1978-12 CRA - Laserfiche WebLink

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11 5 8 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 '23 24 25 28 27 28 29 30 31 32 33 34 35 38 37 38 39 40 41 42 .43 44 4S 46 47 48 48 50 61 52 53 54 55 56 57 56 69 60 81 62 63 .: 66 67 8a 68 70 71 72 73 74 "" Proof of Fobrua" J 21, 1878 SANTA ANA-7923 Bowne of San Francisco, Inc., 981-7882 GALLEY 14- Creation of Funds and Accounts The Resolution provides for the establishment of funds and accounts to be held by the Fiscal Agent for the administration and control of the proceeds obtained from sale of the Bonds, any other funds allocable to the Project, and from the pledged Tax Revenues, Specific aspects of these funds and ac- counts are described as follows. The Redevelopment Fund-Moneys deposited in the City of Sanla Ana Redevelopment Project Area Redevelopment Fund from Bond proceeds and any other sources shall be used for the purpose of aiding in financing the Project. 'ÄIl moneys in excess of those required to complete the Project may be transferred from the Redevelopment Fund to the Special Fund, or be held in the Redevelopment Fund to assist in financing subsequenl phases of the Project, if any, as determined by the Agency, The Special Fund-Under the provisions of the Resolution, the Agency authorizes and directs the payment of Tax Revenues directly to the Fiscal Agent for deposit in the City of Santa Ana Redevelopment Projeci Area Special Fund, So . long as any of the Bonds are outstanding, moneys in the Special Fund shall be set aside in Ihe folloWing special accounts and be used in the fol- lowing order of priority: (1) Interest Account. On or before the last day of September 1978, and on the last days of each March and September thereafter, the Fiscal Agent shall set aside from the Special Fund in the Interest Account an amount sufficient, together With any funds then on hand, to pay the aggre- gate inlerest on all of the oulstanding Bonds on the next succeeding interest payment date. Any funds so set aside shall be applied solely to the payment of interest on Ihe Bonds when due (in- cluding accrued interest on any Bonds purchased or redeemed prior to maturity), (2) Principal Account. On or before the last day of Mat'ch 1979 and on the last day of each March thereafter, the Fiscal Agenl shall set aside from the Special Fund in the Principal Accounl an amount sufficienl to pay the aggregate princi- pal becoming due and payable on the outstand- ing Bonds on the nexlprincipal payment dale, All funds in the Principal Account shall be ap- plied solely for the payment of principal of the Bonds when due and payable, (3) The Reserve Account, After making the foregoing deposits, the Fiscal Agent shall set aside in the Reserve Account an amount sufficient to maintain the Minimum Reserve (as defined be- low) in said Reserve Account. Moneys in the Reserve Account (initially equal to the maximum annual debt service requirements on the Bonds) shall be withdrawn and used by the Fiscal Agenl solely for the purpose of paying the interest on and principal of the Bonds, or for the purpose of retiring all of the Bonds al the time outstanding,