1978-12 CRA - Laserfiche WebLink

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~ 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 123 24 25 25 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 844 4S 46 47 48 49 50 51 52 53 64 55 56 57 58 59 80 61 62 63 .64 65 68 87 68 69 70 71 72 73 74 76 Proof 01 Fobruary 16, 1978 SANTA ANA-7923 Bowne of San Francisco, Inc" 981-7882 GALLEY 19- 10, The Agency will not invest or cause to be invested proceeds of the Bonds in a manner which would resull in the Bonds becoming taxable arbitrage bonds within the meaning of Section 103 (c) of the Internal Revenue Code, as amended, and applicable regulations adopted thereunder. Deposit and Investment of Moneys In Funds Subject to the provisions of the Resolution all moneys held by the Fiscal Agent in the Special Fund or any account thereof and in the Redevelopment Fund, except such moneys which are at the time invested, shall be held in time or demand deposits in any bank or trust company authorized to accept deposits or public funds (including the banking de- partment of the Fiscal Agent) and shall be secured at all times by bonds or other obligations which are authorized by law as security for public deposits, of a markel value at least equal to the amount required by law. Moneys in the Redevelopment Fund and the Spe- cial Fund may, and upon written request of the Agency shall, be invested by the Fiscal Agent in cer- tain Federal securities as described in the Resolu- tion, Obligations purchased as an investmenl of moneys in any of said funds or accounts thereof shall be deemed at all times to be a part of such fund or ac- count and any gain realized from such investment shall be credited to such fund or account and any loss resulting from any such authorized investment shall be charged to such fund or account without liability to the Agency or the members and officers thereof or to the Fiscal Agent. Investment income from moneys m the Reserve Account may, at the re- quest of the Agency, be transferred to the Redevel- opment Fund, and investment income from moneys in the Redevelopment Fund may be so transferred to the Reserve Account. For the purpose of determining at any given time the balance in such fund or account, any investmenl constituting a part of such fund or account shall be valued at the estimated market value of such invest- ment. Events of Default-Remedies The Resolution declares each of the following events to be an event of defaull: (I) Failure to pay the principal on the Bonds when due and payable; (2) Failure to pay interest on the Bonds when due and payable;