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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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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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interest rates and maturities. Until so exchanged, the temporary <br />Bonds shall be entitled to the same benefits under this Resolution <br />as definitive Bonds issued hereunder. <br />12. The Mayor is hereby authorized to execute the Bonds <br />with his manual or facsimile signature and the Controller is hereby <br />authorized and directed to have the definitive Bonds prepared, <br />attest the Bonds with his manual or facsimile signature, and cause <br />the seal of the City to be impressed or a facsimile thereof to be <br />printed on the Bonds, all in the form and manner herein provided. <br />In case any officer whose signature appears on the Bonds shall <br />cease to hold that office before the delivery of the Bonds, the <br />signature shall nevertheless be valid and sufficient for all <br />purposes, the same as if such officer had remained in office until <br />the delivery of the Bonds. After the Bonds have been properly <br />executed, the Controller shall certify the amount the purchaser is <br />to pay, together with the name and address of the purchaser, and <br />upon receipt of the amount of payment certified, deliver the Bonds <br />to the purchaser. The Controller shall take a receipt for the <br />Bonds delivered to the purchaser, pay the purchaser's payment into <br />the respective funds described above, and report the proceedings <br />to the Commission and the Common Council of the City. <br />13. In order to preserve the exclusion from gross income <br />of interest on the Bonds under federal law and as an inducement to <br />the purchasers of the Bonds, the Commission on behalf of the <br />Redevelopment District represents, covenants and agrees that: <br />(a) No person or entity or any combination thereof, <br />other than the Redevelopment District or the City, will use <br />proceeds of the Bonds or property financed by said proceeds <br />other than as a member of the general public. No person or <br />entity or any combination thereof, other than the <br />Redevelopment District, will own property financed by Bond <br />proceeds or will have actual or beneficial use of such <br />property pursuant to a lease, a management or incentive <br />payment contract, an arrangement such as a take -or -pay or <br />other type of output contract or any other type of arrangement <br />that differentiates that person's or entity's use of such <br />property from the use by the public at large of such property; <br />(b) No Bond proceeds will be loaned to any entity or <br />person. No Bond proceeds will be transferred directly, or <br />indirectly transferred or deemed transferred to a person other <br />than a governmental unit in a fashion that would in substance <br />constitute a loan of said Bond proceeds; <br />(c) The Redevelopment District will not take any action <br />or fail to take any action with respect to the Bonds that <br />would result in the loss of the exclusion from gross income <br />for federal tax purposes of interest on the Bonds pursuant to <br />-24- <br />\rlhill \sthbnd\ airport \general \finalbd;lh;August 31, 1990 <br />
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