1981-138 CRA - Laserfiche WebLink

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. . . . . . ..' \ ARTICLE IV REVENUES; NOTE FUND Section 4.01. Pledr of Revenues. The payment of the Note shall be secured by a first pledge which pledge shall be effected in the manner and to the extent hereinafter provided) of all of the Revenues and a first pledge of a 11 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 there.of, 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, howsoever denominated, payable in whole or in part from 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 n.ot 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 p.olitical 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 pr.ovided 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. N.ote Fund. There is hereby created a special fund to be designated the "C.orrrnunity Redevelopment Agency of the City of Santa Ana Secondary Promi ssory Note (McCulloch I s Buildi ngs) Note Fund" (herein referred to as the "Note Fund"), whi ch the Agency hereby c.ovenants 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 deposit 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 All Revenues in the Note Fund shall be used and withdrawn fr.om the Note Fund solely f.or the purpose of payment of principal and interest on the Note when and as due except that prepayments of Loans made by the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 provided for, and this Resoluti.on has been discharged and satisfied, the Agency shall deposit any amounts remaining in the Note Fund in its general funds, unless such amounts properly belong to the Participating Parties. 10