1985-61 CRA - Laserfiche WebLink

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. . , . . has been no material change in the status of the Redevelopment Project which in the opinion of an Independent Redevelopment Consultant, said opinion having been filed with the Fiscal Agent, would be likely to result in diminution of Tax Revenues in the succeeding fiscal year, any such balances in the Special Fund shall. be deemed "surplus" hereunder and shall be used and applied by the Agency first to any payments due under the Agreement and thereafter for any lawful purpose, including without limitation, the purchase and/or call and redemption of Bonds and Parity Bonds. Section 16. Deposit and Investment of Moneys in Funds and Accounts. Subject to the provisions of Covenant 9 of Section 18 hereof, all moneys held by the Agency in the Redevelopment Fund and by the Fiscal Agent in the Special Fund, except such moneys which are at the time invested in obligations in which the Agency is authorized to make investments, shall be held in time or demand deposits in any bank or trust company authorized to accept deposits of public funds (including the banking department of the Fiscal Agent) and all of such deposits shall be secured at all times by bonds or other obligations which are authorized by law as security for public deposits, of a market value at least equal to the amount required by law. The moneys held by the Fiscal Agent may be invested in taxable government money market portfolios restricted to obligations with maturities of one year or less issued or guaranteed as to payment of principal and interest by the full faith and credit of the United States. Moneys in the Redevelopment Fund shall from time to time be invested by the Agency, and moneys in the Special Fund may be invested by the Fiscal Agent and upon request of the Agency shall be invested, as provided by law in Qualified Investments, subject to the following restrictions: (a) Moneys in the Redevelopment Fund and the Costs of Issuance Account shall be invested only in obligations which will by their terms mature not later than the date the Agency estimates the moneys represented by the particular investment will be needed for withdrawal from such Fund or Account. (b) Moneys in the Interest Account, Principal Account of the Special Fund shall be invested only in obligations which will by their terms mature on such dates as to ensure that before the date of each interest, principal and Minimum Sinking Account Payment, there will be in such Accounts, respectively, from matured obligations and other moneys already in such Accounts, cash equal to the interest, principal and Minimum Sinking Account Payment, payable on such payment date. 12-28-85 0063k/2281/05 -26-