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<br />(c) receipt of a certificate of the Executive <br />Director of the Agency showing: <br /> <br />. <br /> <br />(i) for the current and each future Bond year <br />the debt service for each such Bond year with respect <br />to all Bonds and Parity Bonds reasonably expected to <br />be outstanding following the issuance of the Parity <br />Bonds; <br /> <br />(ii) for the then current Bond year, the Tax <br />Revenues to be received by the Agency based upon the <br />most recent assessed valuation of taxable property in <br />the Project Area certified by the appropriate officer <br />of the County of Orange (and exclusive of any <br />anticipated business inventory subvention revenues); <br />and <br /> <br />(iii) that for the then current Bond Year, the Tax <br />Revenues referred to in item (ii) are at least equal <br />to 1.20 times the maximum annual debt service <br />referred to in item (i) above, and that the Agency is <br />entitled under the Law and the Redevelopment Plan to <br />receive taxes under Section 33670 of the Law in an <br />amount sufficient to meet expected debt service with <br />respect to all Bonds and Parity Bonds. <br /> <br />. <br /> <br />(d) the Parity Bonds shall mature on and interest <br />shall be payable on the same dates as the Bonds (except the <br />first interest payment may be from the date of the Parity <br />Bonds until the next succeeding June 15 or December 15) and <br />shall not be subject to call and redemption prior to <br />maturity before December 15, 1990. <br /> <br />(e) receipt of written consent of the Bank, so long <br />as the Initial Letter of Credit is in effect or any amounts <br />owed to the Bank pursuant to the Reimbursement Agreement <br />remain unpaid, or written consent of the issuer of the <br />Alternate Credit Facility so long as such Alternate Credit <br />Facility is in effect. <br /> <br />If the Agency is in compliance with all covenants set <br />forth in this Resolution, the Agency may for any of its <br />purposes issue obligations having a lien on Tax Revenues which <br />is junior to the lien of the Bonds and which are payable solely <br />from "surplus" Pledged Revenues as described in Section 15(d) <br />hereof. <br /> <br />. <br /> <br />Section 18. Covenants of the Agency. As long as the <br />Bonds are Outstanding and unpaid, the Agency shall (through its <br />proper members, officers, agents or employees) faithfully <br />perform and abide by all of the covenants, undertakings and <br />provisions contained in this Resolution or in any Bond issued <br />hereunder, including the following covenants and agreements for <br />the benefit of the Bondholders which are necessary, convenient <br /> <br />12-02-85 <br />9553p/2281/01 <br /> <br />-27- <br />