1985-54 CRA - Laserfiche WebLink

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. . . 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, City of Santa Ana Redevelopment Project Area Tax Allocation Bonds 1985 Series B 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, City of Santa Ana Redevelopment Project Area, Tax Allocation Bonds, 1985 Series B 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, City of Santa Ana Redevelopment Project Area, Tax Allocation Bonds, 1985 Series B Escrow Fund" (the "Escrow Fund"). There is also created a special trust fund with the Fiscal Agent known as the "Series B Bonds Refunding Escrow Account." 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. A. Upon the delivery of the Bonds to the initial purchasers, the Fiscal Agent, on behalf of the Agency, shall transfer any funds held in the Debt Service Reserve Account of the City of Santa Ana Redevelopment Project Area Special Fund created pursuant to Resolution No. 78-10 of the Agency to the Debt Service Reserve Account. The balance of the funds held in the Special Fund created pursuant to Resolution No. 78-10, including any accounts therein, shall be transferred to the Series B Bonds Refunding Escrow Account. B. Upon the delivery of the Bonds to the initial purchasers, the Fiscal Agent, on behalf of the Agency, shall receive the proceeds from the sale of the Bonds, and shall dispose of the proceeds and moneys as follows: (1) Deposit in the Escrow Fund an amount equal to $29,115,000; (2) Deposit in the Interest Account an amount equal to the accrued interest and premium if any, on the Bonds, plus an amount which when added thereto will equal interest due on the Bonds on June 15, 1986, net of the anticipated interest earnings on the funded amount to June 15, 1986, and net of an amount equal to that portion of the debt service attributable to monies in the Escrow Fund; 12-02-85 9553p/2281/01 -19-