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No. 1830 amending Res. No. 1823 entitled "Resolution of the SBRc of the COSB, pledging TIF revenues for pmt, if necessary, of the principal of/interest on a loan from the environmental remediation revolving loan fund administered by IDFA
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No. 1830 amending Res. No. 1823 entitled "Resolution of the SBRc of the COSB, pledging TIF revenues for pmt, if necessary, of the principal of/interest on a loan from the environmental remediation revolving loan fund administered by IDFA
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A <br />valuation actually assessed or to be assessed as of the assessment date <br />immediately preceding the issuance of the Parity Bonds; provided, <br />however. the Certifier shall adjust such assessed values for the current <br />and future reductions of real property tax abatements granted to <br />property owners in the Allocation Area. No increase in the Tax <br />Increment to be received in any future year shall be assumed which <br />results from projected inflation in property values. <br />The Commission shall approve and confirm the findings and estimates set forth in the <br />above - described certificate in any supplemental resolution authorizing the issuance of the <br />Parity Bonds. <br />(b) Except as otherwise provided in this Paragraph, so long as any of the Pledge <br />remains effective, no additional bonds or other obligations pledging any portion of the Fax Increment <br />shall be authorized, executed or issued by the City acting for and on behalf of the Redevelopment <br />District except such as shall be made subordinate and junior in all respects to the Pledge and the <br />Parity Bonds, unless the Pledge has been terminated by the Commission with the concurrence of <br />IDFA and all of the Parity Bonds are redeemed and retired coincidentally with the delivery of such <br />additional bonds or other obligations. <br />3. All remaining provisions set forth in the Pledge Resolution shall remain in <br />full force and effect. <br />4. This Resolution shall be in full force and effect after its adoption by the <br />Commission and shall not be repealed or amended in any manner which would serve to adversely <br />affect the pledge of the available tax increment revenues contained herein with respect to the Loan. <br />ODM 1 PCDOCS SBDOCS 1 83274 1 - - <br />
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