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No. 0819 authorizing issuance of bonds on parity with COSB redevelopment district tax increment revenue bonds of 1985 & 1986 for purpose of raising money for property acquisition and redevelopment in SBCAA
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No. 0819 authorizing issuance of bonds on parity with COSB redevelopment district tax increment revenue bonds of 1985 & 1986 for purpose of raising money for property acquisition and redevelopment in SBCAA
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All money in the Reserve Account shall be used and <br />withdrawn by the City solely for the purpose of <br />making deposits into the Bond Principal and Interest <br />kl� Account, in the event of any deficiency at any time <br />in such account, or for the purpose of paying the <br />interest on or principal of or redemption premiums, <br />if any, on the Bonds in the event that no other <br />money is lawfully available therefor, except that so <br />long as there is no default hereunder any amount in <br />the Reserve Account in excess of the Debt Service <br />Reserve Requirement shall be withdrawn from the <br />Reserve Account and deposited in the General <br />Account. Money in the Reserve Account shall also be <br />available to make the final payments of interest and <br />principal on the Bonds. <br />(c) The remaining amounts in the Tax Increment <br />Revenue Account shall be deposited into the General <br />Account of the Allocation Fund and be available only <br />to do one (1) or more of the following: <br />(1) pay the principal of and interest on any <br />obligations (including the Bonds) payable <br />solely from allocated tax proceeds which are <br />(W incurred by the Redevelopment District for the <br />purpose of financing or refinancing the rede- <br />velopment of the Allocation Area; <br />(2) establish, augment, or restore the debt <br />service reserve for bonds (including the Bonds) <br />payable solely or in part from allocated tax <br />proceeds in the Allocation Area; <br />(3) pay the principal of and interest on bonds <br />payable from allocated tax proceeds in the Allo- <br />cation Area and from the special tax levied <br />under Section 27 of the Act; <br />(4) pay the principal of and interest on bonds <br />issued by the City to pay for local public <br />improvements in the Allocation Area; <br />(5) pay premiums on the redemption before <br />maturity of bonds payable solely or in part <br />from allocated tax proceeds in the Allocation <br />Area; <br />(6) reimburse the City for expenditures made <br />by it for local public improvements (which <br />include buildings, parking facilities, and <br />other items described in Section 25.1(a) of the <br />Act) within the Allocation Area; or <br />-20- <br />
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