1978-10 CRA - Laserfiche WebLink

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.\' '- , , - . . 2/28/78 (h) "Maximum annual debt service" as computed from time to time as required herein means the largest of the sums obtained for each fiscal year thereafter during the life of this issue by totaling the following for each such fiscal year: ( I) The principal amount of all Bonds (including additional bonds) maturing or required to be paid in such fiscal year and outstanding at the time of such computation; '(2) The interest which would be due during such fiscal year on the aggregate principal amount of Bonds (including additional bonds) which would be outstanding in such fiscal year if the Bonds outstanding on the date of such computation are retired as they mature or are required to be paid. (i) "Paying Agent" means any paying agent provided by the Agency pursuant to this resolution. ' (j) "Redevelopment Agency" or "Agency" means the Community Redevelopment Agency of the City of Santa Ana. (k) "Redevelopment Plan" means the redevelopment plan for the Redevelopment ProjeCt Area approved and adopted by Ordinance No. 1173, as amended, described in Section 18 hereof, and includes any amendment of said plan hereafter made pursuant to law. (I) "Redevelopment Project" means the project of carrying out, pursuant to the Law, the Redevelopment Plan for the Redevelopment Project Area. (m) "Redevelopment Project Area" means the project area described and defined in said Ordinance No. 1173, as amended, which project area is known and designated as City of Santa Ana Redevelopment Project Area. (n) "Tax Revenues" means that portion of taxes levied upon taxable property in the ,Re- development Project Area which is allocated to and paid into a special fund (as in this resolution created) of the Agency pursuant to Article 6 of Chapter 6 of the Law and Section 16 of Article XVI of the Constitution of the State of California, all as more particularly set forth hereafter in this resolution. (0) "Treasurer" or "Treasurer of the Agency" means the officer who is then performing the functions of Treasurer of the Agency. Section 2. AmoUDt, issuance and Purpose of Bonds. Under and pursuant to said Law and under and pursuant to this resolution Bonds of the Redevelopment Agency in the principal amount of $13,500,000 shall be issued by the Agency for the purpose of financing a portion of the cost of the Redevelopment Project and for other purposes related thereto as hereinafter provided. Section 3. Nature of Bonds. The Bonds shall be and are special obligations of the Agency and are equally secured by an irrevocable and lint pledge of, and are payable as to both principal and interest solely from Tax Revenues and other funds as hereinafter provided in Sections 16, 20 and Covenant 7 of Section 21 hereof, without priority for number, date of sale, date of execution, or date of delivery, except as expressly provided herein. The payment of such principal and interest shall not be (a) secured by any interest in property used or to be used in a trade or business or in payments in respect of such property or (b) derived from payments in respect of property, or borrowed money, used or to be used in a trade or business, within the meaning of Section 1O3(b)(2)(B) of the Internal Revenue Code and the regulations adopted thereunder. Said Bonds, the interest thereon, and any premiums payable upon the redemption of any thereof, are not a debt of the City of Santa Ana, the State of California or any of its political subdivisions and neither said city, said state nor any of its political subdivisions is liable on them, nor in any event shall said Bonds, interest or premiums be payable out of any funds or 2