1978-10 CRA - Laserfiche WebLink

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'.. . - . . 2/28/78 So long as any of the Bonds herein authorized, or any interest thereon, remain outstanding and unpaid, the moneys in the foregoing funds shall be used for no purpose other than those required or permitted by this resolution and the Law. Section 16. DisposItioD of BoDd Proceeds; Redevelopmeut FuDd. (a) Concurrently with the initial delivery of and payment for the Bonds, the proceeds of sale thereof shall be deposited with the Fiscal Agent and thereafter transferred for deposit in the following respective amounts to the following respective funds or accounts: (I) In the Interest Account established pursuant to Section 19 hereof, an amount equal to the premium and accrued interest, if any, received by the Agency from the purchaser of the Bonds. (2) In the Reserve Account established pursuant to Section 19 hereof, an amount equal to maximum annual debt service on the Bonds. (3) In the Redevelopment Fund established pursuant to Section 15 hereof, the remainder of the proceeds. (b) The moneys set aside and placed in the Redevelopment Fund shall remain therein until from time to time expended solely for the purpose of financing a portion of the cost of the Redevelopment Project and other costs related thereto, such other costs to include but not be limited to: ( 1) Land acquisition and clearance of property for redevelopment, construction of public improvements and relocation costs; , (2) The payment to the City of Santa Ana for advances, expenditures and land transfen by the City; (3) The cost of improvements ,and other costs which may not benefit the Redevelopment Project exclusively but which'are necessary to the redevelopment of the Redevelopment Project Area and the disposition of the land therein; and (4) The necessary expenses in conne~ion with the issuance and sale of the Bonds. (c) Payments from the Redevelopment Fund shall be made in accordance with the provisions of this section. Before any such payment shall be made by the Fiscal Agent there shall be filed with the Fiscal Agent: A written requisition executed by an officer of tþe Agency stating in respect to each payment to be made, (i) The item of the payment; (Ii) The name of the penon to whom payment is due; (ill) The amount to be paid; (iv) The purpose, by general classification, for which the obligation to be paid was incurred; (v) That the obligation or obligations in the stated amount or amounts have been incurred by or on behalf of the Agency, and that each item thereof is a proper charge against moneys in the Redevelopment Fund and has not been paid. (d) Upon receipt of each such written requisition, the Fiscal Agent shall pay the amount set forth in such written requisition as directed by the terms thereof. (e) If any sum remains in the Redevelopment Fund after the full accomplishment of the objects and purposes for which said Bonds were issued, said sum may be held in the Redevelopment Fund to assist in financing subsequent phases of the Redevelopment Project, or said sum may be transferred to the 7