2003 RES R-03-03 - Laserfiche WebLink

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"Parity Debt" means any loan, bond, note, advance, installment sale agreement, or other indebtedness or capital lease of the Borrower payable from and secured by a lien on the Pledged Tax Revenues on a parity with the Loan, issued or incurred pursuant to and in accordance with the provisions of Section 2.05. "Parity Debt Service" means for any Fiscal Year: (a) the sum of: (1) the interest due and payable during such Fiscal Year under and all outstanding Parity Debt, assuming that principal thereof is paid as scheduled and that any mandatory sinking fund payments on any Parity Debt are made as scheduled; (2) that portion of the principal amount due on all outstanding Parity Debt maturing during such Fiscal Year; (3) that portion of the principal amount of all such outstanding Parity Debt required to be redeemed or paid (together with the redemption premiums, if any, thereo fl during such Fiscal Year; and (4) annual fees, if any, under Parity Debt. (b) Parity Debt Service shall not include: (1) interest on Parity Debt which is to be paid from amounts constituting capitalized interest or (2) interest on or principal of Parity Debt payable from the proceeds of any Parity Debt required to remain unexpended and to be held in escrow pursuant to the terms of a Parity Debt instrument, provided that each escrow complies with the terms of Section 2.05(g)(4). "Pass-Through Agreements" means any agreements entered into by the Borrower with Taxing Agencies prior to January l, 1994 pursuant to Section 33401 of the Law as it existed prior to January 1, 1994. "Pass-Through Payments" means all payments required to be paid in each Fiscal Year to any Taxing Agencies pursuant to the Law and/or any Pass-Through Agreements, but only to the extent that such payments are not subordinated to the payment of Debt Service. "Pledged Tax Revenues" means, for each Fiscal Year during the term hereof, the taxes eligible for allocation to the Borrower with respect to the Project Area pursuant to the Law (exclusive of (a) amounts, if any, which may be required by law to be set aside for certain housing purposes, (b) amounts, if any, received pursuant to Section 16111 of the Government Code and (c) Pass-Through Payments) together with all payments, reimbursements and subventions, if any, specifically attributable to ad valorem taxes lost by reason of tax exemptions and tax rate limitations, in an amount equal to Debt Service, which amount, upon an insufficiency in any Fiscal Year in the 2002 Loan Special Fund or Special Fund or any of the Accounts established therein, shall be increased up to an amount sufficient to replenish said Fund and Accounts. "Project" means the public development facility to be financed by the Loan, authorized by Government Code section 63010(q) and the Act and described in Exhibit D. "Project Area" means the project area of the Borrower created pursuant to the Cooley Ranch Redevelopment Plan. "Redevelopment Plan" means the Cooley Ranch Redevelopment Plan for the Project Area, adopted on July 29, 1975 and amended by the City Council of the City on January 4