1983-13 CRA - Laserfiche WebLink

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. ,. " . . . ;: . (i) For the current and each future Bond Year the debt service for each such Bond Year with respect to all Bonds and Parity Bonds reasonably expected to be outstanding following the issuance of the Parity Bonds; (ii) For the then current Bond Year, the Tax Revenues to be received by the Agency based upon the most recent taxable valuation of taxable property in the Project Area certified by the appropriate officer of the County of Orange (and exclusive of any anticipated business inventory subvention revenues) plus an allowance for estimated annual additional Tax Revenues to be received by the Agency within any of the three Fiscal Years following the date the computation is made due to increases in assessed valuation of taxable property in the Redevelopment Project Area resulting from contruction in progress on the date such computation is made, all as shown by the certificate or opinion of an Independent Redevelopment, Fiscal and Administrative Consultant employed by the Agency. As used herein, "construction in progress" means: (aa) construction for which a building permit has been issued and there is evidence of construction activity on the site and/or (bb) construction as to which a binding contract therefor, with a 100% faithful performance bond, has been executed between the Agency and a developer deemed financially responsible by an Independent Redevelopment, Fiscal and Administrative Consultant; and (iii) That for the then current Bond Year, the Tax Revenues referred to in item (ii) are at least equal to 1.25 times the estimated Maximum Annual Debt Service on outstanding Bonds and any Parity Bonds to be issued. (d) The Parity Bonds shall mature on and interest shall be payable as the same dates as the Bonds. Section 18. Covenants of the Agency. As long as the Bonds are outstanding and unpaid, the Agency shall (through its proper members, officers, agents or employees) faithfully perform and abide by all of the covenants, undertakings and provisions contained in this Resolution or in any Bond issued hereunder, including the following covenants and agreements for the benefit of the Bondholders which are necessary, convenient and desirable to secure the Bonds and will tend to make them more marketable; provided, however, that the Covenants do not require the Agency to expend any funds other than the Tax Revenues: 05-01-83 4439P/2306/00 2A -20- II-pi