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'.. 2/28/78 ~ 8. The Agency covenants and agrees that it will not dispose of more than 10% of the land area in the Redevelopment Project Area (except property shown in the Redevelopment Plan in effect on the date this resolution is. adopted as planned for public use, or property to be used for public streets, public oil-street parking, sewage facilities, easements or rights-of-way for public utilities, or other similar uses) to public bodies or other penons or entities whose propertY is tax exempt if as a result of such disposition the security of the Bonds or the rights of the bondholden would be substantially impaired. 9. The Agency covenants that under no circumstances shall any initial investment, subsequent investment or reinvestment of the proceeds of the Bonds be made in such a manner as to result in the loss of exemption from federal income taxation of interest on the Bonds. Except as permitted during "temporary periods" (as such term is defined in the proposed Income Tax Regulati01lS referred to herein) by said proposed Income Tax Regulations, the proceeds of the Bonds shall not be invested directly or indirectly in taxable obligations so as to produce a yield which is materially higher than the yield on the Bonds which results in the Bonds constituting "arbitrage bonds" within the meaning of Section 103(c), Internal Revenue Code of 1954, as amended, and the proposed Income Tax Regulations issued thereunder, but such sums may be otherwise invested if and when such Act and any regulations thereunder permit the investment to be made in the l11anner made without causing the Bonds to become "arbitrage bonds". ,Section 22. Taxalion of Leased Property. Whenever any property in the Redevelopment Project Area has been redeveloped and thereafter is leased by the Agency to any penon or penons (other than the City of Santa Ana) or whenever the Agency leases real property in the Redevelopment Project Area to any person or penons (other than the City of Santa Ana) for redevelopment, the property shall be assessed and taxed in the same manner as privately owned property, as required by Section 33673 of the Health and Safety Code. . Section 23. F"JSCai Agent and PayiDg Agents. The Agency hereby appoints United California Bank as Fiscal Agent to act as the agent and depositary of the Agency for the purpose of receiving Tax Revenues and other funds as provided in this resolution, to hold, allocate, use and apply such Tax Revenues and other funds as provided in this resolution, and to perform such other duties and powen of the Fiscal Agent as are prescribed in this resolution. The Agency may remove the FIscal Agent initially appointed or any successor thereto and in such case shall forthwith appoint a successor thereto but any successor shall be a bank or trust company doing business and having an office in Los Angeles, California, having a combined capital and surplus of at least $50,000,000. The Fiscal Agent herein appointed or any substituted FIscal Agent may at any time resign as such by writing filed with the Agency in which event the Agency sball forthwith aPPOint a substitute Fiscal Agent and the resignation shall become effective upon such appointment. In the event that the Fiscal Agent or any successor becomes incapable of acting as such the Agency shall forthwith appoint a substitute Fiscal Agent. Any bank or trust company into which the FIscal Agent may be merged or with which it may be consolidated shall become the Fiscal Agent without action of the Agency. A Fiscal Agent may become the owner of any of the Bonds authorized by this resolution or any of the coupons appurtenant thereto with the same rights it would have had if it were not the Fiscal Agent. The Fiscal Agent shall have no duty or obligation whatsoever to enforce the coilection of or to exercise diligence in the enforcement of the collection of funds assigned to it hereunder, or as to the correctness of any amounts received, but its liability shall be limited to the proper accounting for such funds as it shall actually receive. The recitals of fact and all promises, covenants and agreements herein and in the Bonds of said authorized issue contained shall be taken as statements, promises, covenants and agreements of the . 13