1978-12 CRA - Laserfiche WebLink

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I¡ 5 6 7 8 9 10 11 12 13 14 15 18 17 18 19 20 21 22 .. 23 924 25 26 27 28 29 30 31 32 33 34 35 36 37 38 38 40 41 42 43 844 45 46 47 48 49 50 61 52 53 54 55 56 57 58 59 60 61 62 63 864 65 66 67 68 68 70 71 72 73 74 7K Proof of Fobrua" 21, 1978 SANTA ANA-7923 Bowne of San Francisco, Inc" 981-7882 GALLEY 10- Security The Bonds are payable from any available funds of the Agency and are secured by a first and exclu- sive pledge of all Tax Revenues (as defined below) and all moneys in the Reserve Account (to be estab- lished with the Fiscal Agenl) " The Tax Revenues are irrevocably pledged in their entirety to the pay- menl of the Bonds, so long as any of the Bonds re- main outstanding or unprovided for. However, Ihe Resolution provides for discretionary disbursement of a portion of the Tax Revenues to the Agency after certain coverage requirements and other conditions precedent have been met (see section below entitled "Creation of Funds and Accounts"-"Surplus"), Under the provisions of the Community Redevel- opment Law and the Redevelopment Plan for the City of Santa Ana Redevelopment Project Area, taxes on property in the Project levied by any tax- ing agency will be allocated in the following manner commencing April!, 1978, the date of the Bonds: (\) Taxes levied at the total prevailing rates each year against an amount equivalent to the recorded 1972/73 assessed valuation of property within the original Project and the 1974/75 as- sessed valuation of the property added to the Proj- ect in 1975 (as determined by the Orange County Auditor-Controller, collectively the "frozen base"), will continue to be paid into the funds of the respective taxing agencies, (2) Taxes derived from increases in the as- sessed valuation of properly within the Project above the frozen base occurring for any reason (the "Tax Revenues") will be deposited in the Special Fund of the Agency, held and admin- istered by the Fiscal Agent for payment of the Bonds. TIíe Bonds are special obligations of the Commu- nity Redevelopment Agency of the City of Santa Ana and as such are not a debt of the City of Santa Ana, the State of California, or any of ils political subdivisions, Neither the city, the state, nor any of its political subdivisions are liable for their payment, These Bonds do not constitute an indebtedness within the meaning of any constitutional or slatutory debt limitation or restriction, The validity of the Bonds is not dependent upon the complelion of the Project or upon the perform- ance by anyone or his obligation relative to the Project. Properly Tax Rate Limitations and Exemptions The California Legislature has enacted legislation intended to limit future increases in ad valorem property tax rates" The legislation generally limits all future general purpose tax rates to that imposed during either the 1971/72 or 1972/73 fiscal year,