1981-137 CRA - Laserfiche WebLink

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. . . . . . " ARTICLE IV REVENUES; NOTE FUND secur~e~;i~n fi4;~t1.ple~~:d~:hio~ ~~~~~e~ha11h~e p:::~n:ed o~n t~~ 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 N.ote and, until the payment in full thereof, the Revenues shall be applied solely t.o the payment of such principal and interest. The pledge and all.ocation 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 superi.or 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 political 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 provided 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. Note Fund. There is hereby created a special fund to be designated the "Community Redevelopment Agency of the City of Santa Ana Secondary Promissory Note (100 Block W. Fourth) Note Fund" (herein referred to as the "Note Fund"), which 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 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 All Revenues in the Note Fund shall be used and withdrawn from the Note Fund solely for the purpose of payment of principal and interest on the Note when and as due except that prepayments of Loans made by the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 Hist.orical 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 amounts remaining in the Note Fund in its general funds, unless such amounts pr.operly belong to the Participating Parties. 10