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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SECTION 14. The Mayor is hereby authorized to execute the Series 1988 Bonds with his manual or facsimile signature and the Controller is hereby authorized and directed to have the definitive Series 1988 Bonds prepared, attest the Series 1988 Bonds with his manual or fac- simile signature, and cause the seal of the City to be impressed or a facsimile thereof to be printed on the Series 1988 Bonds, all in the form and manner herein provided. In case.any officer whose signature appears on the Series 1988 Bonds shall cease to hold that office before the delivery of the Series 1988 Bonds, the signature shall nevertheless be valid and sufficient for all purposes, the same as if such officer had remained in office until the delivery of the Series 1988 Bonds. After the Series 1988 Bonds shall have been properly executed, the Controller shall deliver the same to the Treasurer of St. Joseph County, ex officio Treasurer of the City, and shall take his receipt therefor; and upon the consummation of the sale of the Series 1988 Bonds, the Controller shall then certify to the Treasurer the amount which the purchaser is to pay for the same together with the name and address of the purchaser; thereupon, said Treasurer shall be authorized to receive from the purchaser the amount so certified by the Controller and to deliver the Series 1988 Bonds to such purchaser and take the purchaser's receipt for the Series 1988 Bonds. If the Treasurer of St. Joseph County is not available, then the Controller shall deliver the Series 1988 Bonds to the purchaser, and deliver the proceeds to the Treasurer of St. Joseph County. The Controller and the Treasurer of St. Joseph County shall then report the proceedings to the Commission and the Common Council of the City. SECTION 15. In order to preserve the exclusion from gross income of interest on the Series 1988 Bonds under federal law and as an inducement to the purchasers of the Series 1988 Bonds, the Commission on behalf of the Redevelopment District represents, covenants and agrees that: (a) No person or entity or any combination thereof, other than the Redevelopment District or the City, will use proceeds of the Series 1988 Bonds or pro- perty financed by said proceeds other than as a member of the general public. No person or entity or any combination thereof, other than the Redevelop- ment District, will own property financed by Series 1988 Bond proceeds or will have actual or beneficial use of such property pursuant to a lease, a manage- ment or incentive payment contract, an arrangement such as a take -or -pay or other type of output con- tract or any other type of arrangement that differen- tiates that person's or entity's use of such pro- perty from the use by the public at large of such property; (b) No Series 1988 Bond proceeds will be loaned to any entity or person. No Series 1988 Bond proceeds -27-