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(p) "Redevelopment Project Area" means the project area described and defined in the Redevelopment Plan. . (q) "Regular Record Date" means the fifteenth day preceding any interest payment date. (r) "Reserve Requirement" means, as of the date of issue of the Bonds, an amount equal to Maximum Annual Debt Service on the Bonds net of the amount attributable to debt service on the amounts deposited in the Escrowed Proceeds Account. . (s) "Pledged Tax Revenues" means that portion of taxes levied upon taxable property in the Redevelopment Project Area and received by the Agency on or after the date of issue of the Bonds, for the Redevelopment Project Area of the Agency pursuant to Article 6 of Chapter 6 of the Law and Section 16 of Article XVI of the Constitution of the State of California. Provided, however, Pledged Tax Revenues shall not include that portion of taxes allocated to and received by the Agency for deposit in the low and moderate income housing fund required by Section l7 of the Redevelopment Plan and Section 33334.2 of the Law; 20% of the tax revenues to be deposited in the Main Street Improvement Set Aside; and 6% of the above tax revenues which are required to be passed through to certain taxing entities. (t) "Treasurer" or "Treasurer of the Agency" means the officer who is then performing the functions of Treasurer of the Agency. Section 2. Amount, Issuance and Purpose of Bonds. Under and pursuant to the Law and this Resolution, Bonds of the Agency in a principal amount of Nineteen Million Dollars ($19,000,000) shall be issued by the Agency for the corporate purposes of the Agency by providing funds for the financing of a portion of the cost of implementing the Redevelopment Plan which constitutes a "redevelopment activity" as such term is defined in Health and Safety Code Section 33678; and such issue of Bonds is hereby authorized. . Section 3. Nature of Bonds. The Bonds shall be and are special obligations of the Agency and are secured by an irrevocable pledge of, and are payable as to principal, interest and premium, if any, from Pledged Tax Revenues and other funds as hereinafter provided. The Bonds, interest thereon and premium, if any, are not a debt of the City, the State of California or any of its political subdivisions, and neither the City, the State nor any of its political subdivisions is liable on them. In no event shall the Bonds, interest thereon and premium, if any, be payable out of any 11-30-84 1282p/228l/04 -4-