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No. 2017 amending resolution No. 1965 a bond resolution of the SBRC authorizing issuance of tax increment revenue bonds, series 2003, of the SB redevelopment district as previously amended by resolution No. 2004
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No. 2017 amending resolution No. 1965 a bond resolution of the SBRC authorizing issuance of tax increment revenue bonds, series 2003, of the SB redevelopment district as previously amended by resolution No. 2004
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CW The Bonds shall not constitute a corporate obligation or <br />indebtedness of the City, but shall constitute an obligation of the Redevelopment <br />District. The Bonds, together with interest thereon, shall be payable solely out of <br />the Tax Increment. <br />The Bonds shall be issued in fully registered form in the <br />denomination of Five Thousand Dollars ($5,000) or an integral multiple thereof <br />(the "Authorized Denomination ") not exceeding the aggregate principal amount <br />of Bonds maturing in any one (1) year. The Bonds shall be numbered <br />consecutively from 2003R -1 upwards and shall bear interest payable <br />semiannually commencing February 1, 2004, or such later date as may be set <br />forth in the Issuer's Certificate, defined herein, and each August 1 and February 1 <br />thereafter, at a rate or rates not to exceed seven percent (7 %) (the exact rate or <br />rates of interest to be determined by negotiated sale as set forth in Section 9 <br />hereof) or such lower rate or rates for such maturities as may be determined by <br />the President of the Commission and the Controller and set forth in a certificate of <br />the Redevelopment District executed by the President of the Commission and the <br />Controller prior to the sale of the Bonds, establishing certain provisions and <br />details with respect to the Bonds (hereinafter referred to as the "Issuer's <br />Certificate "). Interest shall be calculated on the basis of twelve (12) thirty (30)- <br />day months for a three hundred sixty (360) -day year. <br />Notwithstanding anything herein to the contrary, the Bonds shall, <br />in compliance with all applicable laws, be initially issued and held in book -entry <br />form and registered in the name of Cede & Co., as nominee for The Depository <br />Trust Company without physical distribution of Bonds to the purchasers thereof. <br />The President of the Commission is hereby authorized to take such action as may <br />be necessary to provide for the Bonds to be issued in book - entry -only form, <br />including without limitation executing a Blanket Issuer Letter of Representations. <br />The Bonds shall mature semiannually on each February 1 and <br />August 1 beginning on August 1, 2004, or such later date as may be set forth in <br />the Issuer's Certificate, and thereafter on each February 1 and August 1 through <br />and including August 1, 2024, or such earlier final maturity date and in such <br />annual principal amounts set forth in the Issuer's Certificate. <br />A Registrar and Paying Agent (the "Registrar" or the "Paying <br />Agent" or in both such capacities as the "Registrar and Paying Agent ") shall be <br />appointed by the Controller. The Controller is hereby authorized to solicit and <br />receive proposals with regard to the services of a registrar and paying agent. The <br />Registrar and Paying Agent is hereby charged with and shall by appropriate <br />agreement undertake the performance of all of the duties and responsibilities <br />customarily associated with each such position, including without limitation <br />authenticating the Bonds. The Registrar shall keep and maintain at its principal <br />office books for the registration and for the transfer of the Bonds (the "Bond <br />Register "). The President of the Commission and the Controller are hereby <br />SBIMANI 164709v1 - 3 - <br />
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