1983-10 CRA - Laserfiche WebLink

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. (t) "Tax Revenues" means that portion of taxes levied upon taxable property in the Redevelopment Project Area and received by the Agency on or after August 1, 1973, for the Redevelopment Project Area of the Agency pursuant to Article 6 of Chapter 6 of the Law and Section 16 of Article XVI of the Constitution of the State of California, plus state reimbursed amounts for certain property tax exemptions relating to business inventory, to the extent actually received, all as more particularly set forth hereafter in this Resolution. (u) "Treasurer" or "Treasurer of the Agency" means the officer who is then performing the functions of Treasurer of the Agency. . Section 2. Amount, Issuance and Purpose of Bonds. Under and pursuant to the Law and this Resolution, Bonds of the A~ency in a principal amount of Sixteen Million Five Hundred Thousand Dollars ($16,500,000) shall be issued by the Agency for the corporate purposes of the Agency by providing funds for the refunding of the Refunded Bonds and financing of a portion of the cost of implementing the Redevelopment Plan which constitutes a "redevelopment activity" as such term is defined in Health and Safety Code Section 33678; and such, issue of Bonds is hereby created. Section 3. Nature of Bonds. The Bonds shall be and are special obligations of the Agency and are secured by an irrevocable pledge of, and are payable as to principal, interest and premium, if any, from Tax Revenues and other funds as hereinafter provided. The Bonds, interest thereon and premium, if any, are not a debt of the City, the State of California or any of its political subdivisions, and neither the City, the State nor any of its political subdivisions is liable on them. In no event shall the Bonds, interest thereon and premium, if any, be payable out of any funds or properties other than those of the Agency as set forth in this Resolution. The Bonds do not constitute an indebtedness within the meaning of any constitutional or statutory debt limitation or restriction. Neither the members of the Agency nor any persons executing the Bonds are liable personally on the Bonds by reason of their issuance. . The Bonds shall be and are equally secured by an irrevocable pledge of the Tax Revenues and other funds as hereinafter provided, without priority for number, date of sale, date of execution or date of delivery, except as expressly provided herein. The validity of the Bonds is not and shall not be dependent upon: (a) the completion of the Redevelopment Project or any part thereof, or (b) the performance by anyone of . hisjher obligations rèlative to the Redevelopment Project, or (c) the proper expenditures of the proceeds of the Bonds, 03-30-83 4439P/2306/00 -5- 3A