No. 1054 regarding issuance of tax increment revenue refunding bonds

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any officer whose signature appears on the Bonds shall cease to hold that office before delivery of the Bonds, the signature shall nevertheless be valid and sufficient for all purposes as if such officer had remained in office until delivery of the Bonds. Section 7. Additional Bonds. The Redevelopment District reserves the right to authorize and issue additional bonds ( "Parity Bonds ") , payable out of the Tax Increment, ranking on a parity with the Bonds for the purpose of raising money for future property acquisition or redevelopment in the Area. The authorization and issuance of Parity Bonds shall be subject to the following conditions precedent: (a) All interest and principal payments with respect to all Tax Increment Bonds shall be current to date in accordance with the terms thereof with no payment in arrears. (b) The balance in the Reserve Account shall equal the Debt Service Reserve Requirement. (c) The Commission shall have received a certificate prepared by an independent certified public accountant or an independent financial consultant (the "Certifier ") certifying that the Tax Increment estimated to be received in each succeeding year, adjusted as provided below, is at least equal to % of the principal and interest requirements for each respective year during the term of the bonds with respect to the Bonds and the Parity Bonds. In estimating the Tax Increment to be received in any future year, the Certifier shall base his calculation on assessed valuation actually assessed or to be assessed as of the assessment date immediately preceding the issuance of the Parity Bonds, provided, however, the Certifier shall adjust such assessed values for the current and future reductions of real property tax abatements granted to property owners in the Area. No increase in the Tax Increment to be received in any future year shall be assumed which results from projected inflation in property values. -17-