1981-143 CRA - Laserfiche WebLink

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. 8 . . 8- 8 .' ARTICLE IV REVENUES; NOTE FUND secure~e~~i ~nfi~'~t1.P 1 e~~~d~:hio:h ~~~~~~e~ha 1 ih;e PeY;e~nt~/~n t~~e ~:;ne~h~~~ ~~ the extent hereinafter provided) of all of the Revenues and a first pledge of all of the moneys in the Note Fund. The Revenues are hereby allocated in their entirety to the payment of the principal of and interest .on the Note and, until the payment in full thereof, the Revenues shall be applied s.ole1y to the payment .of such principal and interest. The pledge and allocati.on of Revenues is for the exclusive benefit of the Noteho1ders and shall be irrevocable until the Note has been paid and provision made therefor. The Agency will not issue any obligation or security superior to .or .on a parity with the Note, howsoever denominated, payable in wh.o1e .or in part from the Revenues until the Note has been paid and retired or provision made therefor. The Note shall be a special ob1igati.on of the Agency and shall be payable solely from the Revenues. The Note shall not constitute a debt of the Agency, of the City of Santa Ana, of the State of Ca1if.ornia or of any of its subdivisions, and neither said State nor any of its political subdivisions shall be liable thereon, nor in any event shall the Note be payable out of any funds or properties of the Agency other than the Revenues as provided herein.. The faith and credit of the Agency is not pledged to the payment of the principal of or interest on the Note. Section 4.02. Note Fund. There is hereby created a special fund to be designated the "Corrmunity Redevelopment Agency of the City of Santa Ana Secondary Promissory Note (205 W. Civic Center) Note Fund" (herein referred to as the "Note Fund"), whi ch the Agency hereby covenants and agrees to cause to be maintained and which shall be held in trust by the Agency for the benefit of the Noteh.o1ders. Upon the receipt thereof, the Agency shall dep.osit all Revenues in the Note Fund. Section 4.03. Use and Withdrawal .of Revenues. All Revenues in the Note Fund shall be used and withdrawn from the Note Fund solely f.or the purpose of payment of principal and interest on the Note when and as due except that prepayments of Loan made by the Participating Party, insurance and condemnation proceeds not used for replacement or repair .of the applicable Project and transfers from the Historical Rehabilitation Fund pursuant to Section 3.02 shall be used for prepayment of the Note. When the Note is no longer outstanding, all fees, charges and expenses of the Bank have been pa id or provided for, all expenses of the Agency relating to the Project have been paid or provided for, and this Resolution has been discharged and satisfied, the Agency shall deposit any amounts remaining in the N.ote Fund in its general funds, unless such amounts properly be1.ong to the Participating Party. 10