No. 1118 authorizing issuance of bonds on parity with COSB redevelopment district tax increment revenue bonds of 1985, 1986, 1988 for the purpose of raising money for redevelopment in the SBCAA

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Expansion Area No. 1 is an area within the Allocation Area as more particularly described in Exhibit B attached hereto and incorporated herein with the base assessment date of March 1, 1988; Expansion Area No. 2 is an area within the Allocation Area as more particularly described in Exhibit B attached hereto and incorporated herein with the base assessment date of March 1, 1989; Expansion Area No. 3 is an area within the Allocation Area as more particularly described in Exhibit B attached hereto and incorporated herein with the base assessment date of March 1, 1989; and WHEREAS, with regard to taxes levied on real property in the Allocation Area, property tax proceeds in excess of those attributable to the lesser of: (a) the assessed value of the property for the assessment date with respect to which the allocation and distribution is made; or (b) the net assessed value of all property as finally determined for the base assessment date of the allocation provisions of the pertinent declaratory resolutions establishing the individual parcels within the Allocation Area, as adjusted under Section 39(h) of the Act; shall be allocated to the Redevelopment District and, when collected, paid into the Allocation Fund, and may be used by the Commission only to do one (1) or more of the following: (a) Pay the principal and interest on any obligations payable solely from allocated tax proceeds which are incurred by the Redevelopment District for the purpose of financing or refinancing the redevelopment of the Allocation Area. (b) Establish, augment, or restore the debt service reserve for Bonds payable solely or in part from allocated tax proceeds in the Allocation Area; K