1981-040 CRA - Laserfiche WebLink

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Sinking Fund Installment means, with respect to any particular Sinking Fund Installment Date, the amount of m.oney required by or pursuant to this Resolution to be paid by the Agency on such date toward the retirement .of the Term Bonds prior to their respective stated maturities. Sinking Fund Installment Date means the date .on which Sinking Fund Installments are required to be paid pursuant t.o this Res.olution. Special Hazard Insurance means insurance,. commonly referred to as "Difference in Conditions" insurance, which shall protect from l.osses .on Residences caused by hazards, - such as fl.ood, mudslide and building collapse not covered by Hazard Insurance, and losses resulting from the application of a coinsurance clause in the Hazard Insurance policies. Such Special Hazard Insurance shall be carried by the Agency, with the premiums payable from the Operating Fund (except that the initial annual premium shall be paid fr.om the Issuance Expense Account), and shall insure each Residence and C.ond.ominium Project and shall be in the greater .of an am.ount at least equal t.o two percent (2%) of the original principal amount of all M.ortgage Loans or twice the original principal amount .of the largest Mortgage Loan. State means the State of California. Supplemental Resoluti.on means a resolution supplemental to or amendatory of this Resolution duly adopted by the Agency in acc.ordance with Article X. Term Bonds means the Bonds so designated in this Resoluti.on. Trustee means Security Pacific National Bank and its successor or successors and any other bank .or trust company or national banking association at any time substituted in its place pursuant t.o this Resolution. Words of the masculine gender include the feminine and neuter genders. Words importing the singular number include the plural number and vice versa. Words importing persons shall include corporations and associations, including public bodies, as well as natural persons. The terms "hereby", "hereof", "hereto", "herein", "hereunder", and any similar terms, as used in this Resolution, refer to this Resolution. 104. Security and Nature of Bonds. The Bonds shall be and are special .obligations of the Agency and, subject t.o the right of the Agency to apply moneys as herein provided, are hereby secured as provided in Section 601 hereof by an irrevocable pledge of the Pledged Revenues and Fund and Accounts held by the Trustee and are payable as to principal, Redemption Price, if any, and interest from the Pledged Revenues of the Agency. The Bonds are not a debt of the City, the State or any of its political subdivisions; and neither the City, the State, nor any of its political subdivisions is liable thereon; nor in any event shall the Bonds be payable out of the funds or properties 13 . . . . .