1983-13 CRA - Laserfiche WebLink

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, , . . . .: . Section 12. Funds. There is hereby continued with the Treasurer a special trust fund created pursuant to Resolution 78-10 of the Agency called the "City of Santa Ana Redevelopment Project Area, Redevelopment Fund" (hereinafter sometimes called the "Redevelopment Fund"). There is hereby continued with the Fiscal Agent a special trust fund created pursuant to Resolution 78-10 of the Agency called the "City of Santa Ana Redevelopment Project Area, Special Fund" with special trust accounts contained therein known as the "Interest Account", "Principal Account", and the "Reserve Account. II There is also created a special trust fund with the Fiscal Agent known as the "Refunded Bond Fund," So long as any of the Bonds, or any interest on them, remain unpaid, the moneys in the foregoing Funds shall be used for no purposes other than those required or permitted by this Resolution and the Law. Section 13. Sale of Bonds; Disposition of Bond Proceeds; Redevelopment Fund. The Agency may provide by resolution for the sale of the Bonds in the manner provided by the Law. A. Upon the delivery of the Bonds to the purchasers, the Fiscal Agent, on behalf of the Agency, shall transfer any funds held in the City of Santa Ana Redevelopment Project Area Special Fund created pursuant to Resolution 78-10 of the Agency, including any accounts therein, to the Refunded Bond Fund. B, Upon the delivery of the Bonds to the purchasers, the Fiscal Agent, on behalf of the Agency, shall receive the proceeds from the sale of the Bonds, and shall apply the proceeds and moneys as follows: (1) Deposit in the Interest Account accrued interest and premium, if any, paid by the purchasers of the Bonds and an amount which when added to the amount on deposit therein will equal the amount of interest due on December 1, 1983; (2) Deposit in the Reserve Account a sum equal to the Reserve Requirement; (3) Pay the necessary expenses in connection with the issuance and sale of the Bonds and fees of the Fiscal Agent and Paying Agents; (4) Deposit in the Refunded Bond Fund an amount which when added to the amount transferred to such fund pursuant to subsection A above will be sufficient, taking into consideration any investment earnings thereon, to pay the principal of, premium, if any, and interest on the Refunded Bonds through the date of redemption; 05-01-83 4439P/2306/00 2A -14- ~-%