Laserfiche WebLink
<br />. <br /> <br />. <br /> <br />. <br /> <br />Section 19. Taxation of Leased Property. Whenever any <br />property in the Redevelopment Project Area has been redeveloped <br />and thereafter is leased by the Agency to any person or persons <br />(other than a public agency), or whenever the Agency leases <br />real property in the Redevelopment Project Area to any person <br />or persons (other than a public agency) for redevelopment, the <br />property shall be assessed and taxed in the same manner as <br />privately owned property, as required by Section 33673 of the <br />Law, and the lease or contract shall provide (a) that the <br />lessee shall pay taxes upon the assessed value of the entire <br />property and not merely upon the assessed value of his or its <br />leasehold interest, and (b) that if for any reason the taxes <br />levied on the property in any year during the term of the lease <br />or contract are less than the taxes which would have been <br />levied if the entire property had been assessed and taxed in <br />the same manner as privately owned property, the lessee shall <br />pay such difference to the Agency within thirty (30) days after <br />the taxes for the year become payable to the taxing agencies <br />and in no event later than the delinquency date of such taxes <br />established by law. All such payments shall be treated as Tax <br />Revenues, and when received by the Agency shall be used as <br />provided herein. <br /> <br />Section 20. Fiscal Agent. The Agency appoints Dai-Ichi <br />Kangyo Bank of California, a California banking corporation, as <br />Fiscal Agent hereunder, to act as the agent, fiscal agent and <br />depositary of the Agency for the purpose of receiving Pledged <br />Revenues and other funds in trust as provided in this <br />Resolution, to hold, allocate, use and apply the Pledged <br />Revenues and other funds in trust as provided in this <br />Resolution, and to perform the other duties and powers of the <br />Fiscal Agent as are prescribed in this Resolution. The Fiscal <br />Agent may perform any duties hereunder either directly or by or <br />through agents or attorneys and the Fiscal Agent shall not be <br />responsible for any misconduct or negligence on the part of any <br />agent or attorney appointed with due care by it hereunder. <br /> <br />The Agency may remove the Fiscal Agent initially <br />appointed, or any successor upon written notice to the Fiscal <br />Agent, and shall forthwith appoint a successor thereto, but any <br />successor shall be a bank or trust company doing business and <br />having an office in the City of Los Angeles or the City of New <br />York, having a combined capital and surplus of at least <br />$50,000,000 and, so long as the Initial Letter of Credit is <br />outstanding, with the written consent of the Bank. The Fiscal <br />Agent or any substituted Fiscal Agent may at any time resign by <br />filing written notice thereof with the Agency. Upon a <br />resignation in writing, the Agency shall forthwith appoint a <br />substitute Fiscal Agent and the resignation shall become <br />effective upon appointment. In the event that the Fiscal Agent <br />or any successor becomes incapable of acting as such, the <br />Agency shall forthwith appoint a substitute Fiscal Agent. Any <br />bank or trust company into which the Fiscal Agent may be merged <br />or with which it may be consolidated shall become the Fiscal <br /> <br />12-02-85 <br />9563p/228l/01 <br /> <br />-30- <br />