Laserfiche WebLink
<br />. <br /> <br />. <br /> <br />. <br /> <br />to all Bonds and Parity Bonds reasonably expected to <br />be outstanding following the issuance of the Parity <br />Bonds; <br /> <br />(ii) For the then current Bond year, the Tax <br />Revenues to be received by the Agency based upon the <br />most recent assessed valuation of taxable property in <br />the Project Area certified by the appropriate officer <br />of the County of Orange (and exclusive of any <br />anticipated business inventory subvention revenues); <br />and <br /> <br />(iii) That for the then current Bond year, the Tax <br />Revenues referred to in item (ii) are at least equal <br />to 1.20 times the max~mum annual debt service referred <br />to in item (i) above, and that the Agency is entitled <br />under the Law and the Redevelopment Plan to receive <br />taxes under Section 33670 of the Law in an amount <br />sufficient to meet expected debt service with respect <br />to all Bonds and Parity Bonds. <br /> <br />(d) The Parity Bonds shall mature on and interest <br />shall be payable on the same dates as the Bonds. <br /> <br />If the Parity Bonds are to be applied under Section 33334.2 <br />of the Law, Tax Revenues shall include that portion of <br />taxes allocated under Section 33670 of the Law for payment <br />of the Parity Bonds which are required to be set aside <br />under Section 33334.2. <br /> <br />Section 18. Covenants of the Agency. As long as the <br />Bonds are outstanding and unpaid, the Agency shall (through its <br />proper members, officers, agents or employees) faithfully <br />perform and abide by all of the covenants, undertakings and <br />provisions contained in this Resolution or in any Bond issued <br />hereunder, including the following covenants and agreements for <br />the benefit of the Bondholders which are necessary, convenient <br />and desirable to secure the Bonds and will tend to make them <br />more marketable; provided, however, that the Covenants do not <br />require the ~gency to expend any funds other than the Tax <br />Revenues: <br /> <br />Covenant 1. Complete Redevelopment Project; <br />Amendment to Redevelopment Plan. The Agency covenants and <br />agrees that it will diligently carry out and continue to <br />completion in a sound and economical manner, with all <br />practicable dispatch, the Redevelopment Project in accordance- <br />with its duty to do so under and in accordance with the Law and <br />the Redevelopment Plan. The Redevelopment Plan may be amended <br />as provided in the Law but no amendment shall be made unless it <br />will not substantially impair the security of the Bonds or the <br />rights of the Bondholders, as shown by an Opinion of Counsel, <br /> <br />0715p/228l/04 <br /> <br />-18- <br />