1981-040 CRA - Laserfiche WebLink

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. . . . . ARTICLE I STATEMENT OF AUTHORITY AND DEFINITIONS 101. Authority and Purpose. This Resolution is adopted under authority and in accordance with the provisions of the Act, for the purpose of facilitating the construction of high quality, affordable single family residential dwelling units in the Project Areas of the C.ommunity Redevelopment Agency .of the City of Santa Ana and f.or the purp.ose of establishing c.ovenants, agreements and procedures to assure that Pledged Revenues received by or for the Agency will be sufficient- for the repayment of the Bonds issued f.or this purpose and that Pledged Revenues so received in excess of the amounts needed for this purpose will be applied in accordance with law for other programs auth.orized by the Act. 102. Resolution Constitutes Contract. In consideration of the purchase and acceptance of any and all of the Bonds issued hereunder by those who shall h.old the same from time to time, this Resolution shall be deemed to be and shall constitute a contract among the Agency, the Trustee and the H.olders of the Bonds and the coupons appertaining thereto. The pledge made in this Resolution and the provisions, covenants and agreements herein set f.orth to be performed by or on behalf of the Agency shall be for the equal benefit, , pr.otection and security of the Holders of any and all of the Bonds and said coup.ons. All of the Bonds and said coupons, without regard to the time or times of their issuance or maturity, shall be of equal rank without preference, priority or distinction of any of the Bonds or said coupons over any other thereof, except as expressly provided in or permitted by this Resolution. 103. Definitions. In this Resolution, unless a different meaning clearly appears frOOl the context, the following terms have the following respective meanings: Accountant's Certificate means a certification or an opinion signed by an Independent certified public accountant .or firm of certified public accountants (who may be the accountant or firm that regularly audits the books and accounts of the Agency) from time to time selected by the Agency. Act means that part .of the Law consisting of Chapter 8 (commencing with Section 33750) of Part 1 of Division 24 of the Health and Safety Code of the State, amended as of the date of adoption of this Resolution. Agency means the Community Redevelopment Agency of the City of Santa Ana, a public body, corporate and politic, or such other entity as shall hereafter succeed to the powers, duties and functions of the Agency. Agreement to Advance Regarding Sub.ordination means the agreement s.o designated by and among the Agency, the Trustee and the Lender pursuant to which the Lender agrees to make timely payment to the Trustee of all scheduled payments (subject to certain limits as set forth therein) due on the Agency's Mortgage Loan Participations. 2