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<br />. <br />. <br /> <br />. <br /> <br />. <br /> <br />. <br /> <br />transfer of moneys from the Escrow Proceeds Fund to the <br />Redevelopment Fund, the Fiscal Agent shall give notice to each <br />Bondowner by first class mail postage prepaid that such <br />transfer has been made and that the Bonds are no longer subject <br />to Special Mandatory Redempt10n pursuant to Sect1on lIB hereof, <br /> <br />D, The moneys set aside in the Redevelopment Fund shall <br />remain there until from time to time expended for the purpose <br />of financing a portion of the costs of the Redevelopment <br />Project and other related costs, and also including in such <br />costs: <br /> <br />(1) The payment of an amount of money in lieu of <br />taxes as authorized by Section 33401 of the Law in any year <br />during which the Agency owns property in the Redevelopment <br />Project Area, to any city, county, city and county, <br />district or other public corporation which would have <br />levied a tax upon such property had it not been exempt; <br /> <br />(2) The cost of any lawful activities in connection <br />with the implementation of the Redevelopment Project Area, <br />including, without limitation, those activities authorized <br />by Section 33445 of the Law; and <br /> <br />(3) The necessary expenses in connection with the <br />issuance and sale of the Bonds and fees of the Fiscal Agent <br />and Paying Agents not otherwise paid under paragraph B <br />above. <br /> <br />If any sum remains in the Redevelopment Fund after the full <br />accomplishment of the objects and purposes for which the Bonds <br />were issued as determined by resolution of the Agency, that sum <br />shall be transferred to the Special Fund, <br /> <br />All of the above uses constitute a "redevelopment activity" <br />as that term is defined in Health and Safety Code Section 33678. <br /> <br />E. Moneys deposited in the Refunded Bond Fund shall be <br />held by the Escrow Bank and applied to the payment of interest <br />aQd redemption price of the Refunded Bonds in accordance with <br />the Escrow Agreement. <br /> <br />Section 14. Tax Revenues. As provided in the <br />Redevelopment Plan, pursuant to Article 6 of the Law and <br />Section 16 of Article XVI of the Constitution of the State of <br />California, taxes levied upon taxable property in the <br />Redevelopment Project Area each year by or for the benefit of <br />the State of California, any city, county, city and county, <br />district, or other public corporation (herein sometimes <br />collectively called "taxing agencies") after the effective date <br /> <br />05-23-86 <br />l665k/2281/06 <br /> <br />-16- <br />