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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i event any Parity Bonds are issued pursuant to this Section 6, the term "Bonds" in this Series 1988 Bond Resolution shall be deemed to refer to the bonds authorized to be issued by this Series 1988 Bond 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 res- pect to all bonds payable from the Tax Increment shall be current to date in accordance with the terms thereof 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 certifi- cate 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 150% of the principal and interest re- quirements 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 re- ductions 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 or projected increases in property tax rates. The Commission shall approve and confirm the findings and estimates set forth in the above - described certificate in any supplemental resolution authorizing the issuance of the Parity Bonds. SECTION 7. Proceeds received from the sale of the Series 1988 Bonds shall be deposited as follows: (a) All accrued interest and unused discount re- ceived at the time of the delivery of the Series 1988 Bonds and any premium received at the time of delivery of the Series 1988 Bonds and an additional amount equal to $355,000 (which amount may be re- duced by an amount equal to cash on hand concur- -23-