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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counsel that any Tax Section is unnecessary to preserve the Tax Exemption. SECTION 17. If, when the Series 1988 Bonds or a portion thereof shall have become due and payable in accordance with their terms or shall have been duly called for redemption or irrevocable instruc- tions to call the Series 1988 Bonds or a portion thereof for redemp- tion shall have been given, and the whole amount of the principal of and premium, if any, and interest so due and payable upon all of the Series 1988 Bonds or a portion thereof then outstanding shall be paid or (i) sufficient moneys, or (ii) direct obligations of, or obliga- tions the principal of and interest on which are unconditionally guaranteed by, the United States of America, the principal of and the interest on which when due will provide sufficient moneys for such purpose, or (iii) time certificates of deposit fully secured as to both principal and interest by obligations of the kind described in (ii) above of a bank or banks the principal of and interest on which when due will provide sufficient moneys for such purpose, shall be held in trust for such purpose, and provision shall also have been made for paying all fees and expenses in connection with the redemp- tion, then and in that case the Series 1988 Bonds or such portion thereof issued hereunder shall no longer be deemed outstanding or an indebtedness of the Redevelopment District. SECTION 18. The Bonds are hereby designated as "qualified tax - exempt obligations" for purposes of paragraph (3) of Section 265(b) of the Code, and any or all officials, officers, members, employees and agents of the Commission, the Department and the City are hereby authorized to execute on behalf of the Redevelopment District, the Department and the City any documents necessary or appropriate to evidence further such designation. It is reasonably anticipated that the amount of qualified tax - exempt obligations (as such term is used in subparagraph 265(b)(3)(C) of the Code) which will be issued by the Redevelopment District or otherwise by or on behalf of the City or subordinate entities during the calendar year in which the Series 1988 Bonds authorized herein are issued will not exceed $10,000,000. SECTION 19. If any section, paragraph or provision of this Series 1988 Bond Resolution shall be held to be invalid or unenforce- able for any reason the invalidity or unenforceability of such sec- tion, paragraph or provision shall not affect any of the remaining provisions of this Series 1988 Bond Resolution. SECTION 20. All resolutions and orders, or parts thereof, in conflict with the provisions of this Series 1988 Bond Resolution are, to the extent of such conflict, hereby repealed, and this Series 1988 Bond Resolution shall be in immediate effect from and after its adoption. SECTION 21. If the date making any payment or the last date for performance of any act or the exercising of any right, as provided in -29-