Laserfiche WebLink
<br />.' <br /> <br />. <br /> <br />deposits into the Reserve Account, as specified in <br />subparagraph (c) above, shall not be an event of default <br />if, and only if, the Tax Revenues are insufficient <br />therefor. Should it be necessary to defer all or part of <br />any deposits referred to in subparagraph (c) above, such <br />deferred deposits shall be cumulative and shall be made <br />when the Tax Revenues are sufficient to make the deposits <br />required by subparagraphs (a) and (b) and thereafter make <br />the deposits required by subparagraph (c). If: (i) the <br />above transfers have been made so that the required amounts <br />as of that time are in the above mentioned Accounts, and <br />(ii) the Tax Revenues to be received for the next Fiscal <br />Year by the Agency, based upon the most recent assessed <br />valuation of taxable property in the Redevelopment Project <br />Area, are at least equal to the Maximum Annual Debt Service <br />on all Bonds, Parity Bonds and any loans, advances or <br />indebtedness payable from Tax Revenues pursuant to Section <br />33670 of the Law, as shown by the certificate or opinion of <br />an Independent Financial Consultant employed by the Agency, <br />any balances in the Special Fund may be transferred to and <br />used and applied by the Agency for any lawful purpose, <br />including without limitation, ,the purchase and/or call and <br />redemption of Bonds and Parity Bonds. <br /> <br />. <br /> <br />Section 16. Deposit and Investment of Moneys in Funds. <br />Subject to the provisions of Covenant 9 of Section 18 hereof, <br />all moneys held by the Agency in the Redevelopment Fund and by <br />the Fiscal Agent in the Redevelopment Fund and by the Fiscal <br />Agent in the Special Fund, except such moneys which are at the <br />time invested in obligations in which the Agency is authorized <br />to make investments, shall be held in time or demand deposits <br />in any bank or trust company authorized to accept deposits of <br />public funds (including the banking department of the Fiscal <br />Agent) and all of such deposits shall be secured at all times <br />by bonds or other obligations which are authorized by law as <br />security for public deposits, of a market value at least equal <br />to the amount required by law. <br /> <br />Moneys in the Redevelopment Fund shall from time <br />time be invested by the Agency, and moneys in the Special <br />shall be invested by the Fiscal Agent with prior approval <br />the Agency as provided by law, subject to the following <br />restrictions: <br /> <br />to <br />Fund <br />of <br /> <br />. <br /> <br />(a) Moneys in the Redevelopment Fund shall be <br />invested only in obligations which will by their terms <br />mature not later than the date the Agency estimates the <br />moneys represented by the particular investment will be <br />needed for withdrawal from the Fund. <br /> <br />(b) Moneys in the Interest Account of the Special <br />Fund shall be invested only in obligations which will by <br /> <br />03-30-83 <br />4439P/2306/00 <br /> <br />-18- <br /> <br />3A <br />