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`s Resolutions Nos. 752, 755 and 756 (Resolution No. 747, as amended,
<br />shall hereinafter be referred to as the "Series 1985 Bond
<br />Resolution ") , adopted August 23, 1985, November 18, 1985, November
<br />22, 1985 and December 20, 1985, respectively, which bonds in the
<br />amount of Three Million Eight Hundred Seventy -Five Thousand and
<br />00/100 Dollars ($3,875,000.00) are outstanding as of December 1,
<br />1992, and mature in various amounts annually on February 1, of each
<br />year through and including February 1, 2003; and
<br />WHEREAS, the Commission has heretofore issued certain tax
<br />increment revenue bonds in the aggregate principal amount of One
<br />Million Seven Hundred Fifty Thousand and 00 /100 Dollars
<br />($1,750,000.00), designated Tax Increment Revenue Bonds of 1986
<br />(the "Series 1986 Bonds "), issued pursuant to Resolution No. 775
<br />and Amending Resolutions Nos. 779 and 780 (Resolution No. 775, as
<br />amended, shall hereinafter be referred to as the "Series 1986 Bond
<br />Resolution "), adopted May 23, 1986, July 11, 1986, and July 25,
<br />1986, respectively, which Bonds in the amount of One Million Seven
<br />Hundred Thousand and 00 /100 Dollars ($1,700,000.00) are outstanding
<br />as of December 1, 1992, and mature in various amounts annually on
<br />February 1 of each year through and including February 1, 2004; and
<br />WHEREAS, the Commission has heretofore issued certain Tax
<br />Increment Revenue Bonds in the aggregate principal amount of One
<br />Million Eight Hundred Thousand and 00 /100 Dollars ($1,800,000.00),
<br />designated Tax Increment Revenue Bonds of 1988 (the "Series 1988
<br />Bonds "), issued pursuant to Resolution No. 819 (the "Series 1986
<br />Bond Resolution ") adopted November 12, 1987, which Bonds in the
<br />amount of One Million Eight Hundred Thousand and 00/100 Dollars
<br />($1,800,000.00) are outstanding as of December 1, 1992 and will
<br />mature in various amounts annually on February 1 of each year
<br />beginning on February 1, 1993, through and including February 1,
<br />2004; and
<br />WHEREAS, the Series 1985 Bond Resolution, the Series 1986
<br />Bond Resolution and the Series 1988 Bond Resolution, authorizing
<br />the issuance of the Series 1985 Bonds, the Series 1986 Bonds and
<br />the Series 1988 Bonds, respectively, provide at Section 6 that the
<br />Redevelopment District reserves the right to authorize and issue
<br />additional bonds ( "Parity Bonds ") , payable out of Tax Increment (as
<br />hereinafter defined), ranking on a parity with the Series 1985
<br />Bonds, the Series 1986 Bonds and the Series 1988 Bonds for the
<br />purpose of raising money for future property acquisition or
<br />redevelopment in the Allocation Area; and
<br />ce WHEREAS, Section 6 of the Series 1985 Bond Resolution,
<br />the Series 1986 Bond Resolution and the Series 1988 Bond Resolution
<br />provide that the authorization and issuance of Parity Bonds shall
<br />be subject to the following conditions precedent:
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