1981-138 CRA - Laserfiche WebLink

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è . . . . . . .. \ ARTICLE III USE OF PROCEEOS 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 dep.osit into 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 deposit into the Historical 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 "Community Redevelopment Agency of the Agency of Santa Ana Secured Promissory Note (McCullogh's Buildings) Hist.orical 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 Pr.oject Costs. Within the Historical Rehabilitation Fund, there is hereby created two accounts to be designated respectively, the "Project 2A Account" and the "Project 2B Account". Following delivery .of the Note and deposit of the proceeds thereof into the Historical Rehabilitation Fund, the Agency shall transfer $300,000 thereof t.o the Project 2A Account to be applied to the payment .of Project Costs in accordance with the terms of the Agreement relating to Project 2A; and shall transfer $700,000 thereof to the Project 2B Account to be app 1 i ed t.o the payment of Pr.oject Costs in accordance with the terms of the Agreement relating to Project 2B. With the consent of the Bank, the Agency may transfer monies from .one 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 appropriately m.odified. After payment of all Project Costs payable fr.om the Historical Rehabilitation Fund or provision satisfactory to the Agency having been made for payment of Project C.osts not yet due or the Agency becomes reasonably certain that all or any portion of amounts in the Historical Rehabilitation Fund wi 11 not be used to make all or any port ion 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 f.ollowing the date of transfer. 9