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

Home Browse Search

issued hereunder shall no longer be deemed outstanding or an indebtedness of the Redevelopment District. SECTION 17. If any section, paragraph or provision of this Series 1992 Bond Resolution shall be held to be invalid or unenforceable for any reason, the invalidity or uneforceability of such section, paragraph or provision shall not affect any of the remaining provisions of this Series 1992 Bond Resolution. SECTION 18. All resolutions and orders, or parts thereof, in conflict with the provisions of this Series 1992 Bond Resolution are, to the extent of such conflict, hereby repealed, and this Series 1992 Bond Resolution shall be in immediate effect from and after its adoption; provided, however, that this Resolution shall not be construed as repealing or modifying in any respect any of the provisions of the Series 1985 Bond Resolution, the Series 1986 Bond Resolution, the Series 1988 Bond Resolution or as adversely affecting the rights of holders of the Series 1985 Bonds, Series 1986 Bonds, or the Series 1988 Bonds. SECTION 19. If the date making any payment or the last date for performance of any act or the exercising of any right, as provided in this Series 1992 Bond Resolution, shall be a legal holiday or a day on which banking institutions in the City or the city in which the Paying Agent is located are typically closed, such payment may be made or act performed or right exercised on the next succeeding day not a legal holiday or a day on which such banking institutions are typically closed, with the same force and effect as if done on the nominal date provided in this Series 1992 Bond Resolution, and no interest shall accrue for the period after such nominal date. SECTION 20. Without notice to or consent of the owners of the Series 1992 Bonds, the Commission may, from time to time and at any time, adopt such resolutions supplemental hereto (which supplemental resolutions shall thereafter form a part hereof): (a) To cure any ambiguity or formal defect or omission in this Series 1992 Bond Resolution or in any supplemental resolution; or (b) To grant to or confer upon the owners of the Series 1992 Bonds any additional benefits, rights, remedies, powers, authority or security that may lawfully be granted to or conferred upon the owners of the Series 1992 Bonds or to make any change which, in the judgment of the Commission, is not to the prejudice of the owners of the Series 1992 Bonds. 31