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10A Action 2008 0602 Attach - Indenture of Trust
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10A Action 2008 0602 Attach - Indenture of Trust
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5/27/2008 3:37:46 PM
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CM City Clerk-City Council
CM City Clerk-City Council - Document Type
Staff Report
Document Date (6)
6/2/2008
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10A Action 2008 0602
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ARTICLE I <br />DETERMINATIONS; DEFINITIONS <br />Section 1.01. Findings and Determinations. The Agency has reviewed all <br />proceedings heretofore taken and has found, as a result of such review, and hereby finds and <br />determines that all things, conditions and acts required by law to exist, happen or be performed <br />precedent to and in connection with the issuance of the Series 2008 Bonds do exist, have <br />happened and have been performed in due time, form and manner as required by law, and the <br />Agency is now duly empowered, pursuant to each and every requirement of law, to issue the <br />Series 2008 Bonds in the manner and form provided in this Indenture. <br />Section 1.02. Definitions. Unless the context otherwise requires, the terms defined in <br />this Section 1.02 shall, for all purposes of this Indenture, of any Supplemental Indenture, and of <br />any certificate, opinion or other document herein mentioned, have the meanings herein <br />specified. <br />"Additional Revenues" means, as the date of calculation, the amount of Tax Revenues <br />which, as shown in a report of an Independent Redevelopment Consultant, are estimated to be <br />receivable by the Agency within the Fiscal Year following the Fiscal Year in which such <br />calculation is made as a result of increases in the assessed valuation of taxable property in the <br />Project Area due to either (a) construction which has been completed and for which a certificate <br />of occupancy has been issued by the County or other appropriate governmental entity but which <br />is not then reflected on the tax rolls, or (b) transfer of ownership or any other interest in real <br />property which has been recorded but which is not then reflected on the tax rolls. For purposes <br />of this definition, the term "increases in the assessed valuation" means the amount by which the <br />assessed valuation of taxable property in the Project Area is estimated to increase above the <br />assessed valuation of taxable property in the Project Area (as evidenced in the written records <br />of the County) as of the date on which such calculation is made. <br />"Agency" means the Redevelopment Agency of the City of San Leandro, a public body <br />corporate and politic duly organized and existing under the Law. <br />"Annual Debt Service" means, for each Bond Year, the sum of (a) the interest payable <br />on the Outstanding Bonds and other Parity Debt in such Bond Year, assuming that the <br />Outstanding Serial Bonds are retired as scheduled and that the Outstanding Term Bonds are <br />redeemed from mandatory sinking account payments as scheduled, (b) the principal amount of <br />the Outstanding Serial Bonds and other Parity Debt payable by their terms in such Bond Year, <br />and (c) the principal amount of the Outstanding Term Bonds scheduled to be paid or redeemed <br />from mandatory sinking account payments in such Bond Year. For purposes of such calculation, <br />there shall be excluded debt service payments with respect to the Bonds or any Parity Debt (i) <br />to the extent that amounts due with respect to the Bonds or such Parity Debt are prepaid or <br />otherwise discharged in accordance with this Indenture or the relevant Parity Debt Instrument or <br />(ii) to the extent the proceeds thereof are then deposited in an escrow fund in which amounts <br />are invested in Permitted Investments and from which moneys may not be released to the <br />Agency unless the amount of Tax Revenues (as evidenced in the written records of the County) <br />plus Additional Revenues at least meets the requirements of Section 3.05(b). <br />"Bonds" means the Series 2008 Bonds and any Parity Debt issued as bonds pursuant <br />to a Supplemental Indenture. <br />
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