RDA Reso 2004-005 - Laserfiche WebLink

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within the meaning of Article XIIIB or any statutory provision enacted in implementation thereof. The constitutionality of Section 33678 has been upheld by the Second and Fourth District Courts of Appeals in two decisions: Bell Community Redevelopment Agency v. Woosely and Brown v. Community Redevelopment Agency of the City of Santa Ana, which cases were not accepted for review by the California Supreme Court. Proposition 218 On November 5, 1996, California voters approved Proposition 218 -Voter Approval for Local Government Taxes -Limitation on Fees, Assessments, and Charges - Initiative Constitutional Amendment. Tax Revenues securing the Agency's obligations to make the Agency Payments are derived from property taxes, which are outside the scope of taxes, assessments and property-related fees and charges which were limited by Proposition 218. Future Initiatives Article XIIIA, Article XIIIB and certain other propositions affecting property tax levies were each adopted as measures which qualified for the ballot pursuant to California's initiative process. From time to time other initiative measures could be adopted, further affecting Agency revenues or the Agency's ability to expend revenues. CONTINUING DISCLOSURE The Agency has covenanted for the benefit of holders and beneficial owners of the Bonds to provide certain financial information and operating data relating to the Agency by not later than nine (9) months following the end of the Agency's fiscal year (which currently would be by March 31 each year based upon the June 30 end of the A ency's fiscal year), commencing March 31, 2005, with the report for the 2003-04 Fiscal Year (tie "Annual Report"), and to provide notices of the occurrence of certain enumerated events, if material. The Annual Report will be filed by the Agency with each Nationally Recognized Municipal Securities Information Repository, and with the appropriate State information depository, if any. The notices of material events will be filed by the Agency with the Municipal Securities Rulemaking Board (and with the appropriate State information depository, if any). The specific nature of the information to be contained in the Annual Report or the notices of material events is set forth in "APPENDIX F -Form of Continuing Disclosure Certificate." These covenants have been made in order to assist the Underwriter in complying with S.E.C. Rule 15c2-12(b)(5). The Agency has not failed to meet its obligation to provide annual reports or notices of material events in any previous undertakings pursuant to the Rule. NO LITIGATION There is no litigation pending or, to the Agency's knowledge,- threatened in any way to restrain or enjoin the issuance, execution or delivery of the Bonds, to contest the validity of the Bonds, the Indenture or any proceedings of the Agency with respect thereto. In the opinion of the Agency and its counsel, there are no lawsuits or claims pending against the Agency which will materially affect the Agency's finances so as to impair the ability to pay principal of and interest on the Bonds when due. -33-