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<br />. <br /> <br />. <br /> <br />. <br /> <br />~. <br /> <br />Section 2. Amount, Issuance and Purpose of Bonds. <br />Under and pursuant to the Law and this Resolution, Bonds of the <br />Agency in a principal amount of Thirteen Million Six Hundred <br />Fifty Thousand Dollars ($13,650,000) shall be issued by the <br />Agency for the corporate purposes of the Agency in order to <br />provide funds for the financing of a portion of the cost of <br />implementing the Redevelopment Plan, both of which constitute a <br />"redevelopment activity" as such term is defined in Health and <br />Safety Code Section 33678; and such issue of Bonds is hereby <br />created. <br /> <br />Section 3. Nature of Bonds. The Bonds shall be and are <br />special obligations of the Agency and are secured by an <br />irrevocable pledge of, and are payable as to principal, <br />interest and premium, if any, from Tax Revenues, other funds as <br />hereinafter provided and, until the Reset Date, the Initial <br />Letter of Credit. The principal of the Bonds, interest thereon <br />and premium, if any, are not a debt of the City, the State of <br />California or any of its political subdivisions, and neither <br />the City, the State nor any of its political subdivisions is <br />liable on them. In no event shall the Bonds, interest thereon <br />and premium, if any, be payable out of any funds or properties <br />other than those of the Agency as set forth in this <br />Resolution. The Bonds do not constitute an indebtedness within <br />the meaning of any constitutional or statutory debt limitation <br />or restriction. Neither the members of the Agency nor any <br />persons executing the Bonds are liable personally on the Bonds <br />by reason of their issuance. <br /> <br />The Bonds shall be and are equally secured by an <br />irrevocable pledge of the Tax Revenues and other funds as <br />hereinafter provided, without priority for number, date of <br />sale, date of execution or date of delivery, except as <br />expressly provided herein. <br /> <br />In addition, payment of principal of and interest on <br />the Bonds will be secured by the Initial Letter of Credit or an <br />Alternate Credit Facility until December 15, 1990, and <br />thereafter by an Alternate Credit Facility, to the extent such <br />an Alternate Credit Facility is posted prior to the Initial <br />Reset Date and maintained thereafter. <br /> <br />The validity of the Bonds is not and shall not be <br />dependent upon: (a) the completion of the Redevelopment Project <br />or any part thereof, or (b) the performance by anyone of <br />hisjher obligations relative to the Redevelopment Project Area, <br />or (c) the proper expenditures of the proceeds of the Bonds. <br /> <br />Nothing in this Resolution shall preclude: (a) the <br />payment of the Bonds from the proceeds of refunding bonds <br />issued pursuant to the Law, or (b) the payment of the Bonds <br />from any legally available funds. Nothing in this Resolution <br />shall prevent the Agency from making advances of its own funds, <br /> <br />12-02-85 <br />9563p/2281/0l <br /> <br />-8- <br />