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Sen. Edward D. Maloney
Filed: 3/3/2009
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09600SB0325sam001 |
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LRB096 08619 NHT 22543 a |
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| AMENDMENT TO SENATE BILL 325
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| AMENDMENT NO. ______. Amend Senate Bill 325 as follows:
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| on page 1, immediately below line 23, by inserting the |
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| following: |
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| "Any bonds designated pursuant to this Section shall mature |
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| at such time or times not exceeding 5 years from the date |
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| thereof and must be issued with a debt service reserve equal to |
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| at least 4% of the principal amount of the bonds, of which 75% |
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| of such reserve shall be funded from the proceeds of the bonds, |
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| and 25% of such reserve shall be funded by the Commission and |
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| not out of proceeds of the bonds. Proceeds of any bonds |
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| designated pursuant to this Section may be used only in |
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| connection with the rehabilitation loan program, to fund a debt |
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| service reserve as herein described, and for costs of issuance |
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| of the bonds.".
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