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<br />. <br /> <br />. <br /> <br />. <br /> <br />. . <br /> <br />lessee shall pay taxes upon the assessed value of the entire <br />property and not merely upon the assessed value of his or its <br />leasehold interest, and (b) that if for any reason the taxes <br />levied on the property in any year during the term of the lease <br />or contract are less than the taxes which would have been <br />levied if the entire property had been assessed and taxed in <br />the same manner as privately owned property, the lessee shall <br />pay such difference to the Agency within thirty (30) days after <br />the taxes for the year become payable to the taxing agencies <br />and in no event later than the delinquency date of such taxes <br />established by law. All such payments shall be treated as Tax <br />Revenues, and when received by the Agency shall be used as <br />provided herein. <br /> <br />Section 20. Fiscal Agent and Paying Agents. The <br />Agency shall appoint a Fiscal Agent hereunder, to act as the <br />agent, trustee and depositary of the Agency for the purpose of <br />receiving Tax Revenues and other funds in trust as provided in <br />this Resolution, to hold, allocate, use and apply the Tax <br />Revenues and other funds in trust as provided in this <br />Resolution, and to perform the other duties and powers of the <br />Fiscal Agent as are prescribed in this Resolution. <br /> <br />The Agency may remove the Fiscal Agent initially <br />appointed, or any successor, and shall forthwith appoint a <br />successor thereto, but any successor shall be a bank or trust <br />company doing business and having an office in the City of Los <br />Angeles, having a combined capital and surplus of at least <br />$50,000,000. The Fiscal Agent or any substituted Fiscal Agent <br />may at any time resign in writing, filed with the Agency. Upon <br />a resignation in writing, the Agency shall forthwith appoint a <br />substitute Fiscal Agent and the resignation shall become <br />effective upon appointment, In the event that the Fiscal Agent <br />or any successor becomes incapable of acting as such, the <br />Agency shall forthwith appoint a substitute Fiscal Agent. Any <br />bank or trust company into which the Fiscal Agent may be merged <br />or with which it may be consolidated shall become the Fiscal <br />Agent without action of the Agency. The Fiscal Agent may <br />become the owner of any of the Bonds authorized by this <br />Resolution or any of the coupons appurtenant thereto with the <br />same rights it would have had if it were not the Fiscal Agent. <br /> <br />The Fiscal Agent shall have no duty or obligation to <br />enforce the collection of or to exercise diligence in the <br />enforcement of the collection of funds assigned to it <br />hereunder, or as to the correctness of any amounts received, <br />but its liability shall be limited to the proper accounting for <br />the funds that it actually receives. <br /> <br />The recitals of fact and all promises, covenants and <br />agreements herein and in the Bonds shall be taken as <br />statements, promises, covenants and agreements of the Agency, <br /> <br />02-22-83 <br />4141P/2306/00 <br /> <br />SA <br /> <br />-23- <br /> <br />/7"+0 <br />