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funds to the City in an amount equal to such payment; each such payment by the Agency <br />shall be referred to herein as a "Required Agency Payment" and, as such payments are <br />combined, "Required Agency Payments." Interest shall accrue on any unpaid balance of <br />the Required Agency Payments at an annual interest rate equal to the maximum rate <br />permitted by Section 53531 of the Government Code. Interest on amounts paid as <br />Required Agency Payments shall be deemed to begin accruing on the date upon which <br />the City makes any required Program Remittance to the county auditor-controller. <br />2. The Agency pledges revenues available to the Agency under Section 33670(b) of the <br />California Health & Safety Code ("Tax Increment") to repayment of its indebtedness to <br />the City hereunder; provided that such pledge is junior and subordinate to all outstanding <br />bonds of the Agency (including without limitation the Agency's obligations under the <br />following: $66,790,000 Tax Allocation Bonds [Merged Project Area], 2011 Series A, <br />$20,945,000 Tax Allocation Bonds [Santa Ana South Main Street Redevelopment <br />Project], 2003 Series A, and $34,145,000 Tax Allocation Bonds [Santa Ana South Main <br />Street Redevelopment Project], 2003 Series B, and all refundings thereof), any refunding <br />bonds issued by the Agency, and any additional bonds issued hereafter by the Agency. <br />The obligations of the Agency under this Agreement shall constitute an indebtedness of <br />the Agency within the meaning of Section 33670 et seq. of the Community <br />Redevelopment Law. <br />4. The City agrees to use the funds it receives pursuant to this Agreement in accordance <br />with the laws of the Unites States and the State of California, including the CRL, all as <br />applicable. <br />This Parties agree that this Agreement is conditionally entered; should the California <br />Redevelopment Association and League of California Cities prevail in their lawsuit <br />challenging the constitutionality of the legislation, this Agreement shall have no force or <br />effect. <br />3 <br />EXHIBIT 1 <br />25B-5