No. 1118 authorizing issuance of bonds on parity with COSB redevelopment district tax increment revenue bonds of 1985, 1986, 1988 for the purpose of raising money for redevelopment in the SBCAA

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Home Administration, Federal Housing Administration, Maritime Administration, Public Housing Authority, Government National Mortgage 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 commercial 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: (i) certificates of deposit, (ii) savings accounts, (iii) deposit accounts, or (iv) depository receipts of a bank, savings and loan associations, 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 1992 Bonds authorized by this Series 1992 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 event any Parity Bonds are issued pursuant to this Section 6, the term "Bonds" in this Series 1992 Bond Resolution shall be deemed to refer to the bonds authorized to be issued by this Series 1992 Bond Resolution and such Parity Bonds shall be subject to the following conditions precedent: (a) All interest and principal payments with respect 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 certificate 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 one hundred fifty percent (150 %) of the principal and interest requirements for each respective 25