1978-12 CRA - Laserfiche WebLink

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I; 5 6 7 GALLEY 15- 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 45 48 47 48 49 50 51 52 63 54 55 58 57 58 59 60 61 62 63 64 865 68 67 68 69 70 71 72 73 74 ~ Proof of Fobruary 16, 1978 SANTA ANA-7923 Bowne of San Francisco, Inc., 981-7882 At all times, a Minimum Reserve (an amount equal to the maximum annual debt service due on the Bonds) shall be maintained in the Reserve Account. Should the amount in the Reserve Ac- count be less than the required Minimum Reserve, the Fiscal Agent shall restore the balance by transfer of the first available moneys in the Special Fund. Surplus. The Fiscal Agent on or before Decem- ber 31 of each year, commencing December 31, 1978, shall ascertain the amount of Tax Revenues received or to be received during the then current fiscal year by the Agency based upon the most recent assessed valuation of taxable property in the Project (as reported by the Auditor-Controller of Orange County), and shall estimate that portion of said Tax Revenues which will be in excess of 125% of the amount of principal and interest which is then due or to become due on the next April I and Octo- ber I on the Bonds (and any additional bonds) then outstanding, and shall promptly notify the Agency of the excess portion so determined, The Agency may, by written notice to the Fiscal Agent within 30 days after receipt of such notification, direct that an amount not exceeding said excess portion be paid to the Agency, which amount may: (a) be used for the purchase and/or call and redemption of outstanding Bonds; or (b) be paid to the Agency, which amount may be used by the Agency for any purpose authorized in the Law, provided thai with respect to subparagraph (b) above the following con- ditions have been met: (i) The deposits required by the foregoing paragraphs (I), (2) and (3) have been made so that the reqnired amounts are in the above mentioned accounts and fund as shown by a notification of the Fiscal Agent; (ii) the Agency shall have filed with the Fiscal Agent a certification to the effect that the Agency has actually incurred an obli- gation on behalf of the Project (other than the obligation created under the Resolution), and has no later than the next preceding October 1, filed such supporting documentation attesting thereto as the Auditor-Controller of Orange County shall deem necessary; and (iii) tbe Fiscal Agenl shall have cer- tified that the Agency is not in default under the terms of the Resolution or the Bonds, Upon receipt of the Tax Revenues, the Fiscal Agent shall make such payment or payments, as directed by the Agency, The annual amounts retained in the Special Fund shall be accumulated and applied by the Fiscal Agent to the purchase or call of outstanding Bonds in accordance with the terms of the Resolution, unless needed to make any deposits required to the Interest, Principal and Reserve Accounts, not other- wise provided for.