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<br />. <br />. <br /> <br />. <br /> <br />. <br /> <br />. <br /> <br />(c) Receipt of a certificate or opinion of an <br />Independent Financial Consultant showing: <br /> <br />(i) For the current and each future Bond year <br />the debt service for each such Bond year with respect <br />to all Bonds and Parity Bonds reasonably expected to <br />be outstanding following the issuance of the Parity <br />Bonds; <br /> <br />(ii) For the then current/fiscal year, the <br />Pledged Tax Revenues to be received by the Agency <br />based upon the most recent assessed valuation of <br />taxable property in the Project Area provided by the <br />appropriate officer of the County of Orange (and <br />exclusive of any anticipated business inventory <br />subvention revenues); and <br /> <br />(iii) That for the then curren~fiscal year, the <br />Pledged Tax Revenues referred to in item (ii) were at <br />least equal to 1.25 times the maximum annual debt <br />service referred to in item (i) above (excluding debt <br />service with respect to any portion of the Parity <br />Bonds deposited in an escrowed proceeds account), and <br />that the Agency is entitled under the Law and the <br />Redevelopment Plan to receive taxes under Section <br />33670 of the Law in an amount sufficient to meet <br />expected debt service with respect to all Bonds and <br />Parity Bonds, <br /> <br />(d) The Parity Bonds shall mature on and interest <br />shall be payable on the same dates as the Bonds (except the <br />first interest payment may be from the date of the Parity <br />Bonds until the next succeedingAJune 1 orAOecember 1). <br /> <br />(e) Receipt of written consent of the Bond Insurer to <br />the issuance of Parity Bonds if the Parity Bonds are to <br />bear interest at a variable rate, <br /> <br />If the Parity Bonds are to be applied under Section 33334.2 <br />of the Law, Pledged Tax Revenues shall include that portion <br />of taxes allocated under Section 33670 of the Law for <br />payment of the Parity Bonds which are required to be set <br />aside under Section 33334,2, <br /> <br />Section 18, Covenants of the Agency, As long as the <br />Bonds are outstanding and unpaid, the Agency shall (through its <br />proper members, officers, agents or employees) faithfully <br />perform and abide by all of the covenants, undertakings and <br />provisions contained in this Resolution or in any Bond issued <br />hereunder, including the following covenants and agreements for <br />the benefit of the Bondholders which are necessary, convenient <br /> <br />05-23-86 <br />1665k/2281/06 <br /> <br />-23- <br />