1981-140 CRA - Laserfiche WebLink

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. . . . . . ARTICLE IV REVENUES; NOTE FUND secure~e~~i~n fi4;~t\le~~:d~:hiO~ ~~~~~~e~hal ;h:e Pe~ntted o~n t~~ N~::ne~h~~ ~~ the extent hereinafter provided) of all of the Revenues and a first pledge of all of the m.oneys in the N.ote 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 all.ocation .of Revenues is for the exclusive benefit of the Noteh.olders 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 N.ote, hows.oever denominated, payable in whole or in part from the Revenues until the N.ote 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 N.ote shall not constitute a debt of the Agency, of the City of Santa Ana, of the State of Ca lif.ornia 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 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. 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 (Phillips Bl.ock) Note Fund" (herein referred t.o as the "Note Fund"), wh i 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 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 All Revenues in the Note Fund shall be used and withdrawn from the Note Fund solely f.or the purpose of payment .of principal and interest .on the Note when and as due except that prepayments of Loans made by the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 f.or, all expenses of the Agency relating to the Projects have been paid or provided 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 properly belong to the Participating Parties. 11