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<br />,. <br /> <br />. <br /> <br />. <br /> <br />. <br /> <br />'- <br /> <br />RESOLUTION NO. 88-11 <br /> <br />RESOLUTION OF THE CITY OF SANTA ANA COMMUNITY <br />REDEVELOPMENT AGENCY FORMALIZING THE PROCEDURE RE <br />PAYMENTS OUT OF THE ESCROW FUND AS PROVIDED IN <br />SECTION 13 OF RESOLUTION NO. 85-61, AUTHORIZING <br />THE ISSUANCE OF TAX ALLOCATION REFUNDING BONDS OF <br />SAID AGENCY IN THE PRINCIPAL AMOUNT OF TWENTY <br />MILLION DOLLARS ($20,000,000) TO REFUND THE <br />CONTRACTUAL OBLIGATION OF THE DISTRICT (MAIN <br />PLACE PROJECT) AND AWARDING THE BONDS TO R. H. <br />MOULTON & COMPANY <br /> <br />WHEREAS, on December 28, 1985, the City of Santa Ana <br /> <br />Community Redevelopment Agency (the "Agency") issued <br /> <br />$20,000,000 of its City of Santa Ana Redevelopment Project Area <br /> <br />Tax Allocation Refunding Bonds, 1985 Series E pursuant to <br /> <br />Resolution No. 85-61, adopted on December 17, 1985; and <br /> <br />WHEREAS, pursuant to Section 13 C of Resolution No. 85-61 <br /> <br />(the "Resolution"), the Bond proceeds were set aside in the <br /> <br />Escrow Fund established pursuant to said Resolution, to be paid <br /> <br />to the Developer to refund the Agency's obligation under a <br /> <br />certain Agreement annually on July 1 and each of the Fiscal <br /> <br />Years 1986/1987 to 1990/1991, inclusive upon receipt by the <br /> <br />Fiscal Agent of a certificate or opinion of an Independent <br />Financial Consultant that the Tax Revenues to be received by <br /> <br />the Agency during the Fiscal Year, based upon the most recent <br /> <br />assessed valuation of taxable property in the Redevelopment <br /> <br />Project Area, furnished by the appropriate officer of the <br /> <br />County of Orange, will be at least equal to 1.20 times the <br /> <br />Average Annual Debt Service on the Bonds less the Average <br />