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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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 reductions 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 1992 Bonds shall be deposited as follows: (a) All accrued interest and unused discount received at the time of the delivery of the Series 1992 Bonds and any premium received at the time of delivery of the Series 1992 Bonds shall be placed in the Bond Principal and Interest Account; (b) An amount which when added to the balance in the Reserve Account shall make the balance in the Reserve Account equal to the Debt Service Reserve Requirement as calculated for the Bonds, provided that such amount shall not exceed the least of: (i) the maximum debt service on the bonds; (ii) one hundred twenty - five percent (125 %) of the average annual debt service on the Bonds; and (iii) ten percent (10 %) of the proceeds of the Bonds (within the meaning of Section 148(d) of the Code), and to the extent any deficiency exists so that the balance in the Reserve Account does not equal the Debt Service Reserve Requirement, an amount shall be added concurrently with the deposit to the balance in the Reserve Account from cash on hand in order to meet the Debt Service Requirement; and 26