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, , . . . - .e . . 11-24-87 01,54PM 8SYC&R N,wp,,' S",' CA P10/" . RBSOLtJ'l'ION NO, 87-l.!... A RESOLUTION OF THE COMMUNITY REDEVELOPMENT AGENCY OF THE CITY OJ! SANTA ANA AMENDING RESOLUTION NO, 85-56 (AtJ'l'HORIZING THE ISSUANCE OJ! TAX ALLOCATION BONDS OF SAID AGENCY (SOOTH MAIN S'l'REET REDEVELOPMENT PROJECT» FOR THE PURPOSE OJ! CLARIFYING. CBR'l'AIN PROVISIONS 'l'HEREOF WHEREAS, on December 3. 1985. the community Redevelopaent Agency of the City of Santa Ana (the "Agency") adopted Resolution No, 85-56 (the "Resolution") authorizing the i..uance of tax allocation refunding bond. of the Agency in the principal amount of $13,000,000 (the "Bonds") to refund the . contractual obligation of the Agency (Mainplace Project); and WHEREAS, the Agency is authorized pursuant to Section 23 of the Resolution to adopt amendments to the Resolution to clarify the provisions thereof, which amendments do not require the consent of Bondholder.; WHEREAS, the Agency has now determined to .amend the Resolution in order to clarify certain provi.ions thereof; NOW THEREFORE. THE COMMUNITY REDEVELOPMENT AGENCY OF THE CITY OF SANTA ANA does hereby resolve, determine and order as follow.: SECTION 1, Section llA(6) is hereby amended and restated to read a. follows: (6) The Special Term Bonds are subject to mandatory redemption a. a whole or in part on December 15, 1986, December 15,1987, December 15.1988, and December 15,1989 in the event proceeds remaining in the Escrow Fund cannot be invested in investments at a rate equal to or in exce.s of the 7.5' per annum which would maintain the rating on the Bonds and on December 15, 1990. from amounts remaining in the Escrow Fund. after the calculation set forth in Section 13C for release of such monies, SECTION 2. Paragraph C, of Section 13 of the Re.olution is hereby amended and restated to read as follows: