1981-140 CRA - Laserfiche WebLink

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. . . . . . to and the extent that such securities are eligible for the legal investment of Agency funds. (h) Financing. "Financing"and its variants means the lending of moneys or any other thing of value for the purpose of facilitating the construction of the Projects on the Sites, including refinancing of outstanding indebtedness incurred for such purposes. (1) Holder; Noteho1der. "H.o1der" or "Noteho1der" means any person who shall be the registered .owner of the Note. (j) Loans. "Loans" means the respective loans made by the Agency to the respective Participating Parties for the Financing of the rehabilitation of the Projects on the Sites pursuant to the Agreements and evidenced by the Promissory Notes. (k) Note. "Note" means the ColTlllunity Redevelopment Agency of the City of Santa Ana Secured Promiss.ory N.ote (Phillips Block), authorized by, and issued pursuant to, this Resolution. (1) Official Determination. "Official Determination" means (and for all purposes of this Resolution shall be deemed to have occurred as of) a change in the Internal Revenue C.ode of 1954, as amended, the issuance of a statut.ory notice of deficiency, or ruling by the Internal Revenue Service .or a ruling by any court of co~etent jurisdiction, .or any other occurrence, the effect of which, in the opinion of nationally-recognized bond collnse1 acceptable to Agency and Bank, is to make interest payable on this Note includable in the gross income of the h.o1der hereof (except to the extent that such interest is so includable because the holder is a "substantial user" of any of the Projects referenced below or a "related person" as such terms are defined in Section 103 of the Internal Revenue C.ode of 1954, as amended). The fees and expenses of any such bond counsel in connection with such opini.on shall be an obligation of Agency payable from the same source and secured in the same manner as are all other .obligations evidenced hereby. (m) Participating Parties. "Participating Parties" means with respect to Project 4A, Elizabeth Phillips, Louis Hutton and Audrey E. Phillips; with respect to Project 4B, Ronald L. Roelofs and Judith M. Roelofs; and with respect to Project 4C, Velma Freeman. (n) Permitted Investments. "Permitted Investments" means Federal Securities or certificates of deposlt of commercial banks (including the Bank) with a paid in capital and surplus in excess of $500,000,000. (0) "Project Costs" means, with respect to each Project Costs. Project, (1) the arJ1()unt required to pay the interim construction loan obtained by the Participating Party for said Project provided that the Participating Party certifies to the Agency that the pr.oceeds of the interim construction 1.oan were used by the Participating Party for: 3