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<br />8 <br />. <br /> <br />. <br /> <br />. <br /> <br />. <br /> <br />Section 2, Amount, Issuance and Purpose of Bonds. Under <br />and pursuant to the Law and this Resolution, Bonds of the <br />Agency in a principal amount of Twenty-Three Million Three <br />Hundred Seventy-Five Thousand Dollars ($23,375,000) shall be <br />issued by the Agency for the corporate purposes of the Agency <br />by providing funds for the refunding of the Refunded Bonds <br />which were issued for the financing of a portion of the cost of <br />implementing the Redevelopment Plan which constitutes a <br />"redevelopment activity" as such term is defined in Health and <br />Safety Code Section 33678; and such issue of Bonds is hereby <br />authorized. <br /> <br />In connection with the refunding of the Refunded Bonds: <br /> <br />(a) Section 13 hereof provides for the transfer of <br />funds from the Refunded Bonds Escrow Fund and a portion of <br />the proceeds of the sale of the Bonds to be deposited in <br />the Refunded Bond Fund in a sufficient sum to accomplish <br />the refunding. Upon delivery of the Bonds hereunder, such <br />sums are to be deposited and to be used as provided in this <br />Resolution and the Escrow Agreement. <br /> <br />(b) The Escrow Agreement shall be as set forth in <br />Exhibit B attached hereto and made a part hereof and the <br />Chairman and Secretary of the Agency are hereby authorized <br />and directed to execute the same on behalf of the Agency, <br /> <br />(c) The Agency and/or the Escrow Bank, as the case <br />may be, shall take all action necessary to pay and retire <br />the Refunded Bonds as set forth in (d) below, including all <br />actions required by this Resolution and the Escrow <br />Agreement, <br /> <br />(d) The Agency hereby directs the Escrow Bank to <br />transfer to the Fiscal Agent for the Refunded Bonds such <br />amounts and at such times as are necessary to pay the <br />principal of, premium and interest on the Refunded Bonds <br />and to call all such Refunded Bonds outstanding for <br />redemption on July 1, 1994. <br /> <br />(e) Upon delivery of the Bonds, the Escrow Bank shall <br />execute and deliver to the Agency all instruments as may be <br />desirable to evidence such release, discharge and <br />satisfaction of the Resolution. <br /> <br />Section 3, Nature of Bonds, The Bonds shall be and are <br />special obligations of the Agency and are secured by an <br />irrevocable pledge of, and are payable as to principal, <br />interest and premium, if any, from Pledged Tax Revenues and <br />other funds as hereinafter provided. The Bonds, interest <br />thereon and premium, if any, are not a debt of the City, the <br /> <br />05-23-86 <br />1665k/2281/06 <br /> <br />-5- <br />