10A Action 2014 0902 - Laserfiche WebLink

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16 SECURITY FOR THE 2014 BONDS The County Auditor-Controller will deposit property tax revenues into the Redevelopment Property Tax Trust Fund pursuant to the requirements of the Dissolution Act, including inter alia Health and Safety Code sections 34183 and 34170.5(b). The 2014 Bonds are payable from and secured by the Tax Revenues to be derived from the Project Areas consisting of the property tax revenues deposited in the Redevelopment Property Tax Trust Fund. Pledge Under the Indenture Except as described in “- Redevelopment Obligation Retirement Fund” below and as required to compensate or indemnify the Trustee, the 2014 Bonds and any Parity Debt are equally secured by a pledge of, security interest in and lien on all of the Tax Revenues including all of the Tax Revenues in the Redevelopment Obligation Retirement Fund and by a first and exclusive pledge and lien upon all of the moneys in the Debt Service Fund (including the Interest Account, the Principal Account, the Sinking Account, and the Redemption Account) without preference or priority for series, issue, number, dated date, sale date, date of execution or date of delivery. The 2014 Bonds and all Parity Debt are additionally secured by a first and exclusive pledge of, security interest in and lien upon all of the moneys in the Reserve Account or the particular subaccount within the Reserve Account established for the 2014 Bonds established by the Indenture. The 2014 Bonds are also equally secured by the pledge and lien created with respect to the 2014 Bonds by Section 34177.5(g) of the Dissolution Act on moneys deposited from time to time in the Redevelopment Property Tax Trust Fund (but not moneys on deposit in the Joint Project RPTTF). Except for the Tax Revenues and such moneys, no funds or properties of the Successor Agency are pledged to, or otherwise liable for, the payment of principal of or interest on the 2014 Bonds, including, without limitation, any property tax revenues from the Joint Project Area. In consideration of the acceptance of the 2014 Bonds by purchasers of the 2014 Bonds, the Indenture will be deemed to be and will constitute a contract between the Successor Agency and the Trustee for the benefit of the Owners from time to time of the 2014 Bonds, and the covenants and agreements set forth in the Indenture to be performed on behalf of the Successor Agency are for the equal and proportionate benefit, security and protection of all Owners of the 2014 Bonds without preference, priority or distinction as to security or otherwise of any of the 2014 Bonds over any of the others by reason of the number or date thereof or the time of sale, execution and delivery thereof, or otherwise for any cause whatsoever, except as expressly provided therein or in the Indenture. Tax Revenues Definition. “Tax Revenues” is defined in the Indenture to mean all taxes that were eligible for allocation to the Former Agency with respect to the Project Areas and are allocated to the Successor Agency pursuant to Article 6 of Chapter 6 (commencing with Section 33670) of the Law and Section 16 of Article XVI of the Constitution of the State, or pursuant to other applicable State laws and that are deposited in the Redevelopment Property Tax Trust Fund and transferred to the Successor Agency for deposit into the Redevelopment Obligation Retirement Fund, excluding (i) amounts payable pursuant to the Pass-Through Agreements (as such term is defined below), but only to the extent such amounts are payable from property tax revenues allocated with respect to the Plaza Project Area and (ii) amounts required to be paid to taxing entities pursuant to Sections 33607.5 and 33607.7 of the Redevelopment Law. Tax Revenues do not include property tax revenues from the Joint Project Area and the 2014 Bonds