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SA-3 - RESO TAX ALLOCATION BOND
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SA-3 - RESO TAX ALLOCATION BOND
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Last modified
7/12/2018 5:35:37 PM
Creation date
7/12/2018 5:27:26 PM
Metadata
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Template:
City Clerk
Doc Type
Agenda Packet
Agency
Community Development
Item #
SA-3
Date
7/17/2018
Destruction Year
2023
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Section 6.13 Negative Pledge. The Agency may not create or allow to exist any liens <br />on Tax Revenues senior to or on a parity with the Series 2018 Bonds except as provided in <br />Article IV hereof. <br />Section 6.14 Adverse Change in State Law. If, due to an adverse change in State law <br />resulting from legislation or the decision of a court of competent jurisdiction, the Agency <br />determines that it can no longer comply with Section 6.12, then the Agency shall immediately <br />notify the County Auditor -Controller and the Trustee in writing of such determination. The <br />Agency shall immediately seek a declaratory judgment or take other appropriate action in a court <br />of competent jurisdiction to determine the duties of all parties to the Indenture, including the <br />County Auditor -Controller and the Agency, with regard to the performance of Section 6.12 by <br />the Agency. The Trustee may, but is in no event obligated to, participate in the process of <br />seeking such declaratory judgment to protect its rights hereunder. Any reasonable fees and <br />expenses incurred by the Trustee (including, without limitation, legal fees and expenses) in <br />connection with such participation shall be borne by the Agency. <br />Section 6.15 Credits to Redevelopment Obligation Retirement Fund. The Agency <br />covenants and agrees to credit all Tax Revenues withdrawn from the RPTTF by the County <br />Auditor -Controller and remitted to the Trustee for the payment of the Bonds and any Parity Debt <br />to the Redevelopment Obligation Retirement Fund established pursuant to Section 34170.5(x) of <br />the California Health and Safety Code. <br />Section 6.16 Compliance Costs. The Agency, to the fullest extent permitted by law, <br />shall pay the annual Compliance Costs, from amounts on deposit in the Expense Account, <br />including fees and disbursements of the consultants and professionals engaged in connection <br />with the Bonds, costs of the Agency and the Trustee payable from the RPTTF. <br />Section 6.17 Continuing Disclosure. The Agency hereby covenants and agrees that it <br />will comply with and carry out all of the provisions of the Continuing Disclosure Agreement. <br />Notwithstanding any other provision of the Indenture, failure of the Agency to comply with the <br />Continuing Disclosure Agreement shall not be considered an Event of Default; provided, <br />however, the Trustee, at the written request of any Participating Underwriter (as defined in the <br />Continuing Disclosure Agreement), the Bond Insurer or the Bondowners of at least 25% <br />aggregate principal amount of Bonds Outstanding, shall to the extent the Trustee is indemnified <br />to its satisfaction from and against any liability or expense related thereto, or any Bondowner or <br />Beneficial Owner may take such actions as may be necessary and appropriate, including seeking <br />mandate or specific performance by court order, to cause the Agency to comply with its <br />obligations under this section and the Continuing Disclosure Agreement. For purposes of this <br />section, `Beneficial Owner" shall mean any person which has or shares the power, directly or <br />indirectly, to make investment decisions concerning ownership of any Bonds (including persons <br />holding Bonds through nominees, depositories or other intermediaries). <br />4150-2542-5420.3 40 <br />40990-25 <br />SA -3-58 <br />
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