Laserfiche WebLink
<br />.¡ <br /> <br />'I: <br /> <br />5 <br />6 <br />7 <br />8 <br />9 <br />10 <br />11 <br />12 <br />13 <br />14 <br />15 <br />16 <br />17 <br />18 <br />19 <br />20 <br />21 <br />22 <br /> <br />,~: <br /> <br />25 <br />26 <br />27 <br />28 <br />29 <br />30 <br />31 <br />32 <br />33 <br />34 <br />35 <br />36 <br />37 <br />38 <br />39 <br />40 <br />41 <br />42 <br />43 <br />844 <br />45 <br />46 <br />47 <br />48 <br />49 <br />50 <br />51 <br />52 <br />53 <br />54 <br />55 <br />56 <br />57 <br />58 <br />69 <br />60 <br />61 <br />62 <br />63 <br />64 <br /> <br />-: <br /> <br />67 <br />68 <br />69 <br />70 <br />71 <br />72 <br />73 <br />74 <br />75 <br /> <br />Proof 01 Fobrua/y 16, 1978 <br /> <br />SANTA ANA-7923 <br /> <br />Bowne of San Francisco, Inc., 981-7882 <br /> <br />GALLEY 16- <br /> <br />Issuance of Additional Bonds <br />The Agency may, by supplemental resolution, <br />issue Additional Bonds to pay the costs of the Proj- <br />ect (including subsequent phases of the Project, if <br />any) provided: <br />a" The Agency must be in compliance with all <br />covenants set forth in the Resolution, <br />b, The Reserve Account must be increased, if <br />necessary, by an amount sufficient to maintain a <br />balance in the Reserve Account equal to maxi- <br />mum annual debt service on the Bonds and any <br />Additional Bonds, <br />c, The Additional Bonds must mature on April <br />I, and interest thereon is to be payable October I <br />and April I of each year, except the first year's <br />interest may be payable at the end of that year, <br />d" Tax Revenues produced or to be produced <br />from the most recent equalized assessed valuation <br />of taxable property located in the Project (in- <br />cluding an allowance for estimated Tax Revenues <br />to be derived from construction in progress to be <br />completed within three years of the date of such <br />Additional Bonds) are at least equal to L25 times <br />the assumed average annual debt service on all <br />series of the outstanding Bonds and the Additional <br />Bonds proposed to be issued, as evidenced by a <br />report of an independent financial consultant em- <br />ployed by the Agency (Ihe computation of as- <br />sumed average annual debt service is to be made <br />on the basis of approximately equal annual pay- <br />ments of principal plus interest over the entire <br />term of the Bonds and the Additional Bonds pro- <br />posed to be issued)" For purposes of this compu- <br />tation, taxable property shall include assessed val- <br />uations of property exempt from local property <br />taxation by reason of the homeowners' and <br />business inventories exemptions, and any other <br />exemptions subsequently enacted by the State leg- <br />islature or mandated by judicial decision to the <br />extent that in-lieu payments for such exemptions <br />are made to the Agency" <br />