1985-61 CRA - Laserfiche WebLink

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. . , . . security under this Resolution, and the Owners of the Bonds shall have no rights except to receive payment of the principal of, premium if any, and interest on the Bond or Bonds as redeemed, and, in the case of partial redemption of Bonds, also to receive a new Bond or Bonds for the unredeemed balance as provided above. F. Purchase of Bonds. In lieu of redemptiþn or otherwise, the Fiscal Agent, on behalf of the Agency, is hereby authorized to purchase Bonds on the open market at any time at a price not to exceed the principal amount of the Bonds plus the applicable premium and accrued interest, if any, to the date of purchase plus brokerage fees, if any. Section 12. Funds and Accounts. There is hereby created with the Treasurer a special trust fund called the "City of Santa Ana Community Redevelopment Agency, City of Santa Ana Redevelopment Project Area Tax Allocation Refunding Bonds, 1985 Series E Redevelopment Fund" (hereinafter sometimes called the "Redevelopment Fund"). There is hereby created with the Fiscal Agent a special trust fund called the "City of Santa Ana Community-Redevelopment Agency, City of Santa Ana Redevelopment Project Area, Tax Allocation Refunding Bonds, 1985 Series E Special Fund" with special trust accounts contained therein known as the "Interest Account", "Principal Account", "Cost of Issuance Account" and the "Debt Service Reserve Account." There is hereby created with the Fiscal Agent a special trust fund called the "City of Santa Ana Community Redevelopment Agency, City of Santa Ana Redevelopment Project Area, Tax Allocation Refunding Bonds, 1985 Series E Escrow Fund" (the "Escrow Fund"). So long as any of the Bonds or any payments due the Bank under the Reimbursement Agreement, or any interest on them, remain unpaid, the moneys in the foregoing Funds and Accounts shall be used for no purposes other than those required or permitted by this Resolution and the Law. Section 13. Sale of Bonds; Disposition of Bond Proceeds; Redevelopment Fund. The Agency may provide by resolution for the sale of the Bonds in the manner provided by the Law. A. Upon the delivery of the Bonds to the initial purchasers, the Fiscal Agent, on behalf of the Agency, shall receive the proceeds from the sale of the Bonds, and shall dispose of the proceeds and moneys as follows: (1) Deposit in the Interest Account an amount equal to the accrued interest and premium if any, on the Bonds, plus an amount which when added thereto will equal $737,500; 12-28-85 0O63k/2281/05 -20-