1985-61 CRA - Laserfiche WebLink

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. . , . . the lien of this Resolution, including, without limitation, the pledge of the Pledged Revenues, and all other rights granted hereby, shall cease, terminate and become void and be discharged and satisfied, and the principal of, premium, if any, and interest on the Bonds shall no longer be deemed to be outstanding and unpaid; provided, however, that nothing .in this Resolution shall require the deposit of more than a principal amount of such Federal Securities as may be sufficient, taking into account both the principal amount of such Federal Securities and the interest to become due thereon, to implement any refunding or defeasance of the Bonds. In the event of such a refunding or defeasance of the Bonds, the Fiscal Agent shall cause an accounting for such period or periods as shall be requested by the Agency to be prepared and filed with the Agency, and the Fiscal Agent, upon the request of the Agency, shall release the rights of the Bondholders under this Resolution and execute and deliver to the Agency all such instruments as may be desirable to evidence such release, discharge and satisfaction, and, subject to any rights of the Bank under the Reimbursement Agreement, the Fiscal Agent shall pay over or deliver to the Agency all moneys or securities held by it pursuant to this Resolution which are not required for the payment or redemption of Bonds not theretofore surrendered for such payment or redemption. Provision shall be made by the Agency, satisfactory to the Fiscal Agent, for the mailing of a notice to the Owners of such Bonds pursuant to Section 11B that such moneys are so available for such payment. Section 4. Description of Bonds. The Bonds shall be in a principal amount of Twenty Million Dollars ($20,000,000) and shall be designated "CITY OF SANTA ANA COMMUNITY REDEVELOPMENT AGENCY, CITY OF SANTA ANA REDEVELOPMENT PROJECT AREA, TAX ALLOCATION REFUNDING BONDS, 1985 SERIES E". The Bonds shall be initially issued in the form of fully registered bonds in denominations of $5,000 each or any whole multiple thereof. The Bonds shall mature on December 15,2010: Section 5. Interest. A. General. The Bonds shall initially bear interest at a rate or rates to be hereafter fixed by resolution, but not to exceed seven and one-half percent (7.5%) per annum from the Date of Issuance of the Bonds until December 15, 1989 and thereafter at the rates determined in the manner hereinafter provided. Commencing on December 15, 1989, the interest on the Bonds shall be payable at the Reset Rate until the next succeeding Reset Date as determined pursuant to Section 5B hereof. Interest shall be paid on June 15 and December 15 of 12-28-85 0063k/2281/05 -10-