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'.. 2/28/78 ~ amended as provided in the Law but no amendment shall be made which would substantially impair the security of the Bonds or the rights of the bondholders. 2. The Agency covenants and agrees that the proceeds of the sale of said Bonds will be deposited and used as provided in this resolution and that it will manage and operate all properties owned by it and comprising any part of the Redevelopment Project in a sound and businesslike manner, and will keep such properties insured at all times in conformity with sound business practice. ' 3. The Agency covenants and agrees that, except as permitted in Section 17 hereof, it will not issue any other obligations payable, principal or interest, from the Tax Revenues which have, or purport to have, any lien upon the Tax Revenues superior to or on a parity with the lien of the Bonds herein authorized and the interest coupons pertaining thereto; provided, however, that nothing in this resolution shall prevent the Agency from issuing and selling pursuant to law refunding bonds or other refunding obligations payable from and having a lint lien upon the Tax Revenues if such refwiding bonds or other refunding obligations are issued for the purpose of. and are sufficient for the purpose of, refunding all of the Bonds authorized by this resolution and then outstanding. 4. The Agency covenants and agrees that it will duly and punctually payor cause to be paid the principal of and interest on eÌCh of the Bonds issued hereunder together with the premium thereon if any be payable on the date, at the place and in the manner provided in said Bonds and the interest coupons pertaining thereto, solely from the Tax Revenues and other funds as herein provided. The Agency further covenants that it will comply with the requirements of Section 33675 of the Law, including the filing of a "statement of indebtedness" with the Auditor - Controller of Orange County. >i . , , 5. The Agency covenants and agrees that it will from time to time pay and discharge. or cause to be paid and discharged, all payments in lieu of taxes, service charges; assessments or other governmental charges which may lawfully be imposed upon the Agency or any of the properties then owned by it in the Redevelopment Project Area, or upon the revenues and income therefrom and will pay all lawful claims for labor, material and supplies which if unpaid might become a lien or charge upon any of said properties, revenues or income or which might impair the security of the Bonds or the use of Tax Revenues or other funds to pay the principal of aDd interest thereon, all to the end that the priority and security of said Bonds sball be preserved; provided that nothing in this paragraph shall require the Agency to make any such payment so long as the Agency in good faith shall contest the validity thereof. 6. The Agency covenants and agrees that it will at all times keep, or cause to be kept, proper and current books and accounts (separate from all other records and accounts) in which complete and accurate entries shall be made of all transactions relating to the Redevelopment Project and the Tax Revenues and other funds herein provided for, and will prepare within 120 ßays after the close of each of its fiscal yean a complete financial statement or statements for such year in reasonable detail covering such Redevelopment Project, Tax Revenues and other funds and certified by an independent certified public accountant or firm of independent certified public accountants selected by the Agency, and will furnish a copy of such statement or statements to any bondholder upon written request. Said books and accounts shall be maintained separate and apart from those of the City of Santa Ana. 7. The Agency covenants and agrees that if all or any part of the Redevelopment Project Area should be taken from it, by eminent domain proceedings or other proceedings authorized by law, for any public or other use under which the property will be tax exempt, the net proceeds realized by the Agency therefrom will be deposited in the Special Fund and used and applied for the purpose of paying principal of and interest on said Bonds as in this resolution provided. . 12