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<br />. <br />. <br /> <br />. <br /> <br />refunding of the Bonds. Bonds, the principal of or interest on <br />which has been paid by the Bond Insurer shall not be deemed to <br />have been paid or caused to be paid by the Agency, and shall <br />remain outstanding until paid by the Agency. <br /> <br />In the event of such a defeasance of the Bonds, the Agency <br />shall cause an accounting for such period or periods to be <br />prepared and filed with the Fiscal Agent, and the Fiscal Agent, <br />upon the request of the Agency, shall release the rights of the <br />Bondholders under this Resolution and execute and deliver to <br />the Agency all such instruments as may be desirable to evidence <br />such release, discharge and satisfaction, and the Fiscal Agent <br />shall pay over or deliver to the Agency all moneys or <br />securities held by it pursuant to this Resolution which are not <br />required for the payment or redemption of Bonds not theretofore <br />surrendered for such payment or redemption. <br /> <br />Provision shall be made by the Agency, satisfactory to the <br />Fiscal Agent, for the mailing of a notice to the Owners of such <br />Bonds that such moneys are so available for such payment, <br /> <br />Section 4, Description of Bonds, The Bonds shall be in a <br />principal amount of Twenty-Three Million Three Hundred <br />Seventy-Five Thousand Dollars ($23,375,000) and shall be <br />designated "CITY OF SANTA ANA COMMUNITY REDEVELOPMENT AGENCY, <br />SANTA ANA SOUTH MAIN STREET REDEVELOPMENT PROJECT TAX <br />ALLOCATION REFUNDING BONDS, 1986 Series A," The Bonds shall be <br />initially issued in the form of fully registered bonds in <br />denominations of $5,000 each or any whole multiple thereof. <br />The Bonds shall be serial and term bonds and shall mature on <br />December 1 of the years and in the amounts and shall bear <br />interest at the rates per annum as follows: <br /> <br /> Maturity Date Principal Interest <br /> December 1 Amount Rate <br /> 1987 $ 270,000 4,75% <br /> 1988 285,000 5,00% <br /> 1989 300,000 5,25% <br /> 1990 315,000 5.50% <br /> 1991 330,000 5,75% <br /> 1992 350,000 6,00% <br /> 1993 370,000 6,20% <br /> 1994 390,000 6.40% <br /> 1995 415,000 6.60% <br />. 1996 445,000 6,75% <br />1997 470,000 6.90% <br /> 1998 505,000 7.00% <br /> 1999 540,000 7.10% <br /> 2000 575,000 7.10% <br /> 2015 6,850,000 7.40% <br /> 2016 10,965,000 7,375% <br /> <br />. <br /> <br />05-23-86 <br />l665k/2281/06 <br /> <br />-7- <br />