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<br />Provision shall be made by the Agency, satisfactory to <br />the Fiscal Agent, for the mailing of a notice to the Owners of <br />such Bonds pursuant to Section lIB that such moneys are so <br />available for such payment. <br /> <br />. <br /> <br />Section 4. Description of Bonds. The Bonds shall be in <br />a principal amount of Sixty-Three Million Eight Hundred Fifty <br />Thousand Dollars ($63,850,000) and shall be designated "CITY OF <br />SANTA ANA COMMUNITY REDEVELOPMENT AGENCY, CITY OF SANTA ANA <br />REDEVELOPMENT PROJECT AREA, TAX ALLOCATION BONDS, 1985 <br />SERIES B". The Bonds shall be initially issued in the form of <br />fully registered bonds in denominations of $5,000 each or any <br />whole multiple thereof. The Bonds shall mature in the <br />following amounts on December 15 of the following years: <br /> <br />Maturity Date <br />(December 15) <br /> <br />Principal <br />Amount <br /> <br />1986 <br />1987 <br />1988 <br />1989 <br />1990 <br />2014 <br />2015 <br /> <br />$ <br /> <br />620,000 <br />665,000 <br />710,000 <br />770,000 <br />825,000 <br />31,145,000 <br />29,155,000 <br /> <br />. <br /> <br />Section 5. <br /> <br />Interest. <br /> <br />A. General. The Bonds shall initially bear interest <br />at a rate or rates to be hereafter fixed by resolution, but not <br />to exceed seven and one-half percent (7.5%) per annum from the <br />Date of Issuance of the Bonds through December 15, 1990 and <br />thereafter at the rates determined in the manner hereinafter <br />provided. Commencing on December 15, 1990, the interest on the <br />Bonds shall be payable at the Reset Rate until the next <br />succeeding Reset Date as determined pursuant to Section 5B <br />hereof. Interest shall be paid on June 15 and December 15 of <br />each year, commencing June 15, 1986. Each Bond shall bear <br />interest until its principal sum has been paid; provided, <br />however, that if funds are available for the payment thereof in <br />full accordance with the terms of Section 3 of this Resolution, <br />such Bond shall then cease to bear interest from and after the <br />date established for the payment of such Bonds. <br /> <br />. <br /> <br />B. Determination of Reset Rate and Reset Period. <br />The Agency hereby appoints the Remarketing Agent as its agent <br />for determining each Reset Date and Reset Period pursuant to <br />the provisions of this Resolution and the Remarketing Agreement. <br /> <br />Commencing on December 1, 1990 (or, if such date <br />is not a Business Day, then on the next succeeding Business <br />Day) and on the fourteenth day immediately preceding each Reset <br />Date thereafter, (or, if such date is not a Business Day, then <br /> <br />12-02-85 <br />9553pj2281jOI <br /> <br />-10- <br />