3 - RECOGNIZED OBLIGATION PAYMENT SCHEDULE

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Case law holds that where "detail"' or non-essential terms ofa contract are to be agreed in the futUre. the contract remains enforceable-', While certain ministerial arrangements may remain outstanding. the material terms of the S.A. Venture Agreement are in place; hence, the S_A. Venture Agreement is enforceable. Pledges of Tax Increment are I lonored by the Dissolution Act. The Successor Agency's obligation to repay the Fee Loan under the S_A. Venture Agreement is supported by a pledg=e of tax revenues I'r0111 the Site_ Section 34175(a) specifically protects pled-cs of lax revenues made by the former Agency, as follows: It is the intent of this part that pledges Of-revenues associated with enforceable obligations of-the former redevelopment agencies are to be honored. It is intended that the cessation of any redevelopment a-ency shall not affect either the pledge, the legal existence of that pledge, or the stream of revenues available to meet the rcquirenlcnts of the pledge. Section 34174(a) provides lurther support Ior the conclusion that the obligation to pay the Dees is an enforceable obligation protected by the Dissolution Act: JN]othin- herein is intended to absolve the successor agency of payment or other obligations due or imposed pursuant to the enforceable obligations; and provided further, that nothing in the act adding this part is intended to be construed as an action or circumstance that may give rise to an event ofdelault under any of the documents governing the enforceable obligations. The legislature was clearly mindful that the Dissolution Act would be unconstitutional if it impaired existing contractual obligations ofthe Former Agency.19 C it t' u/ Lu.ti : t ngc/es v. Superior C'our? (1 959) 51 Ca I 2d 423. 43". See footnote [5], above. I'u~•c v ~~-o 3-33