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. . . . . redeemed upon presentation and surrender of the Bonds at the corporate trust office of the Paying Agent in New York, New York." Section 8, follows: Section 13C is hereby amended to read as "c, The moneys set aside in the Escrow Fund shall be held by the Fiscal Agent solely for the benefit of the Bondholders until transferred to the Redevelopment Fund as hereinafter provided and until so transferred shall not in any way become or be treated as the property of the Agency and the Agency shall have no interest in or right to claim such moneys, The moneys in the Escrow Fund shall be transferred to the Redevelopment Fund annually on December 15,1986, December 15,1987 and December 15, 1988 upon receipt by the Fiscal Agent of (i) evidence satisfactory to it that the then effective Initial Letter of Credit or Alternate Credit Facility has been replaced by a new letter of credit issued by the Bank or other financial institution with an equal investment grade rating in an amount equal to the then stated amount of the then effective Initial Letter of Credit or Alternate Credit Facility plus the amount to be disbursed less any increase in the Debt Service Reserve Account; (ii) written evidence from Moody's Investors Service, Inc. if Moody's Investors Service, Inc. rates the Bonds or Standard & Poor's Corporation if Standard & Poor's Corporation rates the Bonds satisfactory to the Fiscal Agent that the new letter of credit will not result in a reduction or withdrawal of the rating with respect to the Bonds; and (iii) a certificate or opinion of an Independent Financial Consultant that Tax Revenues to be received by the Agency during such Bond Year, based upon the most recent assessed valuation of taxable property in the Redevelopment project Area, furnished by the appropriate officer of the County of Orange, will be at least equal to 1,20 times the Maximum Annual Debt Service on the Bonds less the Maximum Annual Debt Service on the aggregate principal amount of that portion of the Bonds equal to the amount which will remain in the Escrow Fund immediately following any such transfer, Any moneys remaining in the Escrow Fund on December 1, 1990 shall be transferred to the Redemption Fund and applied to the redemption of Special Term Bonds on December 15,1990 pursuant to Section llA(6)." Section 9. The first paragraph of Section 15 is amended to add the following sentence after the second sentence as follows: "...Resolution, Each deposit of moneys received by the Fiscal Agent shall be held in a separate subaccount in the Special Fund until such moneys constitute Eligible Moneys and thereafter be applied as herein provided. As long,.." 1370k/2281/01 -4-