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In addition, pursuant to former Section 33676 of the Redevelopment Law, any affected taxing agency that had not entered into a tax sharing agreement with the redevelopment agency prior to the adoption of a redevelopment plan could elect, by resolution adopted prior to the adoption of a redevelopment plan, to receive the portion of Tax Revenues attributed to one or both of the following: (a) Increases in the rate of tax imposed for the benefit of the taxing agency which levy occurs after the tax year in which the ordinance adopting the redevelopment plan becomes effective; and (b) Increases in the assessed value of the taxable property in the redevelopment project area, as the assessed value is established by the assessment roll last equalized prior to the effective date of the ordinance adopting the redevelopment plan pursuant to subdivision (a) of Section 33670, which are, or otherwise would be, calculated annually pursuant to subdivision (f) of Section 110.1 of the Revenue and Taxation Code. Payments due under Section 33676(b) are referred to in the Official Statement as "inflationary growth." The Former Agency entered into the Tax Sharing Agreements with payment provisions described below Senior Public Sector Pass -Through Agreements. Pursuant to former Health and Safety Code Section 33401, the Former Agency entered into the following agreements with various Taxing Agencies, agreeing to make payments to these entities of specified percentages of the tax increment allocated to the Former Agency. The Successor Agency's obligations under these agreements are payable from Tax Revenues generated in the Redevelopment Project on a senior basis to the Bonds. Orange County Taxing Entities — South Harbor Boulevard/Fairview Street Redevelopment Project. An agreement was entered into with the County, the County Flood Control District and the County Harbors, Beaches and Parks County Services Area #26 on September 15, 1992. The payment provisions set forth by the agreement commence when the aggregate tax increment received by the Successor Agency since the adoption of the Plan reaches $109,875,000, which limit was reached in fiscal year 2005/06, thereby triggering the pass through. In the first "trigger" year, the Successor Agency will pay to the County 11.9% of the tax increment that exceeds $109,875,000, which limit was reached in fiscal year 2005/06. The payment continues until such time that a cumulative cap amount of $1,383,000,000 has been received by the Successor Agency from such Project Area (this cap amount excludes the amount equal to the difference between 60% of a given year's tax increment minus the amount deposited to the Housing Fund in the year). After the $1,383,000,000 cap amount has been received by the Successor Agency, the County shall receive its full share of tax increment thereafter. Such agreement contains no subordination provisions. Santa Ana Unified School District — South Harbor Boulevard/Fairview Street Redevelopment Project. The Former Agency and the Santa Ana Unified School District (the "School District") entered into an agreement dated January 19, 1993 under which the Successor Agency agrees to allocate 20% of the School District's share of gross tax increment to the School District, commencing when the Successor Agency receives a cumulative $109,875,000, which limit was reached in fiscal year 2005/06, from the Component Area. Santa Ana Unified School District — South Main Street Redevelopment Project. [The Former Agency and the School District entered into an agreement dated May 18, 1993, under which the Successor Agency has the obligation to semiannually pay approximately 58% of the principal, interest, annual costs, remarketing fees and fees for issuance of letters of credit (collectively, the "School District Debt Service") on certificates of participation (the "School District Certificates") executed and delivered by the School District in 1993. On August 1, 2009, the School District refinanced the School District Certificates. [As such the Successor Agency's obligation to make such payments has terminated.] 32 SA -3-46