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<br />19 <br />County – City of San Leandro Redevelopment Project dated as of July 1, 1993, between the <br />Agency and the County (the “Project Area Agreement”). <br /> <br />For additional information on the Pass-Through Agreements and the Project Area <br />Agreement, see “SECURITY FOR THE 2018 BONDS – Pass-Through Agreements” and “– <br />Project Area Agreement.” Amounts payable under the Pass-Through Agreements have not <br />been subordinated to the payment of debt service on the 2018 Bonds and are, therefore, payable senior to the 2018 Bonds. <br /> <br />Flow of Funds Under the Indenture <br /> <br />General. The Successor Agency previously established the Redevelopment Obligation <br />Retirement Fund pursuant to Section 34170.5(a) of the Dissolution Act and agrees to hold and <br />maintain the Redevelopment Obligation Retirement Fund as long as any of the Bonds are <br />Outstanding. <br /> <br />Deposit in Redevelopment Obligation Retirement Fund; Transfer to Debt Service Fund. The Indenture provides that the Successor Agency shall deposit all of the Tax Revenues <br />received with respect to any Bond Year into the Redevelopment Obligation Retirement Fund <br />promptly upon receipt thereof by the Successor Agency. All Tax Revenues received by the <br />Successor Agency in excess of the amount required to pay debt service on the 2018 Bonds and <br />any Parity Debt in any Bond Year, and except as may be provided to the contrary in the <br />Indenture or Parity Debt Instrument, shall be released from the pledge and lien under the <br />Indenture and shall be applied in accordance with the Law, including but not limited to the <br />payment of debt service on any Subordinate Debt. Prior to the payment in full of the principal of <br />and interest and redemption premium (if any) on the 2018 Bonds and the payment in full of all <br />other amounts payable under the Indenture and under any Supplemental Indentures, the <br />Successor Agency shall not have any beneficial right or interest in the moneys on deposit in the <br />Redevelopment Obligation Retirement Fund, except as may be provided in the Indenture and in <br />any Supplemental Indenture. <br /> <br />Deposit of Amounts by Trustee. There is established a trust fund to be known as the <br />Debt Service Fund, which will be held by the Trustee under the Indenture in trust. Concurrently <br />with transfers with respect to Parity Debt pursuant to Parity Debt Instruments, moneys in the <br />Redevelopment Obligation Retirement Fund shall be transferred by the Successor Agency to <br />the Trustee in the following amounts, at the following times, and deposited by the Trustee in the <br />following respective special accounts, which are established in the Debt Service Fund, and in <br />the following order of priority: <br /> <br />Interest Account. On or before the 4th Business Day preceding each Interest <br />Payment Date, the Successor Agency will withdraw from the Redevelopment Obligation <br />Retirement Fund and transfer to the Trustee for deposit in the Interest Account an <br />amount which when added to the amount contained in the Interest Account on that date, <br />will be equal to the aggregate amount of the interest becoming due and payable on the <br />Outstanding Bonds and any Parity Debt on such Interest Payment Date. No such <br />transfer and deposit need be made to the Interest Account if the amount contained <br />therein is at least equal to the interest to become due on the next succeeding Interest <br />Payment Date upon all of the Outstanding Bonds and any Parity Debt. All moneys in the <br />Interest Account will be used and withdrawn by the Trustee solely for the purpose of <br />paying the interest on the Bonds and any Parity Debt as it becomes due and payable. <br /> <br />124