1981-143 CRA - Laserfiche WebLink

Home Browse Search

. . . . . . (h) Financing. "Financing" and its variants means the lending of I11CJneys 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 f.or such purposes. (i) Holder; N.oteholder. "Holder" or "N.oteholder" means any person who sha 11 be the reg 1 stered owner of the Note. (j) Loan. "Loan" means the respective loans made by the Agency to the respective Participating Party for the Financing of the rehabilitation of the Project on the Site pursuant to the Agreement and evidenced by the Promissory Note. (k) Note. "N.ote" means the ColIIDunity Redevelopment Agency of the City of Santa Ana Secured Promissory Note (205 W. Civic Center), authorized by, and issued pursuant to, this Resolution. (1) Official Determination. "Official Determination" means (and f.or a 11 purposes of this Reso lution sha 11 be deemed to have occurred as of) a change in the Internal Revenue Code 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 nati.onally-recognized bond counsel acceptable to Agency and Bank, is to 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 defined in Section 103 of the Internal Revenue Code of 1954, as amended). The fees and expenses of any such b.ond counsel in connection with such .opini.on shall be an obligation of Agency payable from the same source and secured in the same manner as are all .other obligations .evidenced hereby. (m) Participating Parties. "Participating Party" means Y.M.C.A. of Orange County, a nonprofit organization. (n) Permitted Investments. "Permitted Investments" means Federal Securities or certiflcates of deposit of colIIDercial banks (including the Bank) with a paid in capital and surplus in excess of $500,000,000. (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 ard materials (including reimbursements payable to the Partic~pating 3