Agdapkt 2010-12-06 clsd and regular

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ATTACP g2 30 Improvement Fund Under the Fiscal Agent Agreement, there is established an Improvement Fund, which is to be held in trust by the City and will be disbursed as provided in the Fiscal Agent Agreement for the payment or reimbursement of the costs of the construction and acquisition of the Improvements in accordance with the Acquisition Agreement (as described herein). Interest earnings from the investment of amounts in the Improvement Fund will be retained in the Improvement Fund to be used for the purposes of the Improvement Fund. Upon completion of the Improvements and payment to the Developer pursuant to the Acquisition Agreement, and payment of fees financed by the District, the City will transfer the ; amount, if any, remaining in the Improvement Fund to the Fiscal Agent for deposit in the Bond ' Fund for application to the payment of principal of and interest on the Bonds in accordance with , the Fiscal Agent Agreement, and the Improvement Fund will be closed. See "THE I IMPROVEMENTS." Parity Bonds The Resolution of Formation authorizes the issuance of up to $17 million of bonds, of which the Bonds represent the first series. The City expects that it will, by a Supplemental Fiscal Agent Agreement, authorize the issuance of one or more additional Series of Bonds ("Parity Bonds") payable from Special Taxes (net of the Annual Administrative Expense Deposit) and secured by the Special Taxes on a parity with the Bonds and other Parity Bonds previously issued, upon compliance by the City with the conditions set forth in the Fiscal Agent Agreement, which include the following: (i) The Supplemental Fiscal Agent Agreement providing for the issuance of such Parity Bonds may provide for the establishment of separate funds and accounts, and shall provide for a deposit to the Reserve Fund in an amount necessary so that the amount on deposit therein, following the issuance of such Parity Bonds, is equal to the Reserve Requirement. (ii) The District Value shall be at least six times the sum of: (i) the aggregate principal amount of all Bonds then Outstanding, plus (ii) the aggregate principal amount of the series of Parity Bonds proposed to be issued, plus (iii) the aggregate principal amount of any fixed assessment liens on the parcels in the District subject to the levy of Special Taxes, plus (iv) a portion of the aggregate principal amount of any and all other community facilities district bonds then outstanding and payable at least partially from special taxes to be levied on parcels of Taxable Property within the District (the "Other District Bonds") equal to the aggregate principal amount of the Other District Bonds multiplied by a fraction, the numerator of which is the amount of special taxes levied for the Other District Bonds on parcels of Taxable Property within the District, and the denominator of which is the total amount of special taxes levied for the Other District Bonds on all parcels of land against which the special taxes are levied to pay the Other District Bonds (such fraction to be determined based upon the maximum special taxes which could be levied in the year in which maximum annual debt service on the Other District Bonds occurs), based upon information from the most recent available Fiscal Year. "District Va/ue" is defined in the Fiscal Agent Agreement as the market value, as of the date of the appraisal described below, of all parcels of real property in the District subject to the levy of the Special Taxes and not delinquent in the payment of any Special Taxes then due and owing, including with respect to such non-delinquent parcels the value of the then existing improvements and any facilities to be constructed or acquired with any amounts then on deposit -16-