Laserfiche WebLink
Section 2. The clauses of the 1992 Bond Resolution and the <br />Prior Bond Resolutions which establish a 150% coverage test as one <br />of the conditions precedent to issuing additional parity bonds are <br />r each hereby amended by adding the following: "Additional Parity <br />Bonds issued as variable rate debt must be assumed to bear the <br />maximum interest rate thereon for the purpose of certifying <br />satisfaction of the 150% condition set forth above, and a maximum <br />rate must be set for any such variable rate additional Parity <br />Bonds. Furthermore, any put feature associated with such variable <br />rate debt must be covered by remarketing proceeds or a liquidity <br />facility issued by a provider which is either (i) rated in the <br />highest short -term rating category of the two national services, or <br />(ii) for as long as any bonds payable out of the Tax Increment are <br />insured by AMBAC Indemnity Corporation, acceptable to AMBAC <br />Indemnity Corporation." <br />Adopted at a regular meeting of the Commission held on the <br />day of January, 1993. <br />SOUTH BEND REDEV LOPMENT COMMISSION <br />By: <br />Roman J. Piasecki, Vice P esident <br />ATTEST: <br />Secretary <br />MCK01849 <br />