1986-22 CRA - Laserfiche WebLink

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. . . . . of the Ordinance approving the Redevelopment Plan (being Ordinance No, NS1639 of the City of Santa Ana, which became effective on June 6, 1982 shall be divided as follows: (a) That portion of the taxes which would be produced by the rate upon which the tax is levied each year by or for each of the taxing agencies upon the total sum of the assessed value of the taxable property in the Redevelopment Project Area as shown upon the assessment roll used in connection with the taxation of such property by such taxing agency last equalized prior to the effective date of the Ordinance adopting the Plan shall be allocated to and when collected shall be paid into the funds of the respective taxing agencies as taxes by or for the taxing agencies on all other property are paid; and (b) That portion of the levied taxes each year in excess of such amount shall be allocated to and when collected shall be paid into the Special Fund of the Agency, This portion of the levied taxes (plus State reimbursed amounts for certain property tax exemptions including but not limited to those related to business inventory and homeowners exemptions, to the extent received), are herein referred to as "Pledged Tax Revenues," Provided, however, Pledged Tax Revenues shall not include that portion of taxes allocated to and received by the Agency for deposit in the low and moderate income hous~ng fund required by Section 17 of the Redevelopment Plan and Section 33334.2 of the Law; 20% of the tax revenues to be deposited in the Main Street Improvement Set Aside; and 6% of the above tax revenues which are required to be passed through to certain taxing entities. The foregoing provisions of this Section are a portion of the provisions of Article 6 of the Law as applied to the Bonds and shall be interpreted in accordance with Article 6, and the further provisions and definitions contained in Article 6 are incorporated by reference herein and shall apply. The Pledged Tax Revenues received by the Agency on or after the date of issue of the Bonds are hereby irrevocably pledged to the payment of the principal of, premium, if any, and interest on the Bonds, and until all of the Bonds and all interest thereon, have been paid (or until moneys for that purpose have been irrevocably set aside), the Pledged Tax Revenues (subject to the exception set forth in Section 15(d» shall be applied solely to the payment of the Bonds plus premium if any, and the interest thereon as provided in this Resolution, This allocation and pledge is for the exclusive benefit of the Owners of the Bonds and shall be irrevocable, 05-23-86 1665k/2281/06 -17-