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No. 0756 amending Section 5 of and adding Section 21 to Res. No. 747 of the COSBRC
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No. 0756 amending Section 5 of and adding Section 21 to Res. No. 747 of the COSBRC
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(d) the following investments fully insured by <br />the Federal Deposit Insurance Corporation, the Federal <br />Savings and Loan Insurance Corporation: (a) certificates <br />of deposit, (b) savings accounts, (c) deposit accounts, <br />or (d) depository receipts of a bank, savings and loan <br />associations, and mutual savings banks. <br />(e) Investments Agreements approved by AMBAC <br />Indemnity Corporation. <br />The value of the above investments shall be determined <br />as provided in value below. <br />If more than one provision of this definition of <br />"value" shall apply at any time to any particular investment, <br />the value thereof at such time shall be determined in accordance <br />with the provision establishing the lowest value for such <br />investment. <br />SECTION II. A new Section 21 shall be added to <br />Resolution No. 747 and shall read as follows: <br />"Section 21. Defeasance. In the event that the <br />principal and redemption price, if applicable, and interest <br />due on the Bonds shall be paid by AMBAC Indemnity Corporation <br />pursuant to AMBAC's Municipal Bond Insurance Policy, the <br />assignment and pledge of the Tax Increment and all covenants, <br />agreements and other obligations of the Issuer to the Bond- <br />holders shall continue to exist and AMBAC Indemnity Corporation <br />shall be subrogated to the rights of such Bondholders ". <br />SECTION III. Resolution Nos. 747, 752 and 755 <br />shall remain in all other respects as adopted on August 23, <br />1985, November 18, 1985 and November 22, 1985, respectively. <br />Approved this 20th day of December, 1985, at a <br />regular meeting of the South Bend Redevelopment Commission. <br />SOUTH BEND REDEVELOPMENT COMMISSION <br />F. Jay Nimt President <br />ATTEST: <br />Roman Piasecki, Secretary <br />mis <br />12/19/85 KDB /tms <br />072024293 -City of South Bend -i -85.1 <br />
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