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<br />. <br /> <br />. <br /> <br />I <br /> <br />. <br /> <br />. <br /> <br />(b) the Parity Bonds shall be on such terms and <br />conditions as may be set forth in a supplemental <br />resolution, which shall provide for (i) bonds substantially <br />in accordance with the Resolution, (ii) the deposit of <br />moneys into the Debt Service Reserve Account in an amount <br />sufficient, together with the balance of the Debt- Service <br />Reserve Account, to equal the Average Annual Deb~ Service <br />on all Bonds expected to be outstanding includin~ the <br />outstanding Bonds and Parity Bonds, (iii) the payment of <br />the Agency's remaining obligations under the Agreement, if <br />any, (iv) the disposition of "surplus" Tax Revenues in <br />substantially the same manner as Section 15(d) hereof; <br /> <br />(c) receipt of a certificate of the Executive <br />Director of the Agency showing: <br /> <br />(i) for the current and each future Bond year <br />the debt service for each such Bond year with respect <br />to all Bonds and Parity Bonds reasonably expected to <br />be outstanding following the issuance of the Parity <br />Bonds; <br /> <br />(ii) for the then current Bond year, the Tax <br />Revenues to be received by the Agency based upon the <br />most recent assessed valuation of taxable property in <br />the Project Area certified by the appropriate officer <br />of the County of Orange (and exclusive of any <br />anticipated business inventory subvention revenues); <br />and <br /> <br />(iii) that for the then current Bond Year, the Tax <br />Revenues referred to in item (ii) are at least equal <br />to 1.20 times the maximum annual debt service referred <br />to in item (i) above, and that the Agency is entitled <br />under the Law and the Redevelopment Plan to receive <br />taxes under Section 33670 of the Law in an amount <br />sufficient to meet expected debt service with respect <br />to all Bonds and Parity Bonds. <br /> <br />(d) the Parity Bonds shall mature on and interest <br />shall be payable on the same dates as the Bonds (except the <br />first interest payment may be from the date of the Parity <br />Bonds until the next succeeding June 15 or December 15) and <br />shall not be subject to call and redemption prior to <br />maturity before December 15, 1990. <br /> <br />(e) receipt of written consent of the Bank, so long <br />as the Initial Letter of Credit is in effect or any amounts <br />owed to the Bank pursuant to the Reimbursement Agreement <br />remain unpaid, or written consent of the issuer of the <br />Alternate Credit Facility so long as such Alternate Credit <br />Facility is in effect. <br /> <br />12-28-85 <br />0O63k/2281/05 <br /> <br />-28- <br />