1985-61 CRA - Laserfiche WebLink

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. . .8 . . (c) Debt Service Reserve Account. After deposits have been made pursuant to subparagraphs (a) and (b) above, deposits shall be made to the Debt Service Reserve Account, if necessary, until the amount on deposit therein is to equal the Reserve Requirement. Moneys in the Debt Service Reserve Account shall be transferred to the Interßst Account or Principal Account to pay interest on and principal of the Bonds either (i) as it becomes due to the extent Pledged Revenues in the Principal Account and Interest Account are insufficient therefor or (ii) at the final maturity of the Bonds or for the purpose of paying the mandatory purchase price or redemption price under the circumstances described in Section 11A(2) or 11(A)(5). Any portion of the Debt Service Reserve Account which is in excess of the Reserve Requirement shall be withdrawn at least semiannually immediately after an Interest Payment Date, and shall be applied as are other moneys in the Special Fund. (d) Surplus. It is the intent of this Resolution: (i) that the deposits in subparagraphs (a) and (b) above to the Interest Account and the Principal Account, respectively, shall be made as scheduled, and (ii) that the deposit in subparagraph (c) above to the Debt Service Reserve Account shall be made if and only if the Pledged Revenues are sufficient therefor. Failure to make the required deposits into the Debt Service Reserve Account, as specified in subparagraph (c) above, shall not be an event of default if, and only if, the Tax Revenues are insufficient therefor. Should it be necessary to defer all or part of any deposits referred to in subparagraph (c) above, such deferred deposits shall be cumulative and shall be made when the Tax Revenues are sufficient to make the deposits required by subparagraphs (a) and (b) and thereafter make the deposit required by subparagraph (c). If: (i) the above transfers have been made so that the required amounts as of that time are in the above mentioned Accounts, (ii) all amounts due and owing to the Bank under the Reimbursement Agreement have been paid, (iii) the Tax Revenues to be received by the Agency on or before June 30 of each 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 are at least equal to 1.20 times the Average Annual Debt Service on all Bonds, Parity Bonds and any loans, advances or indebtedness payable from Tax Revenues on a parity with the Bonds pursuant to Section 33670 of the Law, as shown by the certificate or opinion of an Independent Financial Consultant employed by the Agency, and (iv) there 12-28-85 0063k/2281/05 -25-