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insurance company and deposited with the Trustee, provided that all of the following requirements are met at the time of acceptance thereof by the Trustee: (a) in the case of a commercial bank, the long-term credit rating of such bank at the time of delivery of an irrevocable standby or direct-pay letter of credit is at least "AA" from S8~P or "Aa" from Moody's and, in the case of an insurance company, the claims paying ability of such insurance company at the time of delivery of an insurance policy or surety bond is "AAA" from S&P, or "Aaa" from Moody's or, if rated by A.M. Best & Company, is rated in the highest rating category by A.M. Best ~ Company; (b) such letter of credit or surety bond has a term of at least 12 months; (c) such letter of credit or surety bond has a stated amount at least equal to the portion of the Reserve Requirement with respect to which funds are proposed to be released; and (d) the Trustee is authorized pursuant to the terms of such letter of credit or surety bond to draw thereunder an amount equal to any deficiencies which may exist from time to time in the Interest Account or the Principal Account for the purpose of making payments required pursuant to the Indenture. No Existing Parity Debt There is currently no debt payable from Housing Tax Revenues on a parity with debt service on the 2010 Bonds. THE AGENCY AND THE PROJECT AREAS Authority and Personnel The Agency was created on October 17, 1960 with the adoption of an Ordinance by the City Council pursuant to the Redevelopment Law, and the City Council then designated itself as the governing board of the Agency. The City Manager serves as Executive Director of the Agency. The Agency is charged with the authority and responsibility of redeveloping and upgrading blighted areas of the City. The Agency is a separate public body and exercises governmental functions in planning and carrying out redevelopment projects. The Agency can build public improvements, facilitate the development of on and off-site improvements for private development projects, acquire and re-sell property, and provide services of special benefit to the Project Area. All powers of the Agency are vested in its seven members. Members of the Board of the Agency and their term of office are shown below: Member Term Expiration Anthony B. "Tony" Santos, Chair December 2010 Michael J. Gregory, Member- District 1 December 2010 Ursula Reed, Member- District 2 December 2012 Diana M. Souza, Member- District 3 December 2010 Joyce R. Starosciak, Vice Chair- District 4 December 2012 Bill Stephens, Member- District 5 December 2010 Jim Prola, Member- District 6 December 2012 The Agency has three redevelopment project areas: • West San Leandro/MacArthur Boulevard Redevelopment Project Area, described herein; -15-