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<br />8 <br />. <br /> <br />. <br /> <br />. <br /> <br />. <br /> <br />(1) is in fact independent and not under <br />domination of the Agency; and <br /> <br />(2) does not have any substantial interest, <br />direct or indirect, with the Agency; and <br /> <br />(3) is not connected with the Agency as an <br />officer or employee of the Agency, but who may be <br />regularly retained to make reports to the Agency, <br /> <br />"Law" means the Community Redevelopment Law of the <br />State of California as cited in the recitals hereof. <br /> <br />"Maximum Annual Debt Service" means the largest of the <br />sums obtained for any Bond Year after the computation is <br />made, by totaling the following for each such Bond Year: <br /> <br />(1) The principal amount of all serial Bonds and <br />serial Parity Bonds, if any, payable in such Bond <br />Year; and <br /> <br />(2) The interest which would be due during such <br />Bond Year on the aggregate principal amount of Bonds <br />and Parity Bonds which would be outstanding in such <br />Bond Year if the Bonds and Parity Bonds outstanding on <br />the date of such computation were to mature or be <br />redeemed in accordance with the maturity schedules for <br />the serial Bonds and serial Parity Bonds, At the time <br />and for the purpose of making such computation, the <br />amount of term Bonds and term Parity Bonds already <br />retired in advance of the above-mentioned schedules <br />shall be deducted pro rata from the remaining amounts <br />thereon. <br /> <br />"Opinion of Counsel" means a written opinion of an <br />attorney or firm of attorneys of favorable reputation in <br />the field of municipal bond law. Any opinion of such <br />counsel may be based upon, insofar as it is related to <br />factual matters, information which is in the possession of <br />the Agency as shown by a certificate or opinion of, or <br />representation by, an officer or officers of the Agency, <br />unless such counsel knows, or in the exercise of reasonable <br />care should have known, that the certificate, opinion or <br />representation with respect to the matters upon which his <br />or her opinion may be based, as aforesaid, is erroneous. <br /> <br />"Parity Bonds" means any additional tax allocation <br />bonds (including, without limitation, bonds, notes, interim <br />certificates, debentures or other obligations) issued by <br />the Agency as permitted by Section 17 of this Resolution. <br /> <br />05-23-86 <br />1665k/2281/06 <br /> <br />-3- <br />