Laserfiche WebLink
<br />. <br /> <br />. <br /> <br />I <br /> <br />. <br /> <br />. <br /> <br />WHEREAS, the Agency and Santa Ana Ventures have <br />entered into an agreement dated December 17, 1985 entitled <br />"Subordination of Tax Allocations" whereby Santa Ana Ventures <br />has subordinated its right to receive Tax Revenues to the <br />payment of the principal and interest on the Bonds; and <br /> <br />WHEREAS, pursuant to Section 53583 of the Goyernment <br />Code of the State of California, the Agency is authorized to <br />sell refunding bonds on a negotiated sale basis; and. <br /> <br />WHEREAS, R. H. Moulton & Company has offered to <br />purchase the Bonds at a price set forth in a Purchase Contract <br />which the Agency finds to be in the best interest of the <br />community. <br /> <br />NOW, THEREFORE, THE CITY OF SANTA ANA COMMUNITY <br />REDEVELOPMENT AGENCY DOES HEREBY RESOLVE, DETERMINE AND ORDER <br />AS FOLLOWS: <br /> <br />Section 1. Definitions. As used in this Resolution, <br />the following terms shall have the following meanings, unless <br />the context otherwise requires: <br /> <br />"Agreement" means the Participation Agreement recorded <br />on May 17, 1984 in the Official Records of Orange County, <br />Californi as Instrument No. 84-206421 by and between the Agency <br />and Santa Ana Ventures. <br /> <br />"Alternate Credit Facility" means a letter of credit <br />or other credit facility obtained by the Agency on or prior to <br />the Initial Reset Date. <br /> <br />"Average Annual Debt Service" means the average of the <br />sums obtained for the Bond Years after the computation is made, <br />by totalling the following for each Bond Year: <br /> <br />(1) The principal amount of all Bonds and serial <br />Parity Bonds, if any, payable in such Bond Year; and <br /> <br />(2) The amount of Minimum Sinking Account Payments, <br />if any, for term Parity Bonds to be made in such Bond Year <br />in accordance with the applicable schedule or schedules of <br />Minimum Sinking Account Payments; and <br /> <br />(3) The interest which would be due during such Bond <br />Year on the aggregate principal amount of Bonds and Parity <br />Bonds which would be outstanding in such Bond Year if the <br />Bonds and Parity Bonds outstanding on the date of such <br />computation were to mature or be redeemed in accordance <br />with the schedule or schedules of Minimum Sinking Account <br /> <br />12-28-85 <br />0063k/228lj05 <br /> <br />-2- <br />