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<br />. <br /> <br />. <br /> <br />I <br /> <br />. <br /> <br />. <br /> <br />"Reset Rate" means the rate of interest to be borne by <br />the Bonds during a Reset Period, as determined from time to <br />time by the Remarketing Agent pursuant to this Resolution and <br />the Remarketing Agreement. <br /> <br />"Resolution" means this Resolution No. 85-6\ adopted <br />by the Agency on December 17, 1985. <br /> <br />"Revised Rate" means the Prime Rate Plus one percent <br />(1%) per annum. <br /> <br />"Site" means that portion of the Redevelopment Project <br />Area more particularly described on Exhibit B attached hereto. <br /> <br />"Special Fund" means the City of Santa Ana Community <br />Redevelopment Agency, City of Santa Ana Redevelopment Project <br />Area Tax Allocation Refunding Bonds, 1985 Series E Special Fund <br />created pursuant to Section 12 hereof. <br /> <br />"Tax Revenues" means that portion of taxes levied upon <br />taxable property within the Site and received by the Agency on <br />or after the date of issue of the Bonds, with respect to the <br />Redevelopment Project Area of the Agency pursuant to Article 6 <br />of Chapter 6 of the Law and Section 16 of Article XVI of the <br />Constitution of the State of California, plus state reimbursed <br />amounts for certain property tax exemptions including, but not <br />limited to, those relating to business inventory and <br />homeowner's exemption, to the extent that such taxes and <br />reimbursed amounts actually received, are attributable only to <br />the Site, all as more particularly set forth hereafter in this <br />Resolution. <br /> <br />"Treasurer" or "Treasurer of the Agency" means the <br />officer who is then performing the functions of treasurer of <br />the Agency. <br /> <br />Section 2. Amount, Issuance and Purpose of Bonds. <br />Under and pursuant to the Law and this Resolution, Bonds of the <br />Agency in a principal amount of Twenty Million Dollars <br />($20,000,000) shall be issued by the Agency for the corporate <br />purposes of the Agency in order to provide funds for the <br />refunding of the Agreement, which constitutes a "redevelopment <br />activity" as such term is defined in Health and Safety Code <br />Section 33678; and such issue of Bonds is hereby created. <br /> <br />Section 3. Nature of Bonds. The Bonds shall be and are <br />special obligations of the Agency and are secured by an <br />irrevocable pledge of, and are payable as to principal, <br />interest and premium, if any, from Tax Revenues, other funds as <br />hereinafter provided and, until the Reset Date, the Letter of <br /> <br />12-28-85 <br />0063k/2281/05 <br /> <br />-8- <br />