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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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-20- <br />exclusion from gross income for federal tax purposes of interest on <br />the Bonds pursuant to Section 103(a) of the Code, and the <br />Commission will not act in any manner which would adversely affect <br />t <br />such exclusion. <br />i <br />i <br />Section 9. Defeasance of Bonds. If the whole amount <br />e <br />of the principal, redemption premium, if any, and interest due and <br />payable upon the Bonds then outstanding or a portion thereof shall <br />be paid, or (i) sufficient moneys, or (ii) direct obligations of, <br />i <br />or obligations the principal of and interest on which are <br />i <br />unconditionally guaranteed by, the United States of America, the <br />t <br />principal of and the interest on which when due or when called for <br />i <br />redemption by the holder thereof at the option of the holder will <br />provide sufficient moneys for such purpose, and such obligations <br />are not subject to call or redemption by the issuer thereof prior <br />i <br />to maturity or for which irrevocable instructions to redeem have <br />been given and the principal of and the interest on which when due <br />will provide sufficient moneys for such purpose, or (iii) time <br />certificates of deposit fully secured as to both principal and <br />interest by obligations of the type described in (ii) above of a <br />3 <br />bank or banks the principal of and interest on which when due will <br />i <br />i <br />provide sufficient moneys for such purpose, or (iv) a combination <br />i <br />of such moneys and obligations, shall be held irrevocably in trust <br />for such purpose, and such Bonds or portion thereof shall have <br />become due and payable in accordance with their terms or shall have <br />been duly called for redemption or irrevocable instructions to call <br />such Bonds or portion thereof for redemption shall have been given, <br />-20- <br />
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