Laserfiche WebLink
<br />(8 <br />8 <br /> <br />. <br />8 <br /> <br />8 <br /> <br />8 <br /> <br />ARTICLE III <br />USE Of PROCEEDS OF NOTE <br /> <br />receiv~C~~.o~h:'2:~nc:~~c~~~0~a~: :rot~e:~~t~fs;:ll~ b~f d:~~~itedTha~ ~~~~~:~~ <br /> <br />(a) The Agency shall deposit int.o the Note Fund established <br />pursuant t.o Section 4.02 any accrued interest or premium received on the sale <br />of the Note. <br /> <br />(b) The Agency shall deposit into the Historical Rehabilitation <br />Fund established pursuant to Section 3.02 the remainder of said proceeds. <br /> <br />Section 3.02. Historical Rehabilitation Fund. There is hereby created a <br />fund to be designated the "Community Redevelopment Agency of the Agency of <br />Santa Ana Secured Promissory Note (Phillips Block) Hist.orical Rehabilitation <br />Fund" (herein referred t.o as the "Historical Rehabilitation Fund"), which <br />shall be held by the Agency in trust and applied to the payment of the Project <br />Costs. Within the Historical Rehabilitation Fund, there is hereby created <br />three accounts to be designated respectively, the "Project 4A Account", the <br />"Project 4B Acc.ount", and the "Project 4C Acc.ount". Foll.owing delivery of the <br />Note and dep.osit of the pr.oceeds thereof into the Historical Rehabilitation <br />Fund, the Agency shall transfer $450,000 thereof to the Project 4A Acc.ount t.o <br />be applied to the payment of Project Costs in accordance with the terms of the <br />Agreement relating t.o Project 4A; shall transfer $375,000 thereof to the <br />Project 4B Account to be applied t.o the payment of Project Costs in accordance <br />with the terms of the Agreement relating t.o Project 4B; and shall transfer <br />$175,000 thereof to the Project 4C Account to be applied to the payment of <br />Project C.osts in accordance with the terms .of the Agreement relating t.o <br />Pr.oject 4C. With the consent .of the Bank, the Agency may transfer monies from <br />one of said Accounts to another of said Accounts, but in no event shall such <br />transfer be made unless and until the applicable areements have been amended <br />and the principal amount .of the Loans to the applicable Participating Parties <br />have been appropriately modified. <br /> <br />After payment .of all Project Costs payable from the Historical <br />Rehabilitation Fund or provision satisfactory to the Agency having been made <br />for payment of Project Costs not yet due or the Agency becomes reasonably <br />certain that all or any portion of amounts in the Historical Rehabilitation <br />Fund will not be used to make all or any portion of the Loans, as further <br />referenced in Section 2.03 hereof, the Agency shall transfer any remaining <br />balance in the Historical Rehabilitation Fund to the Note Fund established <br />pursuant to Section 4.02 to be used for prepayment of the principal of the <br />Note in an amount equal to the amount of such transfer on the first day of the <br />month next f.oll.owing the date of transfer. <br /> <br />10 <br />