1983-08 CRA - Laserfiche WebLink

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", . (b) Principal Account. After the deposits have been made pursuant to subparagraph (a) above, deposits shall next be made into the Principal Account so that the balance in the Account on the date established by resolution of the Agency of each year is equal to the principal coming due on the then outstanding serial Bonds on the next succeeding principal payment date. (c) Reserve Account. After deposits have been made pursuant to subparagraphs (a) and (b) above, deposits shall be made to the Reserve Account if necessary, in order to cause the amount on deposit therein to equal the Reserve Requirement. Moneys in the Reserve Account shall be transferred to the Interest Account, Principal Account, to pay interest on and principal of the Bonds as it becomes due to the extent Tax Revenues are insufficient therefor, Any portion of the Reserve Account which is in excess of the Reserve Requirement shall be transferred at least semiannually to the Interest Account. . (d) Surplus. It is the intent of this Resolution: (i) that the deposits in subparagraphs (a) and (b) above to the Interest Account and the Principal Account, respectively, shall be made as scheduled, and (ii) that the deposits in subparagraph (c) above to the Reserve Account shall be made as scheduled, if and only if the Tax Revenues are sufficient therefor. Failure to make the required deposits into the Reserve Account, as specified in subparagraph (c) above, shall not be an event of default if, and only if, the Tax Revenues are insufficient therefor. Should it be necessary to defer all or part of any deposits referred to in subparagraph (c) above, such deferred deposits shall be cumulative and shall be made when the Tax Revenues are sufficient to make the deposits required by subparagraphs (a) and (b) and thereafter make the deposits required by subparagraph (c). If: (i) the above transfers have been made so that the required amounts as of that time are in the above mentioned Accounts, and (ii) the Tax Revenues to be received for the next Fiscal Year by the Agency, based upon the most recent assessed valuation of taxable property in the Redevelopment Project Area, are at least equal to the Maxmimum Annual Debt Service on all Bonds, Parity Bonds and any loans, advances or indebtedness payable from Tax Revenues pursuant to Section 33670 of the Law, as shown by the certificate or opinion of an Independent Financial Consultant employed by the Agency, any balances in the Special Fund may be used and applied by the Agency for any lawful purpose, including without limitation, the purchase and/or call and redemption of Bonds and Parity Bonds. , Section 16. Deposit and Investment of Moneys in Funds. Subject to the provisions of Covenant 9 of Section 18 hereof, 02-22-83 4141P/2306/00 -17- 1P~.3'f SA