1981-144 CRA - Laserfiche WebLink

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. . , . . (h) Financing. "Financing" and its variants means the lending of moneys or any other thing of value for the purpose of facilitating the construction of the Project on the Site, including refinancing of outstanding indebtedness incurred for such purposes. (i) Holder; Noteho1der. "Holder" or "Noteho1der" means any person who shall be the reg i stered owner of the Note. (j) Loan. "Loan" means the loans made by the Agency to the Participating Party for the Financing of the rehabilitati.on of the. Project on the Site pursuant to the Agreement and .evidenced by the Promissory Note. (k) Note. "Note" means the Community Redevelopment Agency of the City of Santa Ana Secured Promissory N.ote (Old City Hall), authorized by, and issued pursuant to, this Resolution. (1) Official Determination. "Official Determination" means (and for all purposes .of this Resolution shall be deemed to have .occurred as of) a change in the Internal Revenue C.ode of 1954, as amended, the issuance of a statutory notice of deficiency, or ruling by the Internal Revenue Service or a ruling by any court of competent jurisdiction, or any other occurrence, the effect of which, in the .opinion of nationally-recognized bond c.ounse1 acceptable to Agency and Bank, is t.o make interest payable .on this Note includable in the gross income of the holder hereof (except to the extent that such interest is so includable because the holder is a "substantial user" of any of the Project referenced below or a "related person" as such terms are defind in Section 103 of the Internal Revenue Code of 1954, as amended).- The fees and expenses of any such bond counsel in connection with such opinion shall be an obligation of Agency payable from the same s<>urce and secured in the same manner as are all other obligations evidenced hereby. (m) Participating Party. "Participating Party" means Raymond H. Klemp. (n) Permitted Investments. "Permitted Investments" means Federal Securities or certificates of deposit of commercial banks (including the Bank) with a paid in capital and surplus in excess of $5,000,000. (0) Project Costs. "Project Costs" means, with respect to each Project, (i) the amount required to pay the interim construction loan obtained by the Participating Party for said Project provided that the Participating Party certifies to the Agency that the proceeds of the interim construction loan were used by the Participating Party for; (A) obligations of the Participating Party incurred for labor and materials (including reimbursements payable to the Participating Party and payments on contracts in the name of the Participating Party) in connection with the rehabilitation of the Project; 3