SA-3 - RESO - REFUNDING BONDS - Laserfiche WebLink

Home Browse Search

• South Main Street Redevelopment Project; and • Bristol Corridor Redevelopment Project. In total, the Redevelopment Project contains approximately 4,989 acres, which comprises approximately 28.8 percent of the total acres in the City. See "THE PROJECT AREA — Component Areas" for additional infornation on the Redevelopment Project and "THE SUCCESSOR AGENCY" for additional information on the Redevelopment Plan. Security for the Bonds For the security of the Bonds, the Successor Agency grants a pledge of and lien on all of the Tax Revenues. "Tax Revenues" are defined under the Indenture as all taxes annually allocated and paid to the Successor 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 Revenues in accordance with Article XVI, Section 16 of the California Constitution. See "PROPERTY TAXATION IN CALIFORNIA" and "THE PROJECT AREA - Tax Sharing Agreements" and "- Statutory Tax Sharing Payments." The Successor Agency may not issue additional bonds payable on a basis senior to the Bonds. The Successor Agency may issue additional bonds payable from Tax Revenues on a parity with the Bonds ("Parity Debt") to refinance the Bonds. See "SECURITY FOR THE BONDS - Additional Bonds." Certain obligations of the Successor Agency under tax sharing agreements are payable on a senior basis to the Bonds. See "THE PROJECT AREA — Tax Sharing Agreements" and "- Statutory Tax Sharing Payments." Taxes levied on the property within the Project Area on that portion of the taxable valuation over and above the taxable valuation of the base year property tax roll of the Project Area, will be deposited in the RPTTF for transfer by the County of Orange Auditor -Controller (the "County Auditor -Controller") to the Successor Agency's Redevelopment Obligation Retirement Fund, as defined below, on January 2 and June 1 of each year to the extent required for payments listed in the Successor Agency's ROPS in accordance with the requirements of the Dissolution Act. Moneys transferred by the County Auditor -Controller to the Successor Agency will be deposited into the Successor Agency's Redevelopment Obligation Retirement Fund and will be transferred by the Successor Agency to the Trustee for deposit in the Debt Service Fund established under the Indenture. See "SECURITY FOR THE BONDS - Recognized Obligation Payment Schedules." The Bonds do not constitute a debt or liability of the City, the County of Orange (the "County"), the State or of any of its political subdivision, other than the Successor Agency. The Successor Agency shall only be obligated to pay the principal of the Bonds, or related interest, from the funds described in the Official Statement, and neither the faith and credit nor the taxing power of the City, the County or the State is pledged to the payment of the principal of or the interest on the Bonds. The Successor Agency has no taxing power. SA -3-18