SA-3 - RESO TAX ALLOCATION BOND - Laserfiche WebLink

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"Tax Exempt" shall mean, with respect to interest on any obligations of a state or local government, that such interest is excluded from the gross income of the owners thereof for federal income tax purposes, whether or not such interest is includable as an item of tax preference or otherwise includable directly or indirectly for purposes of calculating other tax liabilities, including any alternative minimum tax or environmental tax under the Code. "Tax Increment Fund" shall mean the fund established pursuant to Section 5.01 hereof. "Tax Revenues" shall mean all taxes annually allocated and paid to the Agency pursuant to Article 6 of Chapter 6 (commencing with Section 33670) of the Law, Section 16 of Article XVI of the Constitution of the State and other applicable state laws and as provided in the Redevelopment Plan available for or deposited into the RPTTF, [to the extent not payable with respect to Pass Through Obligations, and subject to the equal and senior claims of indebtedness, if, any.] If, and to the extent, that the provisions of Section 34172 or paragraph (2) of subdivision (a) of Section 34183 of the Dissolution Act are invalidated by a final judicial decision, then Tax Revenues will include all tax revenues allocated to the payment of indebtedness pursuant to California Health and Safety Code Section 33670 or such other section as may be in effect at the time providing for the allocation of tax increment revenues in accordance with Article XVI, Section 16 of the California Constitution. "Term Bonds" shall mean Bonds which are payable on or before their specified maturity dates from Sinking Account Installments established for that purpose. "Term Bonds Sinking Account" shall mean the account maintained within the Tax Increment Fund pursuant to Section 5.03 of the Indenture. "Trustee" shall mean The Bank of New York Mellon Trust Company, N.A., appointed by the Agency in Section 7.01 and acting with the duties and powers herein provided, and its successors and assigns, or any other corporation or association which may at any time be substituted in its place, as provided in Section 7.02. "Verification Report" shall mean a report of an independent firm of nationally recognized certified public accountants, or such other firm as shall be acceptable to the Bond Insurer, addressed to the Agency, the Trustee and the Bond Insurer, verifying the sufficiency of the escrow established to pay Bonds in full at maturity or on a redemption date. "Written Request of the Agency" shall mean an instrument in writing signed by the Mayor, the City Manager or Director of Finance, acting for and on behalf of the Agency, the Executive Director of the Agency, or the City Clerk acting for the Agency, or by any other officer of the Agency duly authorized by the Agency for that purpose. Section 1.02 Equal Security. In consideration of the acceptance of the Bonds by the Owners thereof, the Indenture shall be deemed to be and shall constitute a contract between the Agency and the Owners from time to time of all Bonds issued hereunder and then Outstanding to secure the full and final payment of the interest on and principal of and redemption premiums, if any, on all Bonds authorized, executed, issued and delivered hereunder, subject to the 4150-2542-5420.3 15 40990-25 SA -3-33