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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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currently used to pay the lease rentals would have to be pledged to such a bond), IDFA does not want <br />to be in a position in the future where its loan is junior to a TIF revenue bond issue. <br />To address IDFA's concern, we have prepared the enclosed amending resolution <br />which establishes a parity test with respect to any future TIF revenue bonds issued in connection with <br />the Area. The parity language provides that before any such TIF revenue bonds are issued in the <br />future, the Commission would have to have an assurance that sufficient TIF revenues would be <br />available to service the IDFA loan (if Bosch were to default) and the bond issue. The parity <br />provision we have included in the resolution is a standard provision used in TIF revenue bond <br />financings. <br />Please feel free to call with any questions or comments. <br />Enclosures <br />cc: Charles S. Leone, Esq. <br />Richard L. Hill, Esq. <br />ODMA J'CDOCS SBDOCS I .82330,1 '7' <br />
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