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<br />,. <br /> <br />\ <br /> <br />. <br /> <br />. <br /> <br />. <br /> <br />RESOLUTION NO. 86-18 <br /> <br />RESOLUTION OF THE CITY OF SANTA ANA COMMUNITY <br />REDEVELOPMENT AGENCY AMENDING RESOLUTION NO, 85-53 <br /> <br />WHEREAS, the Agency has previously authorized and sold its <br />$8,000,000 Santa Ana Inter-City Commuter Station Redevelopment <br />Project Tax Allocation Bonds, 1985 series A; <br /> <br />WHEREAS, it is necessary to amend the resolution authorizing <br />the issuance of such Bonds for the purpose of obtaining a rating; <br /> <br />NOW, THEREFORE, THE CITY OF SANTA ANA COMMUNITY <br />REDEVELOPMENT AGENCY DOES HEREBY RESOLVE, DETERMINE AND ORDER <br />AS FOLLOWS: <br /> <br />Section 1, Section 1 is hereby amended to add the <br />following definition after "Date of Issuance": <br /> <br />"Eligible Moneys" means (1) amounts deposited in the <br />Special Fund or any of the Accounts therein which have been <br />held by the Fiscal Agent for a period of not less than <br />ninety-five (95) days during which period no Event of <br />Default under Subsection A(4) of Section 24 has occurred; <br />(2) amounts derived from the investment of amounts <br />described in clause (1) above; (3) proceeds of the sale of <br />the Bonds deposited in the Debt Service Reserve Account or <br />the Escrow Fund, together with earnings derived from the <br />investment of such amounts; (4) drawings under the Letter <br />of Credit; and (5) the proceeds of refunding bonds or other <br />obligations of the Agency issued to provide for the payment <br />in full of all Outstanding Bonds at or before maturity; <br />provided that (i) such bonds or other obligations have been <br />held by the Fiscal Agent for a period of not less than <br />ninety-five (95) days during which no Event of Default <br />under Subsection A(4) of Section 24 has occurred or (ii) <br />the Fiscal Agent has received an unqualified opinion of <br />nationally recognized counsel experienced with bankruptcy <br />matters to the effect that payment of the proceeds of such <br />bonds or obligations to the Bondowners would not constitute <br />voidable payments pursuant to the provisions of section 547 <br />of the United States Bankruptcy Code, in the event the <br />Agency were to become a debtor under the United States <br />Bankruptcy Code." <br />