1984-20 CRA - Laserfiche WebLink

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. tt . ,\' (i) For the current and each future Bond year the debt service for each such Bond year with respect to all Bonds and Parity Bonds reasonably expected to be outstanding following the issuance of the Parity Bonds; (ii) For the then current Bond year, the Pledged Tax Revenues to be received by the Agency based upon the most recent assessed valuation of taxable property in the Project Area certified by the appropriate officer of the County of Orange (and exclusive of any anticipated business inventory subvention revenues); and (iii) That for the fiscal year next preceding the date of adoption by the Agency of a supplemental resolution providing for the issuance of Parity Bonds, the Pledged Tax Revenues referred to in item (ii) were at least equal to l.25 times the maximum annual debt service referred to in item (i) above, and that the Agency is entitled under the Law and the Redevelopment Plan to receive taxes under Section 33670 of the Law in an amount sufficient to meet expected debt service with respect to all Bonds and Parity Bonds. (d) The Parity Bonds shall mature on and interest shall be payable on the same dates as the Bonds. If the Parity Bonds are to be applied under Section 33334.2 of the Law, Pledged Tax Revenues shall include that portion of taxes allocated under Section 33670 of the Law for payment of the Parity Bonds which are required to be set aside under Section 33334.2. Section l8. Covenants of the Agency. As long as the Bonds are outstanding and unpaid, the Agency shall (through its proper members, officers, agents or employees) faithfully perform and abide by all of the covenants, undertakings and provisions contained in this Resolution or in any Bond issued hereunder, including the following covenants and agreements for the benefit of the Bondholders which are necessary, convenient and desirable to secure the Bonds and will tend to make them more marketable; provided, however, that the Covenants do not require the Agency to expend any funds other than the Pledged Tax Revenues: Covenant l. Complete Redevelopment Project; Amendment to Redevelopment Plan. The Agency covenants and agrees that it will diligently carry out and continue to completion in a sound and economical manner, with all practicable dispatch, the Redevelopment Project in accordance with its duty to do so under and in accordance with the Law and 11-30-84 l282p/228l/04 -20-