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No. 0925 authorizing the issuance/sale of special taxing district bonds of the SB redevelopment district for purpose of raising money for property acquisition and redevelopment in the Studebaker Corridor Dev Area
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No. 0925 authorizing the issuance/sale of special taxing district bonds of the SB redevelopment district for purpose of raising money for property acquisition and redevelopment in the Studebaker Corridor Dev Area
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10/18/2012 3:12:40 PM
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employees and agents of the Commission, the Department and the <br />City are authorized to certify and /or enter into covenants for <br />the District regarding the facts and circumstances and reasonable <br />expectations of the Commission on the date the Bonds are issued <br />and the commitments made by the Commission herein regarding the <br />amount and use of the proceeds of the Bonds. <br />SECTION 10. Notwithstanding any other provisions of this <br />Resolution, the covenants and authorizations contained in this <br />Resolution (the "Tax Sections ") which are designed to preserve <br />the exclusion of interest on the Bonds from gross income under <br />federal law (the "Tax Exemption ") need not be complied with if <br />the District receives an opinion of nationally recognized bond <br />counsel that any Tax Section is unnecessary to preserve the Tax <br />Exemption. <br />SECTION 11. If, when the Bonds or a portion thereof shall <br />have become due and payable in accordance with their terms or <br />shall have been duly called for redemption or irrevocable <br />instructions to call the Bonds or a portion thereof for <br />redemption shall have been given, and the whole amount of the <br />principal of and premium, if any, and interest so due and payable <br />upon all of the Bonds or a portion thereof then outstanding shall <br />be paid or (i) sufficient moneys, or (ii) direct obligations of, <br />or obligations the principal of and interest on which are <br />unconditionally guaranteed by, the United States of America, the <br />principal of and the interest on which when due will provide <br />sufficient moneys for such purpose, or (iii) time certificates of <br />deposit fully secured as to both principal and interest by <br />obligations of the kind described in (ii) above of a bank or <br />banks the principal of and interest on which when due will <br />provide sufficient moneys for such purpose, shall be held in <br />trust for such purpose, and provision shall also have been made <br />for paying all fees and expenses in connection with the <br />redemption, then and in that case the Bonds or such portion <br />thereof issued hereunder shall no longer be deemed outstanding or <br />an indebtedness of the District. <br />SECTION 12. If any section, paragraph or provision of this <br />Resolution shall be held to be invalid or unenforceable for any <br />reason, the invalidity or unenforceability of such section, <br />paragraph or provision shall not affect any of the remaining <br />provisions of this Resolution. <br />SECTION 13. All resolutions and orders, or parts thereof, <br />in conflict with the provisions of this Resolution, are, to the <br />extent of such conflict, hereby repealed, and this Resolution <br />shall be in immediate effect from and after its adoption. <br />SECTION 14. If the date for making any payment or the last <br />date for performance of any act or the exercising of any-right, <br />-18- <br />\rlhill\studbakr\corrproj\lufnlbnd;la;Apri1 6, 1990; <br />
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