1985-61 CRA - Laserfiche WebLink

Home Browse Search

. . , . . Fiscal Agent of a certificate or opinion of an Independent Financial Consultant that Tax Revenues to be received by the Agency during the Fiscal Year, based upon the most recent assessed valuation of taxable property in the Redevelopment Project Area, furnished by the appropriate officer of the County of Orange, will be at least equal to 1.20 times the Average Annual Debt Service on the Bonds less the Average Annual Debt Service on the aggregate principal amount~of that portion of the Bonds equal to the amount which will remain in the Escrow Fund immediately following any such transfer. Any moneys remaining in the Escrow Fund on December 1, 1990 shall be transferred to the Redemption Fund and applied to the redemption of Bonds maturing on December 15, 1990 pursuant to Section llA( 6) . D. The moneys set aside in the Costs of Issuance Account shall be used to pay Costs of Issuance as directed by the Agency. Any moneys remaining in such Account on June 15, 1986 shall be transferred to the Agency and deposited in the Redevelopment Fund. Section 14. Tax Revenues. As provided in the Redevelopment Plan, pursuant to Article 6 of the Law and Section 16 of Article XVI of the Constitution of the State of California, taxes levied upon taxable property in the Redevelopment Project Area each year by or for the benefit of the State of California, any city, county, city and county, district, or other public corporation (herein sometimes collectively called "taxing agencies") after the effective date of the ordinance approving the Redevelopment Plan with respect to the Redevelopment Project Area (being Ordinance No. 1173 of the City of Santa Ana, which became effective on August 1, 1973), shall be divided as follows: (a) That portion of the taxes which would be produced by the rate upon which the tax is levied each year by or for each of the taxing agencies upon the total sum of the assessed value of the taxable property in the Redevelopment Project Area as shown upon the assessment roll used in connection with the taxation of such property by such taxing agency last equalized prior to August 1, 1973, (being the effective date of Ordinance No. 1173, referred to above) shall be allocated to and when collected shall be paid into the funds of the respective taxing agencies as taxes by or for the taxing agencies on all other property are paid; and (b) That portion of the levied taxes each year in excess of such amount shall be allocated to and when collected shall be paid into the Special Fund of the Agency. This portion of the levied taxes (plus State 12-28-85 0063k/2281/05 -22-