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Existing Obligations <br />Agency Bond Debt Service <br />The Agency will continue to make principal and interest payments on the 1989 and 1998 Tax <br />Allocation Refunding Bonds (Central City, Inter City and South Harbor Project Areas) and the <br />2003 Tax Allocation Bonds (South Main Project Area). Over the next five years the amount of <br />bond debt service will total approximately $68.7 million. <br />Transfers In (Credit) <br />The Santa Ana Financing Authority issued 1998 Refunding Revenue Bonds, Series A, B, C and <br />D for the purpose of using the net proceeds to purchase the Agency's 1989 Tax Allocation <br />Refunding Bonds, Series A, B, C and E referenced above. <br />significant savings in annual debt service payments by uf1�f <br />permitted by Marks Roos bonds. It is anticipated th th <br />approximately $6.1 million over the next five ye IX <br />Senate Bill 1096 requires <br />2004 -05 and FY 2005 -06, <br />Educational Revenue c <br />Legislature in 199 3 thr <br />that one -half of tN ERM <br />increment apportio d t <br />based on net tax incr ei <br />payments to other taxin <br />Community Redevelopme <br />ed the Agency to realize <br />erage of pooling funds <br />have a total credit of <br />0 million to schools during FY <br />�II be placed into the <br />:re enacted by the State <br />F allocation formula provides <br />based on the gross tax <br />one -half of the ERAF obligation is calculated <br />the Agency (net of any pass- through <br />auWtax increment revenues are reported in the <br />Annual Report of the California State Controller. <br />The ERAF payment for FY 2065 -06 will be based upon the information to be published by the <br />State Controller for FY 2003 -04 (not yet published to date), but should approximate the current <br />year (FY 2004 -05) obligation. Therefore, for FY 2005 -06, it is projected that the Agency will pay <br />$3.4 million into ERAF on or before May 10, 2006. If the Agency determines that it will not be <br />able to allocate the full amount required, it must enter into an agreement with its legislative body <br />to fund the difference between the full ERAF payment required and the amount available for <br />allocation. <br />Santa Ana Community Redevelopment Agency implementation Plan Keyser Marston Associates, Inc. <br />For the Merged Santa Ana Redevelopment Project Area July 1, 2005 to June 30, 2010 <br />Page 18 <br />0504021.SA <br />19090.004,00114/2212005 <br />