GARDEN GROVE, CITY OF (21) - Laserfiche WebLink

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KLG:ar 10/14/78 was formed was to provide financial assistance to Garden Grove, by acquiring and leasing to Garden Grove the Dyke System and to vest title thereto. in Garden Grove upon com- pletion of payment of the cost of said acquisition and of all indebtedness of the Corporation incurred therefor or in connection with the lease of said Dyke System. 13. The Corporation made and entered into a mort- gage of chattels and trust indenture (sometimes hereinafter referred to as the "Trust Indenture") dated as of October 1, 1964, to secure the payment of revenue bonds issued by the Corporation in the aggregate principal amount of THREE MILLION NINE HUNDRED THOUSAND DOLLARS ($3,900,000) for the purchase of the Dyke System. ` 14. By the terms of the Trust Indenture, all of said revenue bonds will have become mature and been paid by the Corporation not later than October 1, 1994, and, shortly thereafter the Corporation, by the terms of its Articles of Incorporation, will dissolve and distribute its assets, including its interest in the Dyke System, to Garden Grove. 15. Until the dissolution of the Corporation and the distribution of its assets to Garden Grove, it is anticipated that Garden Grove will continue to have the right to use and operate the Dyke System by virtue of the, Facilities Lease which runs through March 15, 1995, and - by virtue of the Articles of Incorporation of the Corpor- ation. 16. The parties to this Agreement wish to arrange for a present conveyance to Santa Ana of all right, title and interest in the Unencumbered Santa Ana Subsystem and in the Encumbered Santa Ana Subsystem. -3-