1978-12 CRA - Laserfiche WebLink

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1 2 8 4 5 & 7 8 8 10 11 12 13 14 15 18 17 18 19 20 21 I:: 24 25 28 27 28 28 30 31 32 33 34 35 38 37 38 38 40 41 42 43 844 45 48 47 48 49 50 51 52 53 54 55 56 57 58 58 60 61 62 63 884 85 && 67 88 59 70 71 72 73 74 -I Proal 0' ,.b..." 18, 1178 SANTA ANA-7923 GALLEY 39- each fiscal year and become delinquenl on Decem- ber 10 and April 10, respectively. Tax Revenues are currently allocaled to redevelopment agencies in the county in the following manner: One-half of the local secured and ulility tax allocations are made by each January 31 and June 30 of each fiscal year; unsecured tax allocations are made by March 1, of each fiscal year, and the allocation of delinquent taxes is made by September 1 of the fiscal year neJ!:t following the year of levy. The estimated Bond retirement schedule presented in Table 5 in this section is based upon the foregoing schedule of tax allocations to the Agency. estimated Bond Retirement Under the provisions of the Resolution, the Bonds will mature serially each April 1 in the years 1979 through and including 2003 in the amounts specified in "The Bonds" section of this official statement. As stated above and elsewhere herein, the Resolu- tion permits withdrawal by the Agency of certain excess Tax Revenues from the Special Fund, subject to specified condilions precedent. The provisions of the Resolution require that the Fiscal Agent shall accumulate each year in the Special Fund an amount equal to 125 percent of Bond inlerest and principal coming due on the nexl April I and Oclober 1 before any disbursements may be made to Ihe Agency. No disbursements of surplus funds may be made to the Agency unless the required deposits have been made to tbe Interesl, Principal and Reserve Accounts (see Creation of Funds and Aœounts--Surplus, on page .. ). The Resolution also provides thai the annual amounts retained in the Special Fund after paymenl of Bond interesl and principal (25 percent of annual debt service payments) shall be aœumulaled by the F'lscal Agenl and applied to the purchase of out- standing 1978 Bonds at any time, and must be applied to the redemption of such Bonds on any inlerest paymenl date commencing April 1, 1989. Based on the proposed development and tax rates applicable to the Project discussed previously, it is estimated that the entire issue of 1978 Bonds may be retired by 1996, as delailed in the Estimated Bond Retirement Schedule presented in Table 5 on page , ., or seven years prior to their final malurity date of 2003, In view of the tax rate limitations discussed previously on pages, , " of this official statement, Ihere is no assurance the Bonds will be retired by 1996. However, it should be noted that the Reserve Aœounl, equal to maximum annual debt service on the Bonds and established from Bond proceeds, pro- vides a one-year margin of safety pending the out- come of any litigalion or legislation to protect the security of outstanding bonds which mighl be im- paired by such lax rate limitations, Should the Agency issue any additional series of authorized Bonds, there is no assurance thai the 1978 Bonds will, in fact, be retired by 1996. How- ever, the conditions under which such Additional Bonds may be issued are designed and intended to prevent the dilution of the security afforded the holder of any of the then outstanding Bonds, and to assure payment by the established maturity date. Bowne oj San Francisco, Ine., 981-788.2