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<br />-. . <br />" <br /> <br />. <br /> <br />(i) For the current and each future Bond Year <br />the debt service for each such Bond Year with respect <br />to all Bonds and Parity Bonds reasonably expected to <br />be outstanding following the issuance of the Parity <br />Bonds; <br /> <br />. <br /> <br />(ii) For the then current Bond Year, the Tax <br />Revenues to be received by the Agency based upon the <br />most recent taxable valuation of taxable property in <br />the Project Area certified by the appropriate officer <br />of the County of Orange (and exclusive of any <br />anticipated business inventory subvention revenues) <br />plus an allowance for estimated annual additional Tax <br />Revenues to be received by the Agency within any of <br />the three Fiscal Years following the date the <br />computation is made due to increases in assessed <br />valuation of taxable property in the Redevelopment <br />Project Area resulting from contruction in progress on <br />the date such computation is made, all as shown by the <br />certificate or opinion of an Independent <br />Redevelopment, Fiscal and Administrative Consultant <br />employed by the Agency. As used herein, "construction <br />in progress" means: (aa) construction for which a <br />building permit has been issued and there is evidence <br />of construction activity on the site and/or (bb) <br />construction as to which a binding contract therefor, <br />with a 100% faithful performance bond, has been <br />executed between the Agency and a developer deemed <br />financially responsible by an Independent <br />Redevelopment, Fiscal and Administrative Consultant; <br />and <br /> <br />(iii) That for the then current Bond Year, the Tax <br />Revenues referred to in item (ii) are at least equal <br />to 1.25 times the maximum annual debt service. <br /> <br />(d) The Parity Bonds shall mature on and interest <br />shall be payable as the same dates as the Bonds. <br /> <br />. <br /> <br />Section 18. Covenants of the Agency. As long as the <br />Bonds are outstanding and unpaid, the Agency shall (through its <br />proper members, officers, agents or employees) faithfully <br />perform and abide by all of the covenants, undertakings and <br />provisions contained in this Resolution or in any Bond issued <br />hereunder, including the following covenants and agreements for <br />the benefit of the Bondholders which are necessary, convenient <br />and desirable to secure the Bonds and will tend to make them <br />more marketable; provided, however, that the Covenants do not <br />require the Agency to expend any funds other than the Tax <br />Revenues: <br /> <br />Covenant 1, Complete Redevelopment Project; <br />Amendment to Redevelopment Plan. The Agency covenants and <br />agrees that it will diligently carry out and continue to <br /> <br />03-30-83 <br />4439P/2306/00 <br /> <br />-20- <br /> <br />3A <br />