1986-22 CRA - Laserfiche WebLink

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. . . . . H. Purchase of Bonds. In lieu of redemption or otherwise, the Fiscal Agent, on behalf of the Agency and upon its direction, is hereby authorized to purchase Bonds on the open market at any time at a price not to exceed the principal amount of the Bonds plus the applicable premium and accrued interest, if any, to the date of purchase plus brokerage fees, if any. Section 12. Funds, There is hereby continued with the Treasurer a special trust fund created purusant to Agency - Resolution No, 20 called the "South Main Street Redevelopment Project Redevelopment Fund" (hereinafter sometimes called the "Redevelopment Fund"), There is hereby created with the Fiscal Agent a special trust fund called the "South Main Street Redevelopment Project Special Fund" with special trust accounts contained therein known as the "Interest Account", "Principal Account", and the "Reserve Account," There is hereby created with the Fiscal Agent a special trust fund called the "Escrowed Proceeds Fund," There is also created a special trust fund with the Escrow Bank known as the "Refunded Bond Fund" which shall be held by the Escrow Bank in accordance with the Escrow Agreement, --- So long as any of the Bonds, or any interest on them, remain unpaid by the Agency, the moneys in the foregoing Funds shall be used for no purposes other than those required or permitted by this Resolution and the Law, Section 13, Sale of Bonds; Disposition of Bond Proceeds; Redevelopment Fund, The Agency may provide by resolution for the sale of the Bonds in the manner provided by the Law. A, Upon the delivery of the Bonds to the initial purchasers, the Fiscal Agent, on behalf of the Agency, shall transfer any funds held in the Debt Service Reserve Account of the Santa Ana South Main Street Redevelopment Project Special Fund created pursuant to Resolution No. 84-20 of the Agency to the Debt Service Reserve Account, The balance of the funds held in the Special Fund created pursuant to Resolution No, 84-20, including any accounts therein, and the Escrowed Proceeds Fund created pursuant to Resolution No, 84-20 of the Agency shall be transferred to the Refunded Bond Fund except that an amount as set forth in a certificate of the Agency del~vered concurrently w~th the del~very of the Bonds shall be transferred to the Redevelopment Fund, B. Upon the delivery of the Bonds to the purchasers, the Fiscal Agent, on behalf of the Agency and upon its direction, shall receive the proceeds from the sale of the Bonds, and shall dispose of the proceeds and moneys as follows: 05-23-86 l665k/2281/06 -14-