10A Action Items 2018 0402 - Laserfiche WebLink

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18 SECURITY FOR THE 2018 BONDS The County Auditor-Controller will deposit Tax Revenues into the Redevelopment Property Tax Trust Fund pursuant to the requirements of the Dissolution Act, including Health and Safety Code sections 34183 and 34170.5(b). The 2018 Bonds are payable from and secured primarily by the Tax Revenues. Pledge Under the Indenture Except as required to compensate or indemnify the Trustee, the 2018 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 2018 Bonds are additionally secured by a first and exclusive pledge of, security interest in and lien upon all of the moneys in the 2018 Reserve Subaccount established for the 2018 Bonds. The Bonds are also equally secured by the pledge and lien created with respect to the 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 Bonds. In consideration of the acceptance of the 2018 Bonds by purchasers of the 2018 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 2018 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 2018 Bonds without preference, priority or distinction as to security or otherwise of any of the 2018 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 “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 Area and are allocated, or are available to be 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), except and to the extent that any amounts so payable are payable on a basis subordinate to the payment of debt service on the Bonds, (ii) amounts required to be paid to taxing entities pursuant to Sections 33607.5, 33607.7, and 33676 of the Redevelopment Law unless such payments are subordinated to payments on the 2018 Bonds or any additional Bonds or to the payments owed under any Parity Debt Instrument pursuant to Section 33607.5(e) of the Law and 34177.5(c) of the Dissolution Act, and (iii) amounts, if any, payable to the County, or required to be spent within that portion of the Project Area outside of the City limits, pursuant to the Agreement Regarding Alameda 123