No. 2153 authorizing issuance of bonds of the SB redevelopment district for purpose of raising money for certain local public improvements in downtown medical services district allocation area

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by Standard & Poor's Ratings Group or "Aaa" by Moody's Investor Service. No deposit need be made in the Reserve Account so long as there shall be on deposit a sum equal to the least of (i) the maximum annual debt service on the bonds, or (ii) one and one - quarter (1' /d) times the average annual debt service on the Bonds, or (iii) ten percent (10 %) of the proceeds of the Bonds within the meaning of Section 148(d) of the Internal Revenue Code of 1986, as amended (the "Code ") (the "Debt Service Reserve Requirement "). All money in the Reserve Account shall be used and withdrawn by the City solely for the purpose of making deposits into the Bond Principal and Interest Account, in the event of any deficiency at any time in such account, or for the purpose of paying the interest on or principal of or redemption premiums, if any, on the Bonds in the event that no other money is lawfully available therefor, except that so long as there is no default hereunder, any amount in the Reserve Account in excess of the Debt Service Reserve Requirement shall be withdrawn from the Reserve Account and deposited in the General Account. Money in the Reserve Account shall also be available to the final payments of interest and principal on the Bonds. (c) General Account. The remaining amounts in the Tax Increment Revenue Account shall be deposited into the General Account of the Allocation Fund and available only to do one (1) or more of the following: (1) pay the principal of and interest on any obligations (including the Bonds) payable solely from allocated tax proceeds which are incurred by the Redevelopment District for the purpose of financing or refinancing the redevelopment or economic development of the Allocation Area; (2) establish, augment, or restore the debt service reserve for bonds (including the Bonds) payable solely or in part from allocated tax proceeds in the Allocation Area; (3) pay the principal of and interest on bonds payable from allocated tax proceeds in the Allocation Area; (4) pay the principal of and interest on bonds issued by the City to pay for local public improvements in or serving the Allocation Area; (5) pay premiums on the redemption before maturity of bonds payable solely or in part from allocated tax proceeds in the Allocation Area; (6) make payments on leases payable from allocated tax proceeds in the Allocation Area under Section 25.2 of the Act; (7) reimburse the City for expenditures made by the City for local public improvements (which include buildings, parking facilities, and other items described in Section 25.1(a) of the Act) within or serving the Allocation Area; -16- BDDBOI 40102160