10B Action 2009 1221 - Laserfiche WebLink

Home

INDENTURE OF TRUST THIS INDENTURE OF TRUST (this "Indenture") is made and entered into and dated as of January 1, 2010, by and between the REDEVELOPMENT AGENCY OF THE CITY OF SAN LEANDRO, a public body corporate and politic duly organized and existing under the laws of the State of California (the "Agency"), and U.S. BANK NATIONAL ASSOCIATION, a national banking association duly organized and existing under the laws of the United States of America, as trustee {the "Trustee"); WITNESSETH: WHEREAS, the Agency is a public body, corporate and politic, duly established and authorized to transact business and exercise powers under and pursuant to the provisions of the Community Redevelopment Law of the State of California, constituting Part 1 of Division 24 of the Health and Safety Code of the State (the "Law"), including the power to issue bonds for any of its corporate purposes; WHEREAS, redevelopment plans (collectively, the "Redevelopment Plans") for the Alameda County -City of San Leandro Redevelopment Project Area in the City of San Leandro (the "City") and the West San Leandro/MacArthur Boulevard Redevelopment Project Area in the City have been adopted in compliance with all requirements of the Law; WHEREAS, under the Redevelopment Law, twenty percent (20%) of the tax increment revenues payable to the Agency pursuant to the Redevelopment Plans are required to be set aside in a Low and Moderate Income Housing Fund for use in increasing the supply of low- and moderate-income housing in or of benefit to the Redevelopment Projects (as defined herein); WHEREAS, in order to provide moneys to finance low- and moderate-income housing activities for or of benefit to the Redevelopment Projects, the Agency has determined to issue its Taxable Tax Allocation Housing Bonds, Series 2010; WHEREAS, the Bonds will be payable from Housing Tax Revenues (as hereinafter defined) on a subordinate basis to the payment of debt service on the Senior Obligation (as hereinafter defined); WHEREAS, in order to provide for the authentication and delivery of the Series 2010 Bonds, to establish and declare the terms and conditions upon which the Series 2010 Bonds are to be issued and secured and to secure the payment of the principal thereof and interest and redemption premium (if any) thereon, the Agency and the Trustee have duly authorized the execution and delivery of this Indenture; and WHEREAS, the Agency has determined that all acts and proceedings required by law necessary to make the Series 2010 Bonds when executed by the Agency, and authenticated and delivered by the Trustee, the valid, binding and legal special obligations of the Agency, and to constitute this Indenture a legal, valid and binding agreement for the uses and purposes herein set forth in accordance with its terms, have been done or taken; NOW, THEREFORE, THIS INDENTURE WITNESSETH, that in order to secure the payment of the principal of and the interest and redemption premium (if any) on all the Bonds, including the Series 2010 Bonds, issued and Outstanding under this Indenture, according to their tenor, and to secure the performance and observance of all the covenants and conditions