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. . . limited to, those relating to business inventory and homeowner's exemption, to the extent actually received less the amount of Tax-Increment Revenues attributable to the Excluded Site, all as more particularly set forth hereafter in this Resolution. 2014. "Term Bonds" means the Bonds maturing on December 15, "Treasurer" or "Treasurer of the Agency" means the officer who is then performing the functions of treasurer of the Agency. Section 2. Amount, Issuance and Purpose of Bonds. Under and pursuant to the Law and this Resolution, Bonds of the Agency in a principal amount of Sixty-Three Million Eight Hundred Fifty Thousand Dollars ($63,850,000) shall be issued by the Agency for the corporate purposes of the Agency in order to provide funds for the refunding of the Refunded Bonds and for the financing of a portion of the cost of implementing the Redevelopment Plan, both of which constitute a "redevelopment activity" as such term is defined in Health and Safety Code Section 33678; and such issue of Bonds is hereby created. Section 3. Nature of Bonds. The Bonds shall be and are special obligations of the Agency and are secured by an irrevocable pledge of, and are payable as to principal, interest and premium, if any, from Tax Revenues, other funds as hereinafter provided and, until the Reset Date, the Initial Letter of Credit. The principal of the Bonds, interest thereon and premium, if any, are not a debt of the City, the State of California or any of its political subdivisions, and neither the City, the State nor any of its political subdivisions is liable on them. In no event shall the Bonds, interest thereon and premium, if any, be payable out of any funds or properties other than those of the Agency as set forth in this Resolution. The Bonds do not constitute an indebtedness within the meaning of any constitutional or statutory debt limitation or restriction. Neither the members of the Agency nor any persons executing the Bonds are liable personally on the Bonds by reason of their issuance. The Bonds shall be and are equally secured by an irrevocable pledge of the Tax Revenues and other funds as hereinafter provided, without priority for number, date of sale, date of execution or date of delivery, except as expressly provided herein. In addition, payment of principal of and interest on the Bonds will be secured by the Initial Letter of Credit or an Alternate Credit Facility until December 15, 1990, and thereafter by an Alternate Credit Facility, to the extent such an Alternate Credit Facility is posted prior to the Initial Reset Date and maintained thereafter. 12-02-85 9553p/2281/01 -8-