1981-139 CRA - Laserfiche WebLink

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. 8 ,8 . 8 . ARTI CI,.E III USE OF PROCEEDS OF NOTE Section 3.01. Application of Proceeds of Sale of Note. The proceeds received by the Agency from the sale of the Note shall be deposited as follows: (a) The Agency shall deposit int.o the Note Fund established pursuant to Section 4.02 any accrued interest or premium received on the sale of the Note. (b) The Agency shall dep.osit into the Hist.orical Rehabilitation Fund established pursuant to Section 3.02 the remainder of said proceeds. Section 3.02. Historical Rehabilitation Fund. There is hereby created a fund to be designated the "CollUßunity Redevelopment Agency of the Agency of Santa Ana Secured Promiss.ory Note (200 Block W. Fourth) Historical Rehabilitation Fund" (herein referred to as the "Historical Rehabilitation Fund"), which shall be held by the Agency in trust and applied to the payment of the Project Costs. Within the Historical Rehabilitation Fund, there is hereby created two accounts to be designated respectively, the "Project 3A Account" and the "Project 3B Account". F.ollowing delivery of the Note and deposit of the proceeds thereof int.o the Historical Rehabilitation Fund, the Agency shall transfer $345,500 thereof to the Project 3A Account to be applied t.o the payment of Project Costs in accordance with the terms of the Agreement relating to Project 3A; and shall transfer $350,000 thereof to the Pr.oject 3B Account to be applied t.o the payment of Project Costs in accordance with the terms of the Agreement relating to Project 3B. With the consent of the Bank, the Agency may transfer monies from ooe of said Accounts to another .of said Accounts, but in no event shall such transfer be made unless and until the applicable areements have been amended and the principal amount of the Loans to the applicable Participating Parties have been appr.opriately modified. After payment of all Project Costs payable from the Hist.orical Rehabilitation Fund or pr.ovision satisfactory to the Agency having been made for payment of Project Costs not yet due or the Agency becomes reasonably certain that all or any portion of amounts in the Historical Rehabilitation Fund will not be used to make all or any portion of the Loans, as further referenced in Section 2.03 hereof, the Agency shall transfer any remaining balance in the Historical Rehabilitation Fund to the Note Fund established pursuant to Section 4.02 to be used for prepayment of the principal of the Note in an amount equal to the amount of such transfer on the first day of the month next following the date of transfer. 9