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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WHEREAS, the Commission shall deposit into the Reserve Account from the proceeds to be received from the sale of the Series 1992 Bonds (as hereinafter defined) an amount which when combined with available monies of the Commission and added to the balance in the Reserve Account shall make the balance in the Reserve Account equal to the Debt Service Reserve Requirement as calculated for the Series 1985 Bonds, the Series 1986 Bonds, the Series 1988 Bonds and the Parity Bonds authorized by this Series 1992 Bond Resolution ( "the Series 1992 Bonds "), provided that such amount of bond proceeds shall not exceed the least of: (a) the maximum annual debt service on the Bonds; (b) one hundred twenty -five percent (125%) of the average annual debt service on the Bonds; and (c) ten percent (10 %) of the proceeds of the Bonds (within the meaning of Section 148(d) of Code); and WHEREAS, the Commission has received a certificate prepared by Municipal Consultants, an independent financial Ark consultant that is acting as the Certifier, attached hereto as Exhibit D and incorporated herein, certifying that the Tax Increment estimated to be received in each succeeding year as provided herein, is estimated to be equal to at least one hundred fifty percent (150 %) of the principal and interest requirements for each respective year during the terms of the Series 1985 Bonds, the Series 1986 Bonds, the Series 1988 Bonds and the Series 1992 Bonds (the Series 1985 Bonds, the Series 1986 Bonds, the Series 1988 Bonds and the Series 1992 Bonds shall hereinafter collectively be referred to as the "Bonds "), the estimate and calculation of Municipal Consultants being made in full accord with the terms and conditions of Section 6(c) of the Series 1985 Bond Resolution, the Series 1986 Bond Resolution and the Series 1988 Bond Resolution as set out hereinabove; and WHEREAS, the Commission now representations of the Controller and set forth in the above - described Consultants; and approves and confirms the the findings and estimates certificate of Municipal WHEREAS, the Commission now determines that based on the representations, findings and certificate referred to hereinabove, ` the conditions precedent as provided for in Section 6 of the Series 1985 Bond Resolution, the Series 1986 Bond Resolution and the Series 1988 Bond Resolution are met and it is authorized to issue the Series 1992 Bonds in an aggregate principal amount of Two Million Nine Hundred Thousand and 00 /100 Dollars ($2,900,000.00) which shall be payable solely out of taxes on real property located 7