AgdaPkt 2003-09-08 - Laserfiche WebLink

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= q.A -2� Open Market Purchase of Bonds. The Agency may at any time buy Bonds at public or private sale at a price which, inclusive of brokerage fees, will not exceed the par amount of the Bonds so purchased, plus any applicable premium : nd any Bonds so purchased shall be tendered to the Trustee for cancellation. Term Bonds so purchased may be credited against sinking fund paymeatts. SECURITY FOR THE BONDS Allocation of Taxes As provided in the Redevelopment Plan, and in Article 6 of Chapter 6 of the Redevelopment Law and Section 16 of Article XVI of the Constitution of the State of California, taxes levied upon taxable property in the Project Area each year by or for the benefit of the State of California, any city, county, city and county, district, or other public corporation for fiscal years beginning after the effective date of the ordinance approving the Redevelopment Plan shall be divided as follows: 1. That portion of the taxes which would be produced by the rate upon which the tax is levied each year by or for each of said taxing agencies upon the total sum of the assessed value of the taxable property in the Project Area as shown upon the assessment roll used in connection with the taxation of such property by such taxing agency last equalized prior to the effective date of the ordinance approving the Redevelopment Plan shall be allocated to, and when collected shall be paid into the funds of the respective taxing agencies as taxes by or for said taxing agencies on all other property are paid; and 2. Except for taxes which are attributable to a tax levy by a taxing agency for the purpose of producing revenues to repay bonded indebtedness approved by the voters of the taxing agency on or after January 1, 1989, which shall be allocated to and when collected shall be paid to the applicable taxing agency, that portion of levied taxes each year in excess of such amount will be allocated to, and when collected, will be paid to the Agency to pay the principal of and interest on loans to, money advanced to, or indebtedness incurred by the Agency to finance redevelopment projects. Pledge of Tax Revenues for Bonds The Bonds are secured, on a parity with the 1997 Bonds, by a first pledge of and lien on all of the Tax Revenues. The Indenture defines Tax Revenues to mean except as provided below, moneys allocated within the Plan Limit and paid to the Agency derived from (a) that portion of taxes levied upon assessable property within the Project Area allocated to the Agency pursuant to Article 6 of Chapter 6 of the Law and Section 16 of Article XVI of the Constitution of the State of California, or pursuant to other applicable State laws, and (b) reimbursements, subventions (but excluding payments to the Agency with respect to personal property within the Project Area pursuant to Sections 16110 et seq., of the Government Code of the State of California), or other payments made by the State with respect to any property taxes that would otherwise be due on real or personal property but for an exemption of such property from such taxes, including revenues derived from unitary property, and including that portion of such taxes required by Section 33334.3 of the Law and the Legal Aid Agreement (described herein under the caption "Low and Moderate Housing Set Aside ") to be deposited in the Low and Moderate Income Housing Fund but only to the extent necessary to repay that portion of the Bonds and any Parity Bonds (including applicable reserves and financing costs) attributable to the increase, improvement or preservation of the supply of low and moderate income housing -9-