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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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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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(f) The Tax Increment, other than the excess funds shall be <br />irrevocably pledged for the purpose set forth in this Section 4. <br />(g) All money in each of the accounts in the Allocation Fund shall be <br />held in trust for the benefit of the holders of the Bonds and shall be applied, used and <br />withdrawn only for the purposes authorized in this Section 4. The proceeds of the <br />Allocation Fund shall be deposited with a legally qualified depository or depositories for <br />funds of the City as now provided by law and shall be segregated and kept separate and <br />apart from all other funds of the City and may be invested as permitted by law. Interest <br />earned in each account or fund established under this Resolution shall be credited thereto. <br />(a) The Redevelopment District reserves the right to authorize and <br />issue additional bonds ( "Parity Bonds "), payable out of the Tax Increment, ranking on a <br />parity with the Bonds authorized by this Resolution and payable ratably from the Tax <br />Increment for the purpose of raising money for future property acquisition, <br />redevelopment and economic development in or serving the Allocation Area. In the <br />event any Parity Bonds are issued pursuant to this Section 5(a), the term "Bonds" in this <br />Resolution shall, unless the context otherwise requires, be deemed to refer to the bonds <br />authorized to be issued by this Resolution and such Parity Bonds. The authorization and <br />issuance of Parity Bonds shall be subject to the following conditions precedent: <br />(i) All interest and principal payments with respect to all <br />obligations payable from the Tax Increment shall be current to date with no <br />payment in arrears. <br />(ii) The balance in the Reserve Account shall equal the Debt <br />Service Reserve Requirement. <br />(iii) The Commission shall have received a certificate prepared <br />by an independent certified public accountant or an independent financial <br />consultant ( "Certifier ") certifying that the Tax Increment estimated to be received <br />in each succeeding year, adjusted as provided below, is estimated to be equal to at <br />least 110% of the principal and interest requirements of all obligations of the <br />Commission payable from Tax Increment for each respective year during the term <br />of the bonds with respect to the Bonds and the Parity Bonds. In estimating the <br />Tax Increment to be received in any future year, the Certifier shall base his <br />calculation on assessed valuation actually assessed or to be assessed as of the <br />assessment date immediately preceding the issuance of the Parity Bonds; <br />provided, however, the Certifier shall adjust such assessed values for the current <br />and future reductions of real property tax abatements granted to property owners <br />in the Allocation Area. No increase in the Tax Increment to be received in any <br />future year shall be assumed which results from projected inflation in property <br />values. <br />-18- <br />BDDBOI 40102160 <br />
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