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.: , . . . " ~ . assessed value of the taxable property in the Redevelopment Project Area as shown upon the assessment roll used in connection with the taxation of such property by such taxing agency last equalized prior to August 1, 1973, (being the effective date of Ordinance No. 1173, and July 2, 1975 (being the effective date of Ordinance No. 1258 referred to above with respect to the areas added by such amendment) shall be allocated to and when collected shall be paid into the funds of the respective taxing agencies as taxes by or for the taxing agencies on all other property are paid; and (b) That portion of the levied taxes each year in excess of such amount shall be allocated to and when collected shall be paid into the Special Fund of the Agency. This portion of the levied taxes (plus State reimbursed amounts for certain property tax exemptions related to business inventory, to the extent received), are herein referred to as "Tax Revenues." The foregoing provisions of this Section are a portion of the provisions of Article 6 of the Law as applied to the Bonds and shall be interpreted in accordance with Article 6, and the further provisions and definitions contained in Article 6 are incorporated by reference herein and shall apply. The Tax Revenues are hereby irrevocably pledged to the payment of the principal of, premium, if any, and interest on the Bonds, and until all of the Bonds and all interest thereon, have been paid (or until moneys for that purpose have been irrevocably set aside), the Tax Revenues (subject to the exception set forth in Section 15(d» shall be applied solely to the payment of the Bonds plus premium if any, and the interest thereon as provided in this Resolution. This allocation and pledge is for the exclusive benefit of the Holders of the Bonds and shall be irrevocable. Section 33645 of the Health and Safety Code provides, in applicable part as follows: "The resolution, trust indenture, or mortgage shall provide that tax increment funds allocated to an agency pursuant to Section 33670 shall not be payable to a trustee on account of any issued bonds when sufficient funds have been placed with the trustee to redeem all outstanding bonds of the issue." This Resolution is presently in compliance with the above quoted provision and shall be so construed Section 15. Special Fund. 'The Agency shall payor cause to be paid to the Fiscal Agent for deposit in the Special Fund in accordance with this Section all Tax Revenues and other moneys identified herein, and the Agency will, so far as permitted by law, authorize and direct the payment of the Tax Revenues by the respective taxing entities directly to the 05-01-83 4439P/2306/00 -16- J4-,;q ~R