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<br />I <br />I <br /> <br />. <br /> <br />. <br /> <br />I <br /> <br />. <br /> <br />. <br /> <br />(2) Deposit in the Debt Service Reserve Account of <br />$737,500; <br /> <br />(3) Deposit in the Cost Issuance Account, an amount <br />equal to $ <br /> <br />(4) Deposit in the Escrow Fund an amount w~ich will <br />be sufficient, taking into consideration any inv~stment <br />earnings thereon, to pay the Agency's obligations under the <br />Agreement; <br /> <br />(5) 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 Fund <br />shall remain there until from time to time expended for the <br />purpose of financing: <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 from <br />taxation; . <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 Costs of Issuance (not otherwise paid from <br />the Cost of Issuance Account). <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 />All of the above uses constitute a "redevelopment <br />activity" as that term is defined in California Health and <br />Safety Code Section 33678. <br /> <br />C. The moneys set aside in the Escrow Fund shall be <br />paid to the Developer to refund in the Agency's obligation <br />under the Agreement annually on July 1 in each of the Fiscal <br />Years 1986/1987 to 1990/1991, inclusive, upon receipt by the <br /> <br />12-28-85 <br />0063k/2281/05 <br /> <br />-21- <br />