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1985-55 CRA
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1985-55 CRA
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Last modified
1/3/2012 12:21:59 PM
Creation date
3/3/2005 8:31:38 AM
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City Clerk
Doc Type
Resolution
Doc #
CRA 1985-55
Date
12/3/1985
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<br />. <br /> <br />. <br /> <br />. <br /> <br />and the Reimbursement Agreement including interest at the <br />Revised Rate. <br /> <br />Covenant 5. Payment of Taxes and Other Charges. <br />The Agency covenants and agrees that it will from time to time <br />pay and discharge, or cause to be paid and discharged, all <br />payments in lieu of taxes, service charges, assessments or <br />other governmental charges which may lawfully be imposed upon <br />the Agency or any of the properties then owned by it in the <br />Redevelopment Project Area, or upon the revenues and income <br />therefrom, and will pay all lawful claims for labor, materials <br />and supplies which if unpaid might become a lien or charge upon <br />any of the properties, revenues or income or which might impair <br />the security of the Bonds or the use of Pledged Revenues or <br />other legally available funds to pay the principal of and <br />interest on the Bonds, all to the end that the priority and <br />security of the Bonds shall be preserved; provided, however, <br />that nothing in this covenant shall require the Agency to make <br />any such payment so long as the Agency in good faith shall <br />contest the validity of the payment. <br /> <br />Covenant 6. Books and Accounts; Financial State- <br />ments. The Agency covenants and agrees that it will at all <br />times keep, or cause to be kept, proper and current books and <br />accounts (separate from all other records and accounts) in <br />which complete and accurate entries shall be made of all <br />transactions relating to the Redevelopment Project and the <br />Pledged Revenues and other funds relating to the Project. The <br />Agency will prepare within one hundred and eighty (180) days <br />after the close of each of its fiscal years a complete <br />financial statement or statements for the year, in reasonable <br />detail covering the Redevelopment Project Tax Revenues and <br />other funds, accompanied by an opinion of an Independent <br />Certified Public Accountant appointed by the Agency, and will <br />furnish a copy of the statement or statements to the Fiscal <br />Agent, and any rating agency which maintains a rating on the <br />Bonds, and, upon written request, to any Bondholder. <br /> <br />Covenant 7. Eminent Domain Proceeds. The Agency <br />covenants and agrees that if all or any part of the <br />Redevelopment Project Area should be taken from it without its <br />consent, by eminent domain proceedings or other proceedings <br />authorized by law, for any public or other use under which the <br />property will be tax exempt, it shall take all steps necessary <br />to adjust accordingly the base roll of the Project Area. <br /> <br />Covenant 8. Disposition of Property. The Agency <br />covenants and agrees that it will not dispose of more than ten <br />percent (10%) of the land area in the Redevelopment Project <br />Area (except property shown in the Redevelopment Plan in effect <br />on the date this Resolution is adopted as planned for public <br />use, or property to be used for public streets, public <br />offstreet parking, sewage facilities, parks, easements or <br />right-of-way for public utilities, or other similar uses) to <br /> <br />12-02-85 <br />9563p/2281/01 <br /> <br />-28- <br />
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