1985-53 CRA - Laserfiche WebLink

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. (i) for the current and each future Bond year the debt service for each such Bond year with respect to all Bonds and Parity Bonds reasonably expected to be outstanding following the issuance of the Parity Bonds; (ii) for the then current Bond year, the Tax Revenues to be received by the Agency based upon the most recent assessed valuation of taxable property in the Project Area certified by the appropriate officer of the County of Orange (and exclusive of any anticipated business inventory subvention revenues), and (iii) that for the then current Bond Year, the Tax Revenues referred to in item (ii) are at least equal to 1.20 times the maximum annual debt service referred to in item (i) above, and that the Agency is entitled under the Law and the Redevelopment Plan to receive taxes under Section 33670 of the Law in an amount sufficient to meet expected debt service with respect to all Bonds and Parity Bonds. . (d) the Parity Bonds shall mature on and interest shall be payable on the same dates as the Bonds (except the first interest payment may be from the date of the Parity Bonds until the next succeeding June 15 or December 15) and shall not be subject to call and redemption prior to maturity before December 15, 1990, (e) receipt of written consent of the Bank, so long as the Initial Letter of Credit is in effect or any amounts owed to the Bank pursuant to the Reimbursement Agreement remain unpaid, or written consent of the issuer of the Alternate Credit Facility so long as such Alternate Credit Facility is in effect. If the Agency is in compliance with all covenants set forth in this Resolution, the Agency may for any of its purposes issue obligations having a lien on Tax Revenues which is junior to the lien of the Bonds and which are payable solely from "surplus" Pledged Revenues as described in Section 15(d) hereof. . Section 18. Covenants of the Agency. As long as the Bonds are Outstanding and unpaid, the Agency shall (through its proper members, officers, agents or employees) faithfully perform and abide by all of the covenants, undertakings and provisions contained in this Resolution or in any Bond issued hereunder, including the following covenants and agreements for the benefit of the Bondholders which are necessary, convenient and desirable to secure the Bonds and will tend to make them 12-02-85 9559p/228l/01 -26-