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<br />, <br /> <br />. <br /> <br />. <br /> <br />. <br /> <br />.. <br /> <br />Annual Debt Service on the aggregate principal amount of that <br /> <br />portion of the Bonds equal to the amount which will remain in <br /> <br />the Escrow Fund immediately folowing any such transfer (all <br /> <br />capitalized terms are defined in the Resolution); and <br /> <br />WHEREAS, the assessment roll is equalized on August 20th of <br /> <br />each year (Section 2052 of the Revenue and Taxation Code) <br /> <br />however, the Orange County Assessor has completed the local <br /> <br />roll on or prior to July 1 of each fiscal year (Section 616 of <br /> <br />the Revenue and Taxation Code) and that local roll is available <br /> <br />prior to August 20 of each fiscal year; and <br /> <br />WHEREAS, it was the intent of the Developer and the Agency <br /> <br />that "the most recent assessed valuation of taxable property in <br /> <br />the Redevelopment Project Area" as contemplated in said Section <br /> <br />13 C would be the assessed valuation of taxable property shown <br /> <br />on the assessment roll as of the preceding March 1; <br /> <br />NOW, THEREFORE, THE CITY OF SANTA ANA COMMUNITY <br /> <br />REDEVELOPMENT AGENCY DOES HEREBY RESOLVE, DETERMINE AND ORDER <br /> <br />that it is the intent of the parties that the words set forth <br /> <br />in Section 13 C of the Resolution, "based upon the most recent <br />assessed valuation of taxable property in the Redevelopment <br /> <br />Project Area" means the local assessment roll reflecting the <br /> <br />valuation of the property as of the March 1 preceding each July <br /> <br />1 as shown on the assessment roll to be equalized the following <br /> <br />August 20th and that for the purpose of making the calculations <br /> <br />required in Section 13 C of the Resolution, the local <br /> <br />05/06/88 <br />9657k12281/05 <br /> <br />-2- <br />