1978-10 CRA - Laserfiche WebLink

Home Browse Search

'.. . 2/28/78 . falls below the Minimum Reserve, the Fiscal Agent shall transfer from the lint available moneys or from the first available Tax Revenues the amount necessary to restore the Minimum Reserve. To the extent that there are insufficient moneys available for the following purposes in the Interest Account and the Principal Account, the moneys in the Reserve Account shall be applied first, for the purpose of paying the interest on the Bonds as it shall become due and payable, and secondly, for the purpose of paying the principal of the Bonds at maturity. Moneys in the Reserve Account may be used in any event to pay the principal or interest on the làst maturity or maturities of Bonds outstanding. . (d) Surplus. The FISCal Agent on or before December 31 of each year, shall ascertain the amount of Tax Revenues received or to be received by the Agency based upon the most recent assessed valuation of taxable property in the Redevelopment Project Area (as reported by the Auditor-COntroller of Orange County), and sball estimate that portion of said Tax Revenues which will be in excess of 125% of the amount of principal and interest then due or to become due on the next following April I and October I on the Bonds (and any additional bonds) then outstanding, and sball promptly notify the Agency of the excess portion so determined. The Agency may, by written notice to the Fiscal Agent within 30 days after receipt of such notifi- cation, direct that an amount not exceeding said excess portion (I) be used for the purchase and/or call and redemption of outstanding Bonds or (2) be paid to the Agency, which amount may be used by the Agency for any purpose authorized in the Law, provided that with respect to (2) above the following conditions have been met: (i) the deposits required by the foregning subsections (a), (b) and (c) have been made so that the required amounts are in the above mentioned accounts, as shown by a certificate of the Fiscal Agent; (li) the Agency shall have filed with the Fiscal Agent a certificate to the effect that the Agency has incurred an obligation on behalf of the Project (exclusive of the obligations created hereunder), and has filed no later than the next preceding October 1, such supporting documentation attesting thereto as the Auditor- Controller of Orange County sball deem necessary; and (ill) the FIscal Agent shall have certified that the Agency is not in default under the terms of the Resolution or the Bonds. Upon receipt of the Tax Revenues, the Fiscal Agent shall make such payment or payments, as directed by the Agency. Any moneys in the Special Fund on February I, 1979 or on any February I thereafter, in excess of the Minimum Reserve plus the amount of principal and interest to become due on the next following April 1 and October 1 on the Bonds and any additional bonds then outstanding, may be used to purchase Bonds and commencing February 1, 19~9, provided said moneys are sufficient to redeem at least $25,000 principal amount, shall be used and applied to call and redeem the largest principal amount of outstanding Bonds which can be called (including the payment of the applicable premium thereon) with the moneys available therefor. Any such call and redemption shall be made in accordance with the provisions of Sections 10 to 14 hereof, inclusive. ~ Purchases of outstanding Bonds may be made by the Fiscal Agent at public or private sale as and when and at such prices as the FISCal Agent may in its discretion determine but only at prices (including brokerage or other expenses) not more than par plus accrued interest plus the premium applicable at the next call date as provided in Section 10 hereof, and any interest accrued payable upon the purchase of Bonds may be paid from the amount reserved in the Interest Account for the payment of interest on the next following interest date. Any Bonds so purchased together with all unpaid interest coupons pertaining thereto shall be cancelled by the Fiscal Agent forthwith and surrendered to the Agency and shall not be reissued. The previous provisions of this section for the determination each year of the amount of moneys available for purchase or redemption of Bonds shall not prevent the Fiscal Agent, if directed by the Agency, from purchasing Bonds with moneys in the Special Fund in the manner hereinbefore . 10