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<br />(2) does not have any substantial interest, direct or <br />indirect, with the Agency; and <br /> <br />. <br /> <br />(3) is not connected with the Agency as an officer or <br />employee of the Agency, but who may be regularly retained <br />to make reports to the Agency. <br /> <br />"Initial Letter of Credit" means the irrevocable <br />direct pay letter of credit issued by the Bank securing payment <br />of principal (except the principal amount of funds equal to the <br />amount held by the Fiscal Agent in the Escrow Fund and Debt <br />Service Reserve Account) and an amount equal to 191 days' <br />interest on the Bonds calculated at the rate of interest stated <br />in the Initial Letter of Credit. <br /> <br />"Initial Reset Date" means December 15, 1990. <br /> <br />"Interest Payment Date" means June 15 and December 15 <br />of each year, commencing June 15, 1986. <br /> <br />"Law" means the Community Redevelopment Law of the <br />State of California, as cited in the recitals hereof. <br /> <br />. <br /> <br />"Maximum Annual Debt Service" means the largest of the <br />sums obtained for any Bond Year after the computation is made, <br />by totalling the following for each such Bond Year: <br /> <br />(1) The principal amount of all Serial Bonds and <br />Serial Parity Bonds, if any, payable in such Bond Year; and <br /> <br />(2) The amount of Minimum Sinking Account Payments, <br />if any, for Term Bonds, Special Term Bonds and Term Parity <br />Bonds to be made in such Bond Year in accordance with the <br />applicable schedule or schedules of Minimum Sinking Account <br />Payments; and <br /> <br />. <br /> <br />(3) The interest which would be due during such Bond <br />Year on the aggregate principal amount of Bonds and Parity <br />Bonds which would be outstanding in such Bond Year if the <br />Bonds and Parity Bonds outstanding on the date of such <br />computation were to mature or be redeemed in accordance <br />with the schedule or schedules of Minimum Sinking Account <br />Payments for the Bonds. At the time and for the purpose of <br />making such computation, the interest on the principal <br />amount of Bonds and Parity Bonds already retired in advance <br />of the date of establishment of the above-mentioned <br />schedules or for which redemption has been provided <br />pursuant to Section 11 hereof shall be deducted pro rata <br />from the interest on the remaining principal amounts of <br />Bonds. <br /> <br />"Minimum Sinking Account Payments" means the amount of <br />money to be deposited into the Principal Account to be used to <br />redeem Term Bonds or Special Term Bonds, at the principal <br /> <br />12-02-85 <br />9553p/228l/01 <br /> <br />-4- <br />