1985-54 CRA - Laserfiche WebLink

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. . . total aggregate debt service on the Bonds, will exceed the maximum amount of Pledged Revenues to be divided and allocated to the Agency pursuant to the Redevelopment Plan. Section 19. Taxation of Leased Property. Whenever any property in the Redevelopment Project Area has been redeveloped and thereafter is leased by the Agency to any person or persons (other than a public agency), or whenever the Agency leases real property in the Redevelopment Project Area to any person or persons (other than a public agency) for redevelopment, the property shall be assessed and taxed in the same manner as privately owned property, as required by Section 33673 of the Law, and the lease or contract shall provide (a) that the lessee shall pay taxes upon the assessed value of the entire property and not merely upon the assessed value of his or its leasehold interest, and (b) that if for any reason the taxes levied on the property in any year during the term of the lease or contract are less than the taxes which would have been levied if the entire property had been assessed and taxed in the same manner as privately owned property, the lessee shall pay such difference to the Agency within thirty (30) days after the taxes for the year become payable to the taxing agencies and in no event later than the delinquency date of such taxes established by law. All such payments shall be treated as Tax Revenues, and when received by the Agency shall be used as provided herein. Section 20. Fiscal Agent. The Agency appoints Dai-Ichi Kangyo Bank of California, a California banking corporation, as Fiscal Agent hereunder, to act as the agent, fiscal agent and depositary of the Agency for the purpose of receiving Pledged Revenues and other funds in trust as provided in this Resolution, to hold, allocate, use and apply the Pledged Revenues and other funds in trust as provided in this Resolution, and to perform the other duties and powers of the Fiscal Agent as are prescribed in this Resolution. The Fiscal Agent may perform any duties hereunder either directly or by or through agents or attorneys and the Fiscal Agent shall not be responsible for any misconduct or negligence on the part of any agent or attorney appointed with due care by it hereunder. The Agency may remove the Fiscal Agent initially appointed, or any successor upon written notice to the Fiscal Agent, and shall forthwith appoint a successor thereto, but any successor shall be a bank or trust company doing business and having an office in the City of Los Angeles or the City of New York, having a combined capital and surplus of at least $50,000,000 and, so long as the Initial Letter of Credit is outstanding, with the written consent of the Bank. The Fiscal Agent or any substituted Fiscal Agent may at any time resign by filing written notice thereof with the Agency. Upon a resignation in writing, the Agency shall forthwith appoint a substitute Fiscal Agent and the resignation shall become effective upon appointment. In the event that the Fiscal Agent 12-02-85 9553p/2281/01 -31-