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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The Bonds shall not constitute a corporate obligation or indebtedness of the City, but shall constitute an obligation of the Redevelopment District. The Bonds, together with interest thereon, shall be payable out of the Tax Increment and such other revenues that may be available to the Commission and pledged for such purpose. The Bonds shall be issued in fully registered form in the denomination of Five Thousand Dollars ($5,000) or an integral multiple thereof in the event they are publicly sold and otherwise in the denomination of One Hundred Thousand Dollars ($100,000) or any integral multiple of $1,000 in excess thereof (the "Authorized Denomination ") not exceeding the aggregate principal amount of Bonds maturing in any one (1) year. The Bonds shall be numbered consecutively from 2005R -1 upwards and shall bear interest payable semiannually commencing August 1, 2005, or such later date as may be set forth in the Issuer's Certificate, defined herein, and each February 1 and August I thereafter, at a rate or rates not to exceed eight percent (8 %) (the exact rate or rates of interest to be determined by negotiated sale as set forth in Section 9 hereof) or such lower rate or rates for such maturities as may be determined by the President of the Commission and the Controller and set forth in a certificate of the City executed by the President of the Commission and the Controller prior to the sale of the Bonds, establishing certain provisions and details with respect to the Bonds (hereinafter referred to as the "Issuer's Certificate "). Interest shall be calculated on the basis of twelve (12) thirty (30) -day months for a three hundred sixty (360) -day year. The Bonds shall mature annually beginning on February 1, 2006, or such later date as may be set forth in the Issuer's Certificate, and thereafter on each February 1 through and including February 1, 2016, or such earlier final maturity date and in such annual principal amounts set forth in the Issuer's Certificate. A Registrar and Paying Agent (the "Registrar" or the "Paying Agent" or in both such capacities as the "Registrar and Paying Agent ") shall be appointed by the Controller. The Controller is hereby authorized to solicit and receive proposals with regard to the services of a registrar and paying agent. The Registrar and Paying Agent is hereby charged with and shall by appropriate agreement undertake the performance of all of the duties and responsibilities customarily associated with each such position, including without limitation authenticating the Bonds. The Registrar shall keep and maintain at its principal office books for the registration and for the transfer of the Bonds (the "Bond Register "). The President of the Commission and the Controller are hereby authorized and directed, on behalf of the Commission, to enter into such agreements or understandings with the Registrar and Paying Agent as will enable the Registrar and Paying Agent to perform the services required of a registrar and a paying agent, and is authorized and directed to pay the Registrar and Paying Agent for its services out of available funds. The principal of and premium, if any, on the Bonds shall be payable at the principal office of the Paying Agent for the Bonds. Interest on the Bonds shall be paid by check or draft mailed or delivered to the registered owners thereof at the address as it appears on the Bond Register as of the last day of the month immediately preceding the interest payment date or at such other address as is provided to the Paying Agent in writing by such registered owners. All payments on the Bonds shall be made in any coin or currency of the United States of America which on the dates of such payments shall be legal tender for the payment of public and -5- BDDB0140102160