, SUBDIVISION 1; 462.611; AND 462.625.1' .� and recommends the same to the Ramsey County Senate and House delegations. Council File No. 191732 —By Joseph E. Dillon, mayor— COUNCILMEN Yeas Nays DeCourcy Holland Mortinson Rosen Winkel Mr. President, Dillon 5M 5.56 2 r" In Favor Against Resolved, That the Common Council of the City of Saint Paul hereby ap- proves: A BILL FOR AN ACT RELATING TO MUNICIPAL HOUSING AND REDEVELOPMENT AUTHORITIES; LITIGATION IN CONNECTION THEREWITH; AMENDING MINNE , SOTA STATUTES 1957, SECTIONS 1 462 421, SUBDIVISION 15, AND BY ADDING A NEW SUBDIVISION; 462.425, SUBDIVISION 2; 462.445, SUBDIVISION 4; 462.475; SUBDI- VISION 1; 462.521; SUBDIVISION 1; 462.525, SUBDIVISIONS 1, 2, Ind 6; 462.541, SUBDIVISION 1; 462.545,` SUBDIVISION 6; 462.591, SUBDIVI- SION 1; 462.611; AND 462.625:' ,and recommends the same to the ,Ramsey County Sgnate and House .delegations. Adopted by the Council April 8, 1958. Approved April 8, 1959. �t (April 11, 1959) APR 8 1959 Adopted by the Council 19_ APR 8 1959 Mayor • a� DUPLICATE :M PRINTER 1 CITY OF ST. PAUL FILE NCIL NO. OFFICE OF THE CITY CLERK COUNCIL RESOLUTION — GENERAL FORM PRESENTED BY COMMISSIONER DATE RESOLVED, that the Common Council of the City of Saint Paul hereby approves: "A BILL FOR AN ACT RELATING TO MUNICIPAL HOUSING AND REDEVELOPMENT .AUTWR IT IES ; L IT IGAT ION IN CONNECTION THEREWITH; AXENDI% MINNESOTA STATUTES 1957s SECTION 462.421, 'SUBDIVISION 15, AND BY ADDING A NEW SUBDIVISION; 462.425! SUBDIVISION 2; 462.445, SUBDIVISION 4; 462.475, SUBDIVISION 1; 462.521, SUBDIVISION 1 462.525, SUBDIVISIONS 1, 2, and 6; 462.541, SUBDIVISION 1; 462.545, SUBDIV iS ION 6; 462.591, SUBDIVISION 1; 462.611; AND 462.625." and redommends the same to the Ramsey County Senate and House delegations.. COUNCILMEN Yeas Nays DeCourcy Holland Mortinson ,pettTeen,. Tn Favor Rosen Winkel Against Mr. President, Dillon 5M 5.58 2 APR 8 1959 Adopted by the Council 19 APR S 1959 Approved 19— Mayor Introduced by Boodle,, Wright# Iuther. Rutter., Shoved March 25, 1959 P.6f. to Cca• on municipal Affairs A BILL F, 1 H. Po No* 1499 Ccapanion S. F. Ref. to S. Cca, FOR All ACT IMLATING TO MUNICIPAL HOUSING AND REDEVIMPMENT AUTHORITIES; LITIGATION IN CONNECTION Ti T2i; AMENDING MINNESOTA STATUTES 1957# SECTIONS 462.421.4 SUBDIVISION 151 AND BY ADDING A NEW SUBDIVISION; 462.425 SUBDIVISION 2; 462:445 SUBDIVISION 4; 462s4i5s SUBDIVISION) 1) 462.5ho, SUBDIVISION 1; 462.525s SUBDIVISIONS 10 2 AM 6; . A62sU1, SUBDIVISION 1; 462.5451 SUBDIVISION 6; 462s591-, SUBDMSION 1; 462.611; AMID 462.625. BE IT ENACTED BY TIM UMSLAM QF THE 8ZATE CAF )" E90T4p Seotion 1s Minnesota $Ututes 1957p Soction 462.L, # &*divisU0 15, is amended to reads Subd. 15. "Bedevalopmnt plan" means a plap approved b? this governing bOdY (or agency designated by it for that purpose or authorized by law so to aot) of each municipality is wMoh arq of the area to be covered bb a redavelopmnt project is situaW$ Va0h plan provides an outline for the develo�g�nt or redevelopuent of such aroa and is sufficiently amplete (1) to indicate its relationship to definite 100e1 objectives as to appropriate laud uses and Sees 29 Minnesota Statutes 19", Uotion.462s421z is wonW by add's a subdivision to reads �. tats 19�7� Asatioa h62.,t�5� �+� A� �.• • '_'t Soo$ 30 *M*00ta llta to roads . mod, 2s IM � 'bak CC a tCi� F tiaa o1' 4ftar a y*U hoariN+t ##ns�CA r A -141PIi � newspaper of pwrol wUwj1atiar► its Vw' Wi t' +.an A� vw w vwyma �tII 16 dells 1W to t� dai•% of tWY"HM�—1 and to aU otba 3atmrsrW �Oromso '� arestalut4op � # ! "oe r is % tub �a a% pu�d to the � �s y,� fto *s 4, tau It+a s IMP dim 94 p �� 4# to t* • ♦ ♦ t IC is (l) sr o r ire �+r1` p•�r .isr` the om*rp the with the � st a oM W$at t* "9� O ; • ; �� . �. y , : Cr aw stats P"is b* w ww w carrying oat � � : 0 �i 462r X4+44 W:, H. F. No. 1499 Pago 2 related feder ^1s state or local legislation; and upon the consent of the governing body of the municipality purchases lease# manage, or otherwise take over any hous- ing project already owned and =operatod by the government of the United States or any agency thereof; To make (1) plane for carrying out a program of voluntary repair and rehabilita- tion of buildings and improvementss and (ii) plans for the enforcement of laws# codes,, and rogulations relating to the use of land and the use and occupancy of buildings and improvemontss and to the compulsory repair# rehabilitation# demoXtionjp or removal of buildings and improvoaonts. The authority iie ;I authorised to develop# test and report methods and teehniquess and carry out demonstrations and other activities# for the prevention and the elimination of alum and urban blight• •(4) To borrow money or other property and accept °contributions# grants# giftss, servicess or other assistance from tho federal govermaonts the state governments state public bodies# or from ary other public or private sources; (5) To include in any contract for financial assistance with the federal goverment any conditions which the federal government may attach to its financial aid of a project not inconsistent with purposes of sections .462*415 to 462.711# including obligating itself (which obligation shall be specifically enforceable and not constitute a mortgages notwithstanding any other laws) to convey to the federal government the project to which such contract relates upon the occurrence of a substantial default with respect to the covenants or conditions to which such authority is subject; to provide in such contract that in case of such conveyances the federal government, may owplete# operates manage leases, convey or otherwise deal with the project until such defaults are cured It the federal goverment agrees in such contract to reconvey to the authority the project as then constituted when such defaults have boon cured; (6) To inane bands# notes# or other evidences of indebtedness as hereinafter provided# for arq of its corporate purposes and to secure the same it mortgages ; upon property held or to be held by it or by pledge of its rovenuess including grants or contributions; (7) To invest arw funds held in reserves or sinking fu des or arw funds not required for immediate disbursements, in property or securities in which savings banks may legally invest funds subject to their control; (g) Within its area of operation to determine where substandard# slue# or blighted areas exist or where there is unsafe, uneanitarys or overcrowded housing; (9) To establish and revise fram time to time the meudmm amount of inecae of tenants entitled to admission to housing projects of an authority# e0ject to the qualifications in sections 462.415 to 462.711 oontained; . (10) To undertakes and party, ant studies and analyses of the housing and redevelopment needs vithia its area od operation and of the meeting of thoes needs { (including data vith respect to population and family groups and the distributim thereof according to inome, g rotes# the amount and quality of available h —d its distribution a000ardiag to rentals and sales prioess emplcynents yaps patterns for l.&d use and oaaamaaity growths, and other factors affeabing lei k housing and redevelopment needs and the meeting thereof )and to m0 a the resa ts those studies and aaxlyess available to the public and building hots amd . supply industries; and to eapp in research and aiese d -nape ark and redevelopmenty; (11) *m a low So body dons ant bow a p] dad a~ 4P, comprehensive or gone ml Oornmity dovelopwnt plan oar glans is or saw >or available ter the pi as mdag a yalrs to m oe or amuse to be mde smah 9UM of in the mom detailed vI emd tag et bousing and redevelopment a»eas; (12) To Leah C�a' lyat air �s a44tda41t s AP.* strtuat�7ree cc ftad l itbw ee�'svd. �i � pare a�! � � contained L sections 462#45 to 462*7U with re"t- to � in housing projects) to e0tablish mad revise the renU or darps thetWOrl (13) To wA4 bald memo IMWM r0a7. Cr petaiaM3 'ids • .aii'''�` P14*0. or dimpo" of Or ex an any st +�� . � _� #. ,�i�,• ,'a�. 3'Y Y.C'.` J, *. .. n He Fe M. 1499 Page 3 (14) To insure or provide for the - insurance of any real or-personal property or operations of the authority against any risks or hazards; (15) To procure or agree to the procurement of government insurance or guaranties of the payment of aW bonds or parts thereof issued by an authoritys, including the powers to ply premiums on such insurance; (l6) To make anoh eJ+enditau ea as mqy bs neoeesatq to Derry zit the ptuposes of sections 462«415 to 4624114 Secs 5• Hi.tme eta Statutes 1957,# Section 462.475# Subdivisions 1s, is amended to reads 462.475 Subdivision 1* in the operation or management of housing projects an authority shall at all time obeerve the following duties with respect to rentals and tenant admissions. (1) It may rent or lease the dwelling accommodations therein only to persons of low income and at rentals within the financial reach of such persons of low income; (2) It may rent or lease to a tenant dwelling accommodations consisting of the number of roams (but no greater number) which it deems necessary to provide safe and sanitary aooc®odatioos to the proposed occupants thereof, without ovor- orowding; and (3) -in authority in its operations within a municipality shall not accept amy ,families as tenants in any housing project if the families who ocoupy the dwelling accommodations haw an aggregate annual net income at the time of admisd ont less an ox mnption of 43M for each minor and edu].t dependent WakU , other thaw suss head 2C , Mqf f excess or fsye times the anmzl rental or the quarters to on rurmanea mien razaiy# and in occ puting the rental for -this (the) purpose of this section, there shall be L;Iuded in the rental the average crnYW cost (as determined b7 the authority) to occupants of heats water s�" electricity gas,9 cooling fuels, and other nsoeseary services or facilities wbetber or t go charge for such services and facilities is included in the e See. 6, Mimesota Statutes 1957, Section 4b2.521.# Subdivision 10, is amended to -roads t�. r 462.521. Subdivision 19 Wheaewr an authority determines that a redevelopment project should be undertaken it shall apply to the governing body of the munici- pality in which the project Is located for approval thereof. The application shall be accompanied bgr a redevslopmsat plans a statement of the method proposed for financing the pro3eat# at the written opinion of the planning agenays if there is one* Before approving wp rW*wlopoent plan& the go"rniag body shall hold a pubUo bearing t er em after publi abed notfloe in a newsFapar of geaeral alrooi AM CD its the mdaipaliiy at least IM Soo* 7• Wimeaata Statutes 1957,9. Section 462.525# Sabdivl.sicn 1* is amended to reads 462.525 3dbdivialoa le In doaordanioe with 4 redorel.opmaat plans, as authori* may males an, of its land in a redevelopment, project amiable for use b7 private individualoo firs* eorporatioosp partnerships ,9• insuranoe oocpsasi.as our other private interests.) or b7 public agencies.. by sales leases, or otherw�se,9 or the authority itself =W retain property for rsdevelopisnt by its Such land shall be made available at i a P—ri xu o_h f 16: Sv`M1 . tk.. r. A R c ti to g2MM" bo(tr of IA tede c Seo$ l0e ljzmsdioU Atai>aies 1937# 8eotIom "541# '9nbdirisd as I# is araaaded r to reads 462 *541 '4011W 'At* '* plro am "20, as an aid to it Uw or the porioe at ti av 'Wr on car orMs, pitrrar s'+w •mile WO OVA* pUat AM of. land Ohs area %tich, in SOODOGUN6 4IM-90 3t to bi- vokkAW P&ONW pales w x` *A , lowreent haasingt m* Bare valve #o •br tin the plawed ilea# said# far Us- purpose , of this ift �.t asp►' in it* di ewetd+on ovum a MM -w200 x� �I appraisal to ii Skids �r two or ■oar land ret2m e*wts �r � the purpose or. it wW we tar► land apprrelsal serriaw of 60 �f but � � nothing con�ined in firms oeotice eball be oa ouved as req dr nq 191 wthcri* to base its rentals cc rslling pario*s upon aaoy soap egaQeolml* 916 Mah2dix Uff 8e0* 11•a 14�t, Moffat 46.543, viaioo 6# is eaeaYled to reads - , some 60 authoaritr s�tsti irdh a dl•!trvlot Ot UV Md aalleot3tt�a -l�be P�'Di !r: 'mss subdivision• JU. d k. c� H• TO NO. 1499 Minnesota Mtates 3."7# 8*otioQ 462.525 "divi.siou 20, is arw ded ; to reads »:,? Md. 2. Any nuOh loam or sa}a W b* made withQQt PublI4 bddding but my sa after a public # after #M -i4r= published notice b� t2�s hoaritT i3 i, once Ilot cc the upon the lease or sale � a K•� /y�� f .. and the in Vr=nt Ot � MW P• V� dO lease W.Kiii � � � � �t��t renewals upon reappraisals and vith rentals and outer Vmvisiaas adjusted to such Y f y r ©appraisals. Every such leas* or sale shall provide that the lessee or purchaser . '= shall carry out or oause to be oarried out the approved project area redevelopment plan or approved modifioatir thereat and that w use shall be made of any Sand oa :A or real property included in the leas* or sale nor azW bAbliM or stmoture .: ' '.. erected thereon uhi.ch does not ooafom to such approved plan. or app mved modifiaa- -3 . ' t tions thereof* In the iwetrment or instr=m%ts# of leans or sale the authority ## in its may include such other terms ooladitions# amd.paravisions as jud�sat w33]. ,r 4: provide reasonable assurance of the priority of the obl.igatioat of the lease car; sale and of contoorsanoe to the plan mar any other obligatkass of the lessee car • F purchasers and also essurano* of the financial and legal.. abi.litdr of the lessee I* ° purchaser to oarsy out and oomfoa<m to the plan and the terns and oonditims ct the i lease or ealo� to begin the building cat► WW improvments vithir► •period of time _ I�. ` -` r�hich the authoarity fizoen cat reaecaablo; also# numb t*tsrs# 000ditiaaan cad speaif . i nations conoern ng sub -imp S, or tenanalea# minten 360 :m t. + and me: w pwnnti and szW other related scatters as the autboeitar naspr reasonably + n - �R s or a inolvdia�g paeevisifte wberebV. the obliptiaaas tie away oat and a P'P�# • l n �., ;'�' conform to t .* project aura. plat. sball sun with the land* In the &TWt that ,. ,s,:.....- s,„� rentals to• be #bargee to itraaatn at homing be s�tx*d prorid� �' be i drratiou of sui* r*nttel 'bears# zdth a r+r fro proposing t� lrik made four periodic reocaa _ modifil.oa Lion of tyre project area yM= vitb m"ot to spdh Ire UU* 4 Sao* g• )BXX IOU dtataus Iwo Section 4bR M* auhdi aLat 6t is e�dad ►} to reads Subd. 6• A red* olvpment plan met' be modified at pp aw hwM 2C ai�reT the lease or sale oat +Aw pwjrot area or parts tbero at prOVIded shalt be adopted bF the a�tttharl'ir ad the governing cc the pal ttioal. sub . �- divisicaz in A%L& the peojewt 10 loon ^ M ra gag ti• n en a ocoe Cc -- ;+ c ti to g2MM" bo(tr of IA tede c Seo$ l0e ljzmsdioU Atai>aies 1937# 8eotIom "541# '9nbdirisd as I# is araaaded r to reads 462 *541 '4011W 'At* '* plro am "20, as an aid to it Uw or the porioe at ti av 'Wr on car orMs, pitrrar s'+w •mile WO OVA* pUat AM of. land Ohs area %tich, in SOODOGUN6 4IM-90 3t to bi- vokkAW P&ONW pales w x` *A , lowreent haasingt m* Bare valve #o •br tin the plawed ilea# said# far Us- purpose , of this ift �.t asp►' in it* di ewetd+on ovum a MM -w200 x� �I appraisal to ii Skids �r two or ■oar land ret2m e*wts �r � the purpose or. it wW we tar► land apprrelsal serriaw of 60 �f but � � nothing con�ined in firms oeotice eball be oa ouved as req dr nq 191 wthcri* to base its rentals cc rslling pario*s upon aaoy soap egaQeolml* 916 Mah2dix Uff 8e0* 11•a 14�t, Moffat 46.543, viaioo 6# is eaeaYled to reads - , some 60 authoaritr s�tsti irdh a dl•!trvlot Ot UV Md aalleot3tt�a -l�be P�'Di !r: 'mss subdivision• JU. d t.4 11 E F1 R• Fe NO& 1499 Pap taxing district eW I be deemed to be benefited by redevelqmnt projects to the extent of the special tAxes levied =49r the provisions hereQf. * &bj*ot to the V. consent by resolution of the 1gove body of the muniaipaUty In and for which 00, -It vas created an U..4 tv Is WatrmlU haftled to Txv;y' in each year a special tax At diatriot* The "mot y propert r*4 and personal* %dthin that taaciag toof so 107W I shall OfflMe each year to be oertitW U ths avditar at the 'it located on or before OatlootxW 0 1 Aeoututy in which the ta:d n district I tsar• Such t4a so levied and oertifted shal I be eztenWi spead# ad inaliAnd with we as a pair -fir at *.be Vn*ral Una fm sUtej, cour*# and ni"pal V&pW*, by' the eozrW saditm to be oo32saW " enforaW tbOW"'Wo 41qPtA9 r penalty into at* aul -oorW and as such tax AM a cost.) are by' Un oawtr troasum it SMU We *=al aa loWt and 00116OW _PM sod @1 M as the Misdeveloymant Pro j*at AN W in a separate fo U od be kw turned Wgr to tbe, autmitpt at the same tU* and AvL tho smeal maat>er that Upw for thk undcipaUtr are toned over totbe 612'AdAtV and coneo expanded and appUod for the purpose at the redml pro*�Adfts of R of 'Of. d ,4,62*411'to 462.711a and-far no Other whatoomr dall U the dw— at Abe auftwitly COF Mthc)rlzed upon vowhere signad by represextative• ibe awunt of such spacial tm mbvnfi]Wali Amomt appravok,'7' by the Vverning ba4 of the =mdcdz*34Vj but t4► cionts on of ta=M valvitl* In The at tax 241W having a popo;atl4n ct less thw2DOO I Class .. 'exoeed give cents M a&& 1100 of ta=bl atiu,10+400 la the area at W"tL?h? 0, 1. an additism! ow., dip the area of opmm tiotal —aervice swat Me wAborl1W,Ab&ILIt _9C at* arA budget P" PPUj4r In tbe,2"', a bud `#n acoczyame tzmt cc If Manner as required Of- dePar A W ad" 400= of ftwe an reqSiredto be MWO ow or bofcft,r htgusrt+ first levy f(w the fdUowim Y"r 4411 be an *at M& Awl bo Eby the Vverning bodyo Sese 12• MirgWecta StAdat" 1957j.8**%M462*991S,. it Is 4W"dd4 -� to reads .462, 591 SM'IVWQU lo 'A 2WWV01qPWnt OcKil9V mm be smtedtr thres, or of _a�� more parsons slaWnmr- sojmw4*44 i Ar4 fill ft ilhe, state a oertiflftte which aboll Oaiwni (1= The name* at the propo"d rpdr"lqpmt (21 The purposes for which it Is to be formed* dih s1MU be as follows to acquire one Or MM ar9M Misr A plan Or PI&W sad +10 c0D9tr"tVGMV "IVUdas operate* "n,# and Ocr,"y prOSOCUS. pqrsuant to the terms and provisicad of sections 4629415 to W*7ZU (3) The umnt of the aqdUl stock and* If OW be Pvftnvd the preference thereof; The umber of shame at which the Capital shall oamisto all at Wdob shall have a par value; The Imt1ad'at Ow Vdidpal bwdamas btf&�1 (6) Its ftrutio4 *Lab PWI not be less thus 20 y" (71 The umber of directors* which Sbal I not be leas thm three and Who need not be stockholders; (8) The names and post•oftioe addressee of the directors for the first Yews (9) The nerraea and post - attics addresses of the subscribers to the certificate and a statement of the =a4mr of shares of stock which each &Snoo to UJIM is the redevelopment o*qxWj ♦ Provision that so bong as seou"" 462.41.+5 to 46Q*7U sball recain applicabU to wW p"Ject- I the redeveopmut *C04XWS, the reel property at tho redevelopment acopoW shall wt be "V transferred* or assiped except as A. FO Not 1499 Page 6 permitted by the term and pravitdoom of sections 462*45 to 462.711; (U) A declaration that &U_g the subscribers As-I4 the oortificates are of full age$, that at least two-thirds of them are eitisens of the United States and that at least one of them is a resident of tbo* State of Minnesota; that at least one of the persons named as a director is a citiven of tbs United OtAtes and a resident of the State of Minnesota; (12) A dee3watim that the redevelopment mar has been arganised to serve a public parpose and that it oba31. be- and remain subject to the supervittim and control of the state housing. oamispion+ authorities and gmrning bodies as provided in sections 462*415 to 462*73.10 so lwC as "atione 462.415 to 46204, remain applioW to =W project of the redevelopment bampaM that all real and personal property acquired by it and= all struetwee erected by It anal? be deemed to be aoquired or oroated, for the premadon of the purposes of sections 462*45 to 462.711; (13) A declaration that# WtUr providing for all aqwnseep taxes, or pagrmsnte in lieu of twmep and assesments# there shall be paid anv=31T out of the earnings of the development acopmW from any project for Interest mid IS go oamw to a1Z of itl B12W&Werpj amortisation p and difidends a sum equl to but not exceeding e-4- &MA hoU ei pemut, of the total actual fJ=3 cost of that project as defined by aeotion-462*635# olause 29 that the obligation in tospect of such payments shall be cumulativos, and any defloieW in interests wmtizaticynt, and dividends in respect of that project in arq year @ban be paid from the flist avai:La%o earnings in subsequent years; and that ar► cash surplus derived tram earnings from that projeot remaining in the treasury of the redevelopment ecopmW in excoss of the amount necessary to provide such oumilative aim ml ow oball upon a conveyanoe of the projeot, or upon a dissolution at the 000POWD In Re ante with tho provisions of sootion 462*6952 be paid into the general fend of the city,, villages borought or tome In mbich that project is locatedl' (14) A deoUration that$, upce ca3pliawe with the pvYWOM of section 462.6950 the property W be oavve7od in fee as provided In that section; (15) • declaration that mortgage Indebtedneses, inocas debenture Oartificatesp and stock of the redevelopment oampwW may be retired :Lfp Re# and when there Wall be funds available for anortisation purposes in the treasury of +As redevelopment ccmpazW* See* 13* Minnesota, statutes 19570, Section 462*6110• Is amended to roads 462,6611 Then shall be PW anniml I out Of the OGMIDP Of 00 Pbd*"3-o1PWV ecmpW from wW project* after providing for All eVemmebov Umap or pamentl in lieu of tame# and awmements; a an for Interest# ."tifto and equal to but not exoseding."A d" PWOO"t Of V36 total wool MAX, cost of that projeot, as defined by section 462*635# clause 2; tins . ff . A- --- _& 0 11�" of such payments shall be evoilatives, W MW d9ftWAWW In iAerostp- and dividends in any year in respect of that project ibaU to paid ftch the float available earnings In and azW auh swpbn dWivo,tim eAndup from that project reftainlAg In the troamx&7 of the redeftlquent, eG%WW In 4MOD" of the amount necessary to provide Mob amalative, *=Rai go$ abous %P-= • comreyanAe of the project C& qm a at tip Owrom". 4th the provisions of socUca be VaS4 lift the pa lity in VA& that FOJ!"' 311W%111:� - 462,625 V1% VW OWOV4 WA9 DUU *NOW 1100 =7,7, of ineorpomtia% or an am" OWUMNiAGO aw debenture oertifloates bearl" -so gmter Intenst thft W percent per annmt*. $a& Ino=0 deboutt" Oertifteat" red- OW which they are issued =qr oontmin strap other provisiones I.WUdln pVds!UW foe amortization by *soul watUritiss Uw** the operation at a sJm1d fWA cc otherwise, as mV be approved by 6; stite bousing oandsmion. L� ■ f 2. - . .a ■ '�s1 "LrS�..•' f7 '."�. Tom''!... 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