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No. 1065 amending Resolution No. 1054 and amending the resolutions unbder which tax incremnent bonds are outstanding
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No. 1065 amending Resolution No. 1054 and amending the resolutions unbder which tax incremnent bonds are outstanding
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10/18/2012 2:58:26 PM
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to <br />Bonds ") , payable out of the Tax Increment, ranking on a parity with <br />the Bonds for the purpose of raising money for future property <br />acquisition or redevelopment in the Area or to provide for a <br />complete or partial refunding of any Tax Increment Bonds. The <br />authorization and issuance of Parity Bonds shall be subject to the <br />following conditions precedent: <br />(a) All interest and principal payments with respect <br />to all Tax Increment Bonds shall be current to date in <br />accordance with the terms thereof with no payment in <br />arrears. <br />(b) The balance in the Reserve Account shall equal <br />the Debt Service Reserve Requirement. <br />(c) The Commission shall have received a certificate <br />prepared by an independent certified public accountant or <br />an independent financial consultant (the "Certifier ") <br />certifying that the Tax Increment estimated to be received <br />in each succeeding year, adjusted as provided below, is at <br />least equal to 150% of the principal and interest <br />requirements for each respective year during the term of <br />the bonds with respect to the Bonds and the Parity Bonds. <br />In estimating the Tax Increment to be received in any <br />future year, the Certifier shall base his calculation on <br />assessed valuation actually assessed or to be assessed as <br />of the assessment date immediately preceding the issuance <br />of the Parity Bonds, provided, however, the Certifier shall <br />adjust such assessed values for the current and future <br />reductions of real property tax abatements granted to <br />property owners in the Area. No increase in the Tax <br />Increment to be received in any future year shall be <br />assumed which results from projected inflation in property <br />values. <br />The Commission shall approve and confirm the findings and <br />estimates set forth in the above - described certificate in any <br />resolution authorizing the issuance of the Parity Bonds. <br />Section 8. Tax Matters. In order to preserve the <br />exclusion of interest on the Bonds from gross income for federal <br />income tax purposes and as an inducement to purchasers of the <br />-18- <br />
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