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

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provided by law and shall be segregated and kept separate and apart from all other funds of the City and may be invested as permitted by law. Interest earned in each account or fund established under this Resolution shall be credited thereto, except that the amount of funds in the Reserve Account shall not exceed the Debt Service Reserve Requirement, and any such excess shall be deposited into the General Account. 5. 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 authorized by this Resolution and payable ratably from the Tax Increment for the purpose of raising money for future property acquisition or redevelopment in the Allocation Area. In the event any Parity Bonds are issued pursuant to this Paragraph No. 5, the term "Bonds" in this Resolution shall, unless the context otherwise requires, be deemed to refer to the bonds authorized to be issued by this Resolution and such Parity Bonds. 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 bonds payable from the Tax Increment shall be current to date 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 ( "Certifier ") certifying that the Tax Increment estimated to be received in each succeeding year, adjusted as provided below, is estimated to be equal to at least 125% 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 Allocation 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. -21- \rlhill \sthbnd\ airport \general \finalbd;lh;August 31, 1990