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<br />. <br /> <br />investments in the Bond Interest Account, Serial Bond Payment <br />Account and the Term Bond Sinking Account shall be valued at <br />the face amount thereof. <br /> <br />Section 17. Issuance of Parity Bonds. If at any time <br />the Agency determines it needs to do so, the Agency may provide <br />for the issuance of, and sell, Parity Bonds in such principal <br />amounts as it estimates will be ~eeded. The issuance and sale <br />of any Parity Bonds shall be subject to the following <br />conditions precedent: <br /> <br />(a) The Agency shall be in compliance with all <br />covenants in this Resolution; <br /> <br />t <br /> <br />(b) The Parity Bonds shall be on such terms and <br />conditions as may be set forth in a supplemental <br />resolution, which shall provide for (i) bonds substantially <br />in accordance with the Resolution, (ii) the deposit of <br />moneys into the Debt Service Reserve Account in an amount <br />sufficient, together with the balance of the Debt Service <br />Reserve Account, to equal the Average Annual Debt Service <br />on all Bonds expected to be outstanding including the <br />outstanding Bonds and Parity Bonds, (iii) the disposition <br />of Surplus Tax Revenues in substantially the same manner as <br />Section l5(e) hereof; <br /> <br />(c) Receipt of a certificate of the Executive <br />Director of the Agency showing: <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 />(ii) For the then current Bond year, the Tax <br />Revenues to be received by the Agency based upon the <br />most recent assessed valuation of taxable property in <br />the Project Area certified by the appropriate officer <br />of the County of Merced (and exclusive of any <br />anticipated business inventory subvention revenues); <br />and <br /> <br />. <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 1.10 times the maximum annual debt service referred <br />to in item (i) above. <br /> <br />(d) The Parity Bonds shall mature on and interest <br />shall be payable as the same dates as the Bonds. <br /> <br />Section 18. Covenants of the Agency. As long as the <br />Bonds are outstanding and unpaid, the Agency shall (through its <br /> <br />02-22-83 <br />4l41P/2306/00 <br /> <br />-19- It~ 36 <br /> <br />SA. <br />