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<br />. <br />. <br /> <br />- <br /> <br />. <br /> <br />. <br /> <br />. <br /> <br />. <br /> <br />Bondholders until transferred to the Redevelopment Fund as <br />hereinafter provided and until so transferred shall not in <br />any way become or be treated as the property of the Agency <br />and the Agency shall have no interest in or right to claim <br />such moneys. The moneys in the Escrow Fund shall be <br />transferred to the Redevelopment Fund annually on December <br />15, 1986, December 15,1987, December 15, 1988, December <br />15, 1989 and December 15,1990 upon receipt by the Fiscal <br />Agent of (i) evidence satisfactory to it that the then <br />effective Initial Letter of Credit or Alternate Credit <br />Facility has been replaced by a new letter of credit issued <br />by the Bank or other financial institution with an equal <br />investment grade rating in an amount equal to the then <br />stated amount of the then effective Initial Letter of <br />Credit or Alternate Credit Facility plus the amount to be <br />disbursed less any increase in the Debt service Reserve <br />Account; (ii) written evidence from Moody's Investors <br />Service, Inc. if Moody's Investors Service, Inc, rates the <br />Bonds or Standard & Poor's Corporation if Standard & Poor's <br />Corporation rates the Bonds satisfactory to the Fiscal <br />Agent that the new letter of credit will not result in a <br />reduction or withdrawal of the rating with respect to the <br />Bonds; and (iii) a certificate or opinion of an Independent <br />Financial Consultant that Tax Revenues to be received by <br />the Agency during such Bond Year, based upon the most <br />recent assessed valuation of taxable property in the <br />Redevelopment Project Area, furnished by the appropriate <br />officer of the County of Orange, will be at least equal to <br />1.20 times debt service on the Bonds for the current Bond <br />Year, less debt service for the current Bond Year on a <br />principal amount of Bonds equal to that portion of Bond <br />proceeds which will remain in the Escrow Fund following <br />such transfer. Any moneys not previously transferred and <br />thus remaining in the Escrow Fund on December 15, 1990 <br />shall be transferred to the Redemption Fund and applied to <br />the redemption of Special Term Bonds on December 15, 1990 <br />pursuant to Section llA(6). <br /> <br />SECTION 3. The Chairman, Secretary and all other <br />officers of the Agency are authorized to execute any and all <br />documents and agreements necessary to carry out the intent of <br />this Resolution. <br /> <br />SECTION 4. <br />adoption. <br /> <br />This Resolution shall take effect upon its <br /> <br />6940k/2281/05 <br /> <br />-2- <br />