1978-12 CRA - Laserfiche WebLink

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I: 4 Ii 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 8:: 24 2S 28 27 28 28 30 31 32 33 34 35 38 37 38 39 40 41 42 . 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60 61 62 63 .64 65 66 87 68 68 70 71 72 73 74 .,.. Proof of Fobruary 21, 1978 SANTA ANA-7923 Bowne of San Francisco, Inc., 981-7882 GALLEY 17- e. The Agency must have received all required approvals of any governmental authority having jurisdiction over the Additional Bonds or their terms. However, the Agency does not, at the present time, anticipate issuing any Additional Bonds for the City of Santa Ana Redevelopment Project area within the next year, Refunding Bonds Existing State Law provides that refunding bonds secured by Tax Revenues derived from the City of Santa Ana Redevelopment Project Area may be issued for the purpose of refunding all or any series of the Bonds then outstanding, Certain Covenants of the Agency Certain covenanls of the Agency under the Reso- lution are summarized in the following paragraphs, I. The Agency will punctually pay, or cause to be paid, the principal of and inlerest on the Bonds as they become due. 2. The Agency will not encumber, pledge, or place any charge or lien upon any of the Tax Reve- nues superior 10 or on a parity with the pledge and lien created in the Resolution except as provided in the Resolulion. 3. The Agency will deposit and use the Bond proceeds as provided in the Resolution, and will manage and operate all properties owned by the Agency and comprising any part of the Projeci in a sound and businesslike manner and will keep such properties insured at all times in conformity with sound business practice, 4. The Agency will pay and discharge, or cause to be paid and discharged, any governmental charges imposed, and all lawful claims for labor, materials or supplies which, if unpaid, might become a lien or charge which might impair the security of the Bonds, The Agency does not, however, covenant to make any such payment so long as the Agency in good faith shall contest the validity of said claims, 5. The Agency will keep proper books of ac- counts and will cause to be prepared within 120 days after the close of each fiscal year complete financial statements, in reasonable detail, on the Project, the Tax Revenues and other funds and accounts as pro- vided in the Resolution, all as certified by an inde- pendent certified public accountant. The Agency will furnish a copy of such statements to any Bondholder upon written request. Said books and accounts will be maintained separate and apart from those of the City of Santa Ana,