AgdaPkt 2003-09-08 - Laserfiche WebLink

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q,A -3i Interest Payment Date, the Agency shall withdraw from the Special Fund and transfer to the Reserve Account an amount of money which shall be required to maintain the Reserve Requirement in such Reserve Account The Agency may satisfy Its obligation to maintain the Reserve Account in an amount equal to the Reserve Requirement in whole or in part by obtaining a letter of credit or surety bond meeting certain requirements. See " APPENDIX D - SUMMARY OF CERTAIN PROVISIONS OF THE INDENTURE -The Reserve Account" MUNICIPAL BOND INSURANCE POLICY [TO COME IF APPLICABLE] • • • i►La�� ; ry, . The following factors, along with all other information in this Official Statement, should be considered by potential investors in evaluating the risks of Investing in the Bonds. Reduction in Taxable Value Tax Revenues allocated to the Agency are determined by the amount of incremental taxable value in the Project Area allocable to the Project Area and the current rate or rates at which property in the Project Area is taxed. The reduction of taxable values of property caused by economic factors beyond the Agency's control, such as a relocation out of the Project Area by one or more major property owners, or the transfer, pursuant to California Revenue and Taxation Code Section 68, of a lower assessed valuation to property within the Project Area by a person displaced by eminent domain or similar proceedings, or the discovery of hazardous substances on a property within the Project Area (see "Hazardous Substances," below) or the complete or partial destruction of such property caused by, among other eventualities, an earthquake (see "Seismic Considerations" below) or other natural disaster, could cause a reduction in the Tax Revenues securing the Bonds. Property owners may also appeal to the County Assessor for a reduction of their assessed valuations or the County Assessor could order a blanket reduction in assessed valuations based on then current economic conditions. Resolved appeals are estimated by the Fiscal Consultant to potentially reduce value in fiscal year 2003 -04 by $24.5 million. See "APPENDIX F - FISCAL CONSULTANT REPORT - Section D - Assessment Appeals" and "TAX REVENUES AND DEBT SERVICE COVERAGE - Assessment Appeals." L 9 . u ... :l"rT - T a n: "n On November 2, 2001, the Orange County, California Superior Court issued a Minute Order in the case of County of Orange v. County of Orange County Assessment Appeals Board No. 3. The case involved the assessed value of a property that exceeded the prior year's assessed value by more than 2 %. The increase of a property's assessed value by more than 2% 13-