1986-22 CRA - Laserfiche WebLink

Home Browse Search

. I I I . This Bond, the interest hereon and any premium due upon the redemption of this Bond prior to maturity are not a debt of the City of Santa Ana, the State of California or any of its political subdivisions, and neither said City, said State nor any of its political subdivisions is liable hereon, nor in any event shall this Bond, said interest or said premium be payable out of any funds or properties other than the funds of the Agency as set forth in the Resolution hereinafter mentioned. This Bond does not constitute an indebtedness within the meaning of any constitutional or statutory debt limitation or restriction. Neither the members of the Agency nor any persons executing the Bond are liable personally on this Bond by reason of its issuance. This Bond is one of a duly authorized issue of bonds of the Agency designated "City of Santa Ana Community Redevelopment Agency, Santa Ana South Main Street Redevelopment Project Tax Allocation Refunding Bonds, 1986 Series A" (hereinafter called "Bonds") in aggregate principal amount of $23,375,000 all of like tenor (except for bond numbers, maturity dates and differences, if any, in interest rates) and all of which have been issued pursuant to and in full conformity with the Constitution and laws of the State of California and particularly the Community Redevelopment Law (Part 1 of Division 24 of the Health and Safety Code of the State of California) for the purpose of aiding in the financing of the Redevelopment Project above designated, and are authorized by and issued pursuant to Resolution No, 86-22 adopted by the Agency on May 5, 1986 (said resolution being hereinafter referred to as the "Resolution") and all of the Bonds are equally secured in accordance with the terms of the Resolution, reference to which is hereby made for a specific description of the security therein provided for said Bonds, for the nature, extent and manner of enforcement of such security, for the covenants, and agreements made for the benefit of the Bondholders, and for a statement of the rights of the Bondholders, and by the acceptance of this Bond the registered owner hereof assents to all of the terms, conditions and provisions of said Resolution. In the manner provided in the Resolution, said Resolution and the rights and obligations of the Agency and of the Bondholders, may (with certain exceptions as stated in said Resolution) be modified or amended with the consent of the Holders of sixty percent (60%) in aggregate principal amount of outstanding Bonds, exclusive of issuer-owned bonds, unless such modification or amendment is for the purpose of curing ambiguities, defects, etc., in which case no Bondholder's consent is required. The principal of this Bond and the interest hereon are secured by an irrevocable pledge of, and are payable solely from, the Pledged Tax Revenues (as such term is defined in said Resolution) and certain other funds, all as more particularly 05-23-86 1665kj2281j06 A-2