1978-12 CRA - Laserfiche WebLink

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11 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 ,= 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 38 40 41 42 43 844 4S 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60 61 62 63 864 65 60 67 68 69 70 71 72 73 74 711 Proof 01 Fobrua¡y 21,1978 SANTA ANA-7923 Bowne of San Francisco, Inc., 981-7882 GALLEIT 25- assessed valuations are less than the frozen base, overlapping taxing entities receive only the taxes derived from the current tax rate applied against the actual assessed valuation. As an agency disposes of land to private ownership for purposes of redevelop- ment, it is returned to Ihe tax rolls with an assessed valuation that usually reflects the higher level of planned use prescribed in the redevelopment plan, As previously stated, the Communily Redevelop- ment Law and California State Constitution author- ize the incurrence of indebtedness by a redevelop- ment agency, and the payment of debt service costs is permitted from anyone or a combination of stated sources. The 1978 Tax Allocation Bonds now being offered for sale are secured by a pledge of tax re- ceipts produced from the incremental assessed valua- tion of the Project (previously defined as the Tax Revenues) which are to be paid directly into the Agency's Special Fund established for the benefit of the Bondholders, and held by the Fiscal Agent. As discussed previously, Tax Revenues received each year in excess of 125% of aggregate annual interesl and principal requirements on the Bonds (and for other required payments and dèposits, if any) may be paid 10 the Agency by the Fiscal Agent. See sub- sections entitled "Property Tax Rate Limitations and Exemptions;" "Proposed Property Tax Limi- tation, Constitutional Amendment;" and "Pending Litigation" on pages", for a discussion of possible limils on the receipt of Tax Revenues by the Agency, Agency Financial Statements The Communily Redevelopment Agency of the City of Santa Ana is a public entity separale and apart from the City of Santa Ana and is staffed by employees of the city. AU accounling records of the Agency operations are maintained by Ihe city's Fi- nance Department separately from the accounting records of the city, Agency financial statements for the fiscal years 1975/76 and 1976/77 were audited by ,Price Water- house & Co" independent certified public account- ants, Separate audits will be prepared for subsequent fisca~ years, and as required by the Resolution, will be available to any Bondholder upon request within 120 days following the close of each fiscal year, The 1976/77 audit of the Agency is reproduced in its entirety in Appendix A beginning on page A-I of this official statement. Other Agency Debt Obligations In addition to the Bonds currently offered for sale, the Agency and the city entered into an agreement providing for reimbursement of city funds advanced to the Agency or used to finance improvements within the Projecl"