1985-55 CRA - Laserfiche WebLink

Home Browse Search

. . . E. Effect of Redemption. Notice of redemption having been duly given as provided above, and moneys for payment of the principal of, premium, if any, and interest payable upon redemption of the Bonds being set aside as provided above, the Bonds, or parts thereof, called for redemption shall, on the redemption date, become due and payable at the redemption price specified in the notice. Interest on the Bonds, or parts thereof, as the case may be, called for redemption shall cease to accrue from and after the date fixed for redemption. The Bonds, or parts thereof redeemed, shall cease to be entitled to any lien, benefit or security under this Resolution, and the Owners of the Bonds shall have no rights except to receive payment of the principal of, premium if any, and interest on the Bond or Bonds as redeemed, and, in the case of partial redemption of Bonds, also to receive a new Bond or Bonds for the unredeemed balance as provided above. F. Purchase of Bonds. In lieu of redemption or otherwise, the Fiscal Agent, on behalf of the Agency, is hereby authorized to purchase Bonds on the open market at any time at a price not to exceed the principal amount of the Bonds plus the applicable premium and accrued interest, if any, to the date of purchase plus brokerage fees, if any. Section 12. Funds and Accounts. There is hereby created with the Treasurer a special trust fund called the "City of Santa Ana Community Redevelopment Agency, Santa Ana South Harbor Boulevard/Fairview Street Redevelopment Project Tax Allocation Bonds, 1985 Series C Redevelopment Fund" (hereinafter sometimes called the "Redevelopment Fund"). There is hereby created with the Fiscal Agent a special trust fund called the "City of Santa Ana Community Redevelopment Agency, Santa Ana South Harbor Boulevard/Fairview Street Redevelopment Project, Tax Allocation Bonds, 1985 Series C Special Fund" with special trust accounts contained therein known as the "Interest Account", "Principal Account", "Costs of Issuance Account" and the "Debt Service Reserve Account." There is hereby created with the Fiscal Agent a special trust fund called the "City of Santa Ana Community Redevelopment Agency, Santa Ana South Harbor Boulevard/Fairview Street Redevelopment Project, Tax Allocation Bonds, 1985 Series C Escrow Fund" (the "Escrow Fund") . So long as any of the Bonds or any payments due the Bank under the Reimbursement Agreement, or any interest on them, remain unpaid, the moneys in the foregoing Funds and Accounts shall be used for no purposes other than those required or permitted by this Resolution and the Law. Section 13. Sale of Bonds; Disposition of Bond Proceeds; Redevelopment Fund. The Agency may provide by resolution for the sale of the Bonds in the manner provided by the Law. 12-02-85 9563p/2281/01 -18-