My WebLink
|
Help
|
About
|
Sign Out
Home
Browse
Search
No. 0958 a final bond resolution of the SBRC authorizing the issuance of the COSB redevelopment district tax increment revenue bonds of 1990 for purpose of raising money for property acquisition/redevelopment in the AEDA allocation area No. 1
sbend
>
Public
>
Redevelopment Commission
>
Resolutions
>
No. 0958 a final bond resolution of the SBRC authorizing the issuance of the COSB redevelopment district tax increment revenue bonds of 1990 for purpose of raising money for property acquisition/redevelopment in the AEDA allocation area No. 1
Metadata
Thumbnails
Annotations
Entry Properties
Last modified
10/18/2012 3:08:30 PM
Creation date
1/12/2012 12:17:37 PM
Metadata
There are no annotations on this page.
Document management portal powered by Laserfiche WebLink 9 © 1998-2015
Laserfiche.
All rights reserved.
/
32
PDF
Print
Pages to print
Enter page numbers and/or page ranges separated by commas. For example, 1,3,5-12.
After downloading, print the document using a PDF reader (e.g. Adobe Reader).
Show annotations
View images
View plain text
provided by law and shall be segregated and kept separate and <br />apart from all other funds of the City and may be invested as <br />permitted by law. Interest earned in each account or fund <br />established under this Resolution shall be credited thereto, <br />except that the amount of funds in the Reserve Account shall <br />not exceed the Debt Service Reserve Requirement, and any such <br />excess shall be deposited into the General Account. <br />5. The Redevelopment District reserves the right to <br />authorize and issue additional bonds ( "Parity Bonds ") , payable out <br />of the Tax Increment, ranking on a parity with the Bonds authorized <br />by this Resolution and payable ratably from the Tax Increment for <br />the purpose of raising money for future property acquisition or <br />redevelopment in the Allocation Area. In the event any Parity <br />Bonds are issued pursuant to this Paragraph No. 5, the term "Bonds" <br />in this Resolution shall, unless the context otherwise requires, <br />be deemed to refer to the bonds authorized to be issued by this <br />Resolution and such Parity Bonds. The authorization and issuance <br />of Parity Bonds shall be subject to the following conditions <br />precedent: <br />(a) All interest and principal payments with respect to <br />all bonds payable from the Tax Increment shall be current <br />to date with no payment in arrears. <br />(b) The balance in the Reserve Account shall equal the <br />Debt Service Reserve Requirement. <br />(c) The Commission shall have received a certificate <br />prepared by an independent certified public accountant <br />or an independent financial consultant ( "Certifier ") <br />certifying that the Tax Increment estimated to be <br />received in each succeeding year, adjusted as provided <br />below, is estimated to be equal to at least 125% of the <br />principal and interest requirements for each respective <br />year during the term of the bonds with respect to the <br />Bonds and the Parity Bonds. In estimating the Tax <br />Increment to be received in any future year, the <br />Certifier shall base his calculation on assessed <br />valuation actually assessed or to be assessed as of the <br />assessment date immediately preceding the issuance of the <br />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 Allocation Area. No increase in <br />the Tax Increment to be received in any future year shall <br />be assumed which results from projected inflation in <br />property values. <br />-21- <br />\rlhill \sthbnd\ airport \general \finalbd;lh;August 31, 1990 <br />
The URL can be used to link to this page
Your browser does not support the video tag.