1981-139 CRA - Laserfiche WebLink

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. . . . . . " ARTICLE IV REVENUES; NOTE FUND secur~e~~i~nfi~'~t1.ple~~:d~:hiO:h ~~~halih:e Pea::e~nt~/~n t~~e N~::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 solely to the payment of such principal and interest. The pledge and allocation of Revenues is for the exclusive benefit of the Noteholders 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, h.owsoever denominated, payable in whole or in part fr.om the Revenues until the Note has been paid and retired or provision made therefor. The Note shall be a special obligation 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 California 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 N.ote 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 N.ote. Section 4.02. Note Fund. There is hereby created a special fund to be designated the "Colll11unity Redevelopment Agency of the City of Santa Ana Secondary Promissory N.ote (200 Block W. Fourth) Note Fund" (herein referred t.o as the "N.ote 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 Noteholders. 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 All Revenues in the Note Fund shall be used and withdrawn from the N.ote Fund solely for the purpose of payment of pri nc ipa 1 and interest .on the Note when and as due except that prepayments of Loans made by the Participating Parties, 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 paid or provided for, all expenses of the Agency relating to the Projects have been paid or pr.ovided for, and this Resolution has been discharged and satisfied, the Agency shall deposit any am.ounts remaining in the Note Fund in its general funds, unless such amounts pr.operly belong t.o the Participating Parties. 10