1985-61 CRA - Laserfiche WebLink

Home Browse Search

. . I . . (2) does not have any substantial interest, direct or indirect, with the Agency; and (3) is not connected with the Agency as an officer or employee of the Agency, but who may be regularly retained to make reports to the Agency. "Initial Letter of Credit" means the irrevocable direct pay letter of credit issued by the Bank securing payment of principal and an amount equal to 191 days' interest thereon calculated at the rate of 7.375% per annum issued by the Bank. "Initial Reset Date" means December 15, 1989. "Interest Payment Date" means June 15 and December 15 of each year, commencing June 15, 1986. "Law" means the Community Redevelopment Law of the State of California, as cited in the recitals hereof. ."Minimum Sinking Account Payments" means the amount of money to be deposited into the Principal Account to be used to redeem Bonds or Note, at the principal amounts thereof plus interest accrued to the redemption date, in the amounts and at the times set forth in the schedule or schedules of Minimum Sinking Account Payments contained in Section llA(3) hereof. "Opinion of Counsel" means a written opinion of an attorney or firm of attorneys of favorable reputation in the field of municipal bond law. Any opinion of such counsel may be based upon, insofar as it is related to factual matters, information which is in the possession of the Agency as shown by a certificate or opinion of, or representation by, an officer or officers of the Agency, unless such counsel knows, or in the exercise of reasonable care should have known, that the certificate, opinion or representation with respect to the matters upon which his or her opinion may be based, as aforesaid, is erroneous. "Outstanding", when used as of any particular time with reference to the Bonds, means, subject to the provisions of Section 3, all Bonds except: (a) Bonds theretofore cancelled by the Fiscal Agent or surrendered to the Fiscal Agent for cancellation; 12-28-85 0063kj2281j05 -5-