55B - RESO - WARNER ASSESSMENT DISTRICT

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ARTICLE I AUTHORITY AND DEFINITIONS Section 1.01 Authority for this Agreement. This Agreement is entered into pursuant to the provisions of the Tmprovement Bond Act of 1915 and the Resolution. Section 1.02 Agreement for Benefit of Bondowners. The provisions, covenants and agreements herein set forth to be perfonned by or on behalf of the City shall be for the equal benefit, protection and security of the Owners. All of the Bonds, without regard to the time or times of their issuance or maturity, shall be of equal rank without preference, priority or distinction of any of the Bonds over any other thereof, except as expressly provided in or permitted by this Agreement. The Fiscal Agent may become the owner of any of the Bonds with the same rights it would have if it were not Fiscal Agent. Section 1.03 Definitions. Unless the context otherwise requires, the terms defined in this Section 1.03 shall, for all purposes of this Agreement, of any Supplemental Agreement, and of any certificate, opinion or other document herein mentioned, have the meanings herein specified. All references herein to "Articles," "Sections" and other subdivisions are to the corresponding Articles, Sections or subdivisions of this Agreement, and the words "herein," "hereof," "hereunder" and other words of similar import refer to this Agreement as a whole and not to any particular Article, Section or subdivision hereof. "Agreement" mearrs this Agreement, as it may be amended or supplemented from time to time by any Supplemental Agreement entered into pursuant to the provisions hereof. "Annual Debt Service" means, for each Bond Year, the sum of (i) the interest due on the Outstanding Bonds in such Bond Year, assuming that the Outstanding Bonds are retired as scheduled, and (ii) the principal amount of the Outstanding Bonds scheduled to be paid. "Assessment" or "Assessments" means the assessment levied on the lots and parcels of property within the Assessment District by the adoption by the City Council of Resolution No. 2016 -021 on April 5, 2016 and the recording of the assessment diagram and notice of assessment for the Assessment District with the County Recorder of the County of Orange pursuant to Section 3114 of the California Streets and Highways Code. "Assessment District" means Assessment District No. 2015 -01 (Warner Industrial Community), City of Santa Ana, County of Orange, State of California. "Assessment Prepayment" means an amount received by the City from a property owner as a payment in full of the unpaid amount of the Assessment levied on his or her property. "Assessment Revenues" means the revenues received by the City in each Fiscal Year from the collection of the annual installments of the unpaid Assessments, including penalties and interest on delinquent installments of the unpaid Assessments and proceeds from the sale of property for delinquent Assessment installments, but excluding the amounts of the annual assessments collected by the City for the payment of administration costs pursuant to Sections 8682, 8682.1 and 10204(f) of the California Streets and Highways Code and Assessment Prepayments. -2- 55B -22