1985-54 CRA - Laserfiche WebLink

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. . . All of the above uses constitute a "redevelopment activity" as that term is defined in California Health and Safety Code Section 33678. D. The moneys set aside in the Escrow Fund shall be transferred to the Redevelopment Fund annually on December 15, 1986, December 15, 1987 and December 15, 1988 upon receipt by the Fiscal Agent of (i) evidence satisfactory to it that the Initial Letter of Credit has been replaced by a new letter of credit in an amount equal to the amount of the Initial Letter of Credit plus the amount to be disbursed less any increase in the Debt Service Reserve Account and (ii) a certificate or opinion of an Independent Financial Consultant that Tax Revenues to be received by the Agency during such Bond Year, based upon the most recent assessed valuation of taxable property in the Redevelopment Project Area, furnished by the appropriate officer of the County of Orange, will be at least equal to 1.20 times the Maximum Annual Debt Service on the aggregate principal amount of that portion of the Bonds equal to the amount which will remain in the Escrow Fund immediately following any such transfer. Any moneys remaining in the Escrow Fund on December 1, 1990 shall be transferred to the Redemption Fund and applied to the redemption of Special Term Bonds on December 15, 1990 pursuant to Section llA(6). E. Moneys deposited in the Series B Bonds Refunding Escrow Account shall be held by the Fiscal Agent and applied to the payment of interest and redemption price of the Outstanding Bonds on or prior to October 1, 1990. F. The moneys set aside in the Costs of Issuance Account shall be used to pay Costs of Issuance as directed by the Agency. Any moneys remaining in such Account on June 15, 1986 shall be transferred to the Agency and deposited in the Redevelopment Fund. Section 14. Tax Revenues. As provided in the Redevelopment Plan, pursuant to Article 6 of the Law and Section 16 of Article XVI of the Constitution of the State of California, taxes levied upon taxable property in the Redevelopment Project Area each year by or for the benefit of the State of California, any city, county, city and county, district, or other public corporation (herein sometimes collectively called "taxing agencies") after the effective date of the ordinance approving the Redevelopment Plan with respect to the Redevelopment Project Area (being Ordinance No. 1173 of the City of Santa Ana, which became effective on August 1, 1973), shall be divided as follows: (a) That portion of the taxes which would be produced by the rate upon which the tax is levied each year by or for each of the taxing agencies upon the total sum of the assessed value of the taxable property in the Redevelopment Project Area as shown upon the assessment roll used in 12-02-85 9553p/2281/01 -21-