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<br />. <br />. <br /> <br />. <br /> <br />. <br /> <br />. <br /> <br />(1) Deposit in the Interest Account accrued interest <br />and premium, if any, paid by the purchasers of the Bonds; <br />plus an amount which when added to the sum of the accrued <br />interest and premium, if any, and anticipated investment <br />earnings on the total amount deposited in the Interest <br />Account will equal the interest due on the Bonds on <br />December 1, 1986 net of that portion of interest due on <br />monies deposited in the Escrowed Proceeds Fund; <br /> <br />(2) Deposit in the Reserve Account a sum equal to the <br />Reserve Requirement net of the amount deposited in such <br />Account pursuant to Section 13A hereof and net of an amount <br />equal to debt service (calculated at the rate borne by the <br />Special Term Bonds) attr~butab1e to mon~es depos~ted ~n the <br />Escrowed Proceeds Fund; <br /> <br />(3) Deposit in the Refunded Bond Fund an amount, <br />which together with the amount transferred as provided in <br />Section 13A, will be sufficient, taking into consideration <br />any investment earnings thereon, to pay the principal of, <br />premium, if any, and interest on the Refunded Bonds <br />through the date of redemption. <br /> <br />(4) Pay the necessary expenses, including bond <br />insurance premiums, if any, in connection with the issuance <br />and sale of the Bonds and fees of the Fiscal Agent and <br />Paying Agents; <br /> <br />(5) Deposit in the Escrowed Proceeds Fund the sum of <br />$6,800,000, <br /> <br />(6) After making the above deposits, the balance of <br />the proceeds from the sale of the Bonds, if any, shall be <br />transferred to the Treasurer who shall place the same in <br />the Redevelopment Fund, <br /> <br />C, The moneys set aside in the Escrowed Proceeds Fund <br />shall be transferred to the Redevelopment Fund from time to <br />time upon receipt by the Fiscal Agent of a certificate or <br />opinion of an Independent Financial Consultant that Pledged Tax <br />Revenues to be received by the Agency during such Fiscal Year, <br />based upon the most recent assessed valuation of taxable <br />property in the Redevelopment Project Area, furnished by the <br />appropriate officer of the County of Orange, will be at least <br />equal to 1.25 times the current bond year's debt service on the <br />Bonds less the current bond year's debt service on that portion <br />of the Bonds which will remain in the Escrowed Proceeds Fund <br />immediately following any such transfer, Any moneys remaining <br />in the Escrowed Proceeds Fund on)May 1, 1989 shall be <br />transferred to the Redemption Fund and appl~ed to the <br />redemption of Special Term Bonds pursuant to Section IlB, Upon <br /> <br />05-23-86 <br />1665k/2281/06 <br /> <br />-15- <br />