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<br />. <br /> <br />(2) Deposit in the Reserve Account a sum equal to the <br />Reserve Requirement; <br /> <br />(3) Pay the necessary expenses, including bond <br />insurance premiums, if any, in connection with the issuance <br />and sale of the Bonds and fees of the Fiscal Agent and <br />Paying Agents; <br /> <br />(4) After making the above deposits, the balance of <br />the proceeds from the sale of the Bonds shall be <br />transferred to the Treasurer who shall place the same in <br />the Redevelopment Fund. <br /> <br />B. The moneys set aside in the Redevelopment <br />shall remain there until from time to time expended for <br />purpose of financing a portion of the costs of the <br />Redevelopment Project and other related costs, and also <br />including in such costs: <br /> <br />Fund <br />the <br /> <br />. <br /> <br />(1) The payment of an amount of money in lieu of <br />taxes as authorized by Section 33401 of the Law in any year <br />during which the Agency owns property in the Redevelopment <br />Project Area, to any city, county, city and county, <br />district or other public corporation which would have <br />levied a tax upon such property had it not been exempt; <br /> <br />(2) The cost of any lawful activities in connection <br />with the implementation of the Redevelopment Project Area, <br />including, without limitation, those activities authorized <br />by Section 33445 of the Law; and <br /> <br />(3) The necessary expenses in connection with the <br />issuance and sale of the Bonds and fees of the Fiscal Agent <br />and Paying Agents not otherwise paid under paragraph A <br />above. <br /> <br />If any sum remains in the Redevelopment Fund after the <br />full accomplishment of the objects and purposes for which the <br />Bonds were issued, that sum shall be transferred to the Special <br />Fund. Moreover, all interest and income earned from the . <br />Redevelopment Fund on or prior to the date established by <br />resolution of the Agency shall be retained therein. <br /> <br />. <br /> <br />All of the above uses constitute a "redevelopment <br />activity" as that term is defined in Health and Safety Code <br />Section 33678. <br /> <br />Section 14. Tax Revenues. As provided in the <br />Redevelopment Plan, pursuant to Article 6 of the Law and <br />Section 16 of Article XVI of the Constitution of the State of <br />California, taxes levied upon taxable property in the <br />Redevelopment Project Area each year by or for the benefit of <br /> <br />0715p/2281/04 <br /> <br />-12- <br />