No. 1965 authorizing the issuance of tax increment revenue bonds, series 2003, of the SB redevelopment district

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A 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 solely out of the Tax Increment. The Bonds shall be issued in fully registered form in the denomination of Five Thousand Dollars ($5,000) or an integral multiple 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 2003R -1 upwards and shall bear interest payable semiannually commencing February 1, 2004, or such later date as may be set forth in the Issuer's Certificate, defined herein, and each August 1 and February I thereafter, at a rate or rates not to exceed seven percent (7 %) (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 Redevelopment District 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. Notwithstanding anything herein to the contrary, the Bonds shall, in compliance with all applicable laws, be initially issued and held in book -entry form and registered in the name of Cede & Co., as nominee for The Depository Trust Company without physical distribution of Bonds to the purchasers thereof. The President of the Commission is hereby authorized to take such action as may be necessary to provide for the Bonds to be issued in book - entry-only form, including without limitation executing a Blanket Issuer Letter of Representations. The Bonds shall mature serially on each February 1 beginning on February 1, 2004, 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, 2023, 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. SBIMANI 145795v2 - 3 -