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SA-3 - RESO TAX ALLOCATION BOND
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07/17/2018
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SA-3 - RESO TAX ALLOCATION BOND
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7/12/2018 5:35:37 PM
Creation date
7/12/2018 5:27:26 PM
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City Clerk
Doc Type
Agenda Packet
Agency
Community Development
Item #
SA-3
Date
7/17/2018
Destruction Year
2023
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government and to comply with all other requirements of this Section 6.11 and the Tax <br />Certificate shall survive the defeasance or payment in full of the Tax Exempt Bonds. <br />(i) Notwithstanding any provision of this Section 6.11 to the contrary, if the Agency <br />shall provide to the Trustee an opinion of counsel of recognized standing in the field of law <br />relating to municipal bonds (and approved in writing by the Agency) to the effect that any action <br />required under this Section 6.11 is no longer required, or that some further or different action is <br />required, to maintain the exclusion from federal gross income of the interest on the Tax Exempt <br />Bonds pursuant to the Code, the Trustee and the Agency may conclusively rely on such opinion <br />in complying with the provisions of this Section 6.11, and the provisions hereof shall be deemed <br />to be modified to that extent. <br />Section 6.12 Compliance with the Dissolution Act. The Agency covenants that in <br />addition to complying with the requirements of Section 5.01 hereof, it will comply with all other <br />requirements of the Dissolution Act. Without limiting the generality of the foregoing, the <br />Agency covenants and agrees to file all required statements and seek all necessary successor <br />agency or an oversight board approvals required under the Dissolution Act to assure compliance <br />by the Agency with its covenants under the Indenture. Further, the Agency will take all actions <br />required under the Dissolution Act to include on its ROPS for each ROPS Period all payments <br />expected to be made to the Trustee in order to satisfy the requirements of the Indenture, <br />including any amounts required to pay principal and interest payments due on the Outstanding <br />Bonds and any Parity Debt, any deficiency in the Reserve Account to the full amount of the <br />Reserve Account Requirement (including amounts due to the 2018 Bond Insurer as issuer of the <br />2018 Reserve Policy) and any Compliance Costs, and any required debt service, reserve set - <br />asides, and any other payments required under the Indenture or similar documents pursuant to <br />Section 34171(d)(1)(A) of the California Health and Safety Code, so as to enable the County <br />Auditor -Controller to distribute from the RPTTF amounts to the Trustee for deposit in the Tax <br />Increment Fund on each ROPS Distribution Date amounts required for the Agency to pay the <br />principal of, premium, if any, and the interest on the Outstanding Bonds and any Parity Debt <br />coming due in the respective ROPS Period. These actions will include, without limitation, <br />placing on the periodic ROPS for approval by the Oversight Board and the DOF, to the extent <br />necessary, the amounts to be held by the Agency as a reserve until the next ROPS Period, as <br />contemplated by paragraph (1)(A) of subdivision (d) of Section 34171 of the Dissolution Act, <br />that are necessary to provide for the payment of principal of, premium, if any, and the interest <br />under the Indenture when the next property tax allocation is projected to be insufficient to pay all <br />obligations due under the Indenture for the next payment due in the following ROPS Period. <br />The Agency covenants that (i) it will include all amounts presently due and payable to the <br />2018 Bond Insurer on each Recognized Payment Obligation Schedule ("ROPS") submission, (ii) <br />if any amounts payable to the 2018 Bond Insurer are not included on any current ROPS and the <br />Agency is then legally permitted to amend such ROPS, the Agency will amend its current ROPS <br />to include such amounts payable to the 2018 Bond Insurer, and (iii) the Agency will not submit <br />for approval by the Oversight Board or the DOF a ROPS covering multiple ROPS Periods or any <br />Last and Final Recognized Obligation Payment Schedule as provided in the Dissolution Law <br />without the prior consent of the 2018 Bond Insurer. <br />4150-2542-54203 39 <br />40990-25 <br />SA -3-57 <br />
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