SB0325sam001 96TH GENERAL ASSEMBLY

Sen. Edward D. Maloney

Filed: 3/3/2009

09600SB0325sam001 LRB096 08619 NHT 22543 a

AMENDMENT TO SENATE BILL 325

AMENDMENT NO. ______. Amend Senate Bill 325 as follows:

on page 1, immediately below line 23, by inserting the following:

"Any bonds designated pursuant to this Section shall mature at such time or times not exceeding 5 years from the date thereof and must be issued with a debt service reserve equal to at least 4% of the principal amount of the bonds, of which 75% of such reserve shall be funded from the proceeds of the bonds, and 25% of such reserve shall be funded by the Commission and not out of proceeds of the bonds. Proceeds of any bonds designated pursuant to this Section may be used only in connection with the rehabilitation loan program, to fund a debt service reserve as herein described, and for costs of issuance of the bonds.".