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

Home Browse Search

of the holders of the bonds (including the Series 1988 Bonds) described in subsection (c) of this Section 5. The Tax Increment, other than the Excess Funds, shall be irrevocably pledged for the purpose set forth in this Section 5. The term "Qualified Investments" means any of the following that are also permitted under IC 5 -13 -1: (a) direct obligations of (including obligations issued or held in book entry form on the books of the Department of the Treasury of the United States of America) , or obligations the principal of and interest on which are unconditionally guaranteed by the United States of America; (b) bonds, debentures or notes or other evidence of indebtedness payable in cash issued by any one or a com- bination of any of the following federal agencies whose obligations represent full faith and credit of the United States of America: Export Import Bank of the United States, Federal Financing Bank, Farmer's Home Administra- CW Federal Housing Administration, Maritime Administra- tion, Public Housing Authority, Government National Mort- gage Association. (c) certificates of deposit properly secured at all times, by collateral security described in (a) and (b) above. Such agreements are only acceptable with commer- cial banks, savings and loan associations, and mutual savings banks. (d) the following investments fully insured by the Federal Deposit Insurance Corporation, the Federal Savings and Loan Insurance Corporation: a) certificates of deposit, b) savings accounts, c) deposit accounts, or d) depository receipts of a bank, savings and loan asso- ciations, and mutual savings bank. (e) Investments Agreements approved by AMBAC Indemnity Corporation. SECTION 6. 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 Series 1988 Bonds authorized by this Series 1988 Bond 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 -22-