No. 1054 regarding issuance of tax increment revenue refunding bonds

Home Browse Search

• .! and 1986 Bonds which are not advance refunded with proceeds from the sale of the Bonds. The principal of and premium on Bonds shall be payable in lawful money of the United States of America at the office of the Paying Agent serving under Section 14 of this Resolution, or of any alternate paying agent named in any Bond or subsequently appointed. The Bonds shall mature as set forth on Exhibit C attached hereto and incorporated herein. The Bonds are not general obligations of the City or the Redevelopment District but are limited and special obligations payable solely as set forth therein. The Bonds shall be authenticated with the manual signature of an authorized representative of the Registrar serving under Section 14 of this Resolution, and no Bond shall be valid or obligatory for any purpose or be entitled to any benefit under this Resolution until the certificate of authentication on such Bond shall have been so executed. The Commission hereby directs that there be transferred to the Escrow Agreement and to the funds and accounts referred to herein such moneys held in accordance with the Prior Resolutions as is directed by the Department with the advice of bond counsel. Funds deposited under the Escrow Agreement to carry out the refunding of the Refunded Bonds shall be and hereby are irrevocably set aside for and pledged to the payment of the Refunded Bonds. The Refunded Bonds shall be called for redemption on the date which will generate the greatest savings, unless another date is required -4-