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HomeMy WebLinkAboutRDA RES 185RESOLUTION NO. 185 RESOLUTION OF THE PALM DESERT REDEVELOPMENT AGENCY DETERMINING TO ISSUE A CERTAIN PRINCIPAL AMOUNT OF TAX ALLOCATION REFUNDING BONDS OF THE AGENCY AND PROVIDING FOR CERTAIN DETAILS OF THE REFUNDING BONDS RECITALS: A. The Palm Desert Redevelopment Agency is a redevelopment agency, a public body, corporate and politic, duly created, established and authorized to transact busi- ness and exercise its powers, all under and pursuant to the Redevelopment Law and the powers of the Agency include the power to issue bonds or notes for any of its corporate purposes. B. The Agency has heretofore adopted its Resolu- tion entitled: "Resolution of the Palm Desert Redevelopment Agency Authorizing the Issuance of Tax Allocation Refunding Bonds of the Agency in the Principal Amount of $30,000,000 to Refinance a Portion of the Cost of a Redevelopment Project and to Aid in the Financing of a Portion of Such Project" (the "Resolution of Issuance"). C. The Resolution of Issuance provides that when- ever the Agency determines to issue all or part of the $30,000,000 Refunding Bonds authorized by the Resolution of Issuance it may adopt a Supplemental Resolution specifying the principal amount of such Bonds to be issued. D. The Agency finds it necessary and desirable to issue seventeen million eight hundred sixty thousand dollars ($17,860,000) principal amount of Bonds to refinance a por- tion of the cost of a redevelopment project and to aid in the financing of the redevelopment of the Project Area, As Amended, such seventeen million eight hundred sixty thousand dollars ($17,860,000) principal amount of Bonds to be issued pursuant to the Resolution of Issuance and this Resolution and designated as "Palm Desert Redevelopment Agency, Project Area No. 1, As Amended (Added Territory Only), Tax Alloca- tion Refunding Bonds, Issue of 1985". NOW, THEREFORE, THE PALM DESERT REDEVELOPMENT AGENCY HEREBY FINDS, DETERMINES, RESOLVES, AND ORDERS AS FOLLOWS: Section 1. Definitions. All terms which are defined in Section 1 of the Resolution of Issuance shall have the same meanings in this Resolution as such terms are given in Section 1 of the Resolution of Issuance. Section 2. Determination to Issue Bonds. The Agency determines to issue at this time a Series of Bonds of the $30,000,000 Bonds authorized by the Resolution of Issuance and is adopting this Resolution as a Supplemental Resolution referred to in the Resolution of Issuance. The Bonds of this Series shall be in the principal amount of seventeen million eight hundred sixty thousand dollars ($17,860,000), and shall be designated PALM DESERT -2- 851101 bm 0315WLS 3 REDEVELOPMENT AGENCY, PROJECT AREA NO. 1, AS AMENDED (ADDED TERRITORY ONLY), TAX ALLOCATION REFUNDING BONDS, ISSUE OF 1985 (the "Bonds"). The Bonds shall be dated as of December 1, 1985. The Bonds shall bear interest at a rate to be fixed upon the sale thereof but not to exceed twelve percent (12%) per annum, payable semiannually on June 1st and December 1st, commencing June 1, 1986. Section 3. Amount, Issuance and Purpose of Bonds. Under and pursuant to the Redevelopment Law, other laws of the State of California, the Resolution of Issuance and this Resolution, Bonds of the Agency in the foregoing principal amount shall be issued by the Agency for the corporate purposes of the Agency to refinance a portion of the cost of a redevelopment project and to aid in the financing of the redevelopment of the Project Area and for other corporate purposes related thereto. The Agency may provide by resolution for the sale of the Bonds. The Bonds shall mature on December 1st of each of the years and in the amounts indicated as follows: 1986 $ 415,000 1996 $ 820,000 1987 440,000 1997 885,000 1988 465,000 1998 960,000 1989 495,000 1999 1,045,000 1990 525,000 2000 1,135,000 1991 565,000 2001 1,235,000 1992 605,000 2002 1,350,000 1993 650,000 2003 1,470,000 1994 700,000 2004 1,600,000 1995 755,000 2005 1,745,000 -3- 851101 bm 0315WLS 3 Bonds maturing on December 1, 1986 through December 1, 2005, are sometimes referred to herein as "Serial Bonds." The Fiscal Agent, on behalf of and as agent for the Agency, shall receive the proceeds from the sale of the Bonds upon the delivery of the Bonds to the original purchasers thereof and shall dispose of such proceeds as follows: A. Accrued interest and premium, if any, paid by the original purchasers of the Bonds shall be placed in the Special Fund in the Bond Interest Payment Account. B. A sum equal to Maximum Annual Debt Service shall be deposited into the Reserve Account. C. An amount which when added to the moneys remaining in the Special Fund created by Agency Resolution No. 154, as amended, and taking into account the interest earnings on that sum, will be sufficient to redeem the Refunded 1982 Bonds on September 1, 1988, shall be deposited into the Escrow Fund. D. After making the above transfers, the balance of the proceeds from the sale of the Bonds shall be trans- ferred to the Redevelopment Fund. So long as any of the Bonds herein authorized, or any interest thereon, remain unpaid, the moneys in the foregoing Funds and Accounts shall be used for no purposes other than those required or permitted by the Resolution of Issuance, this Resolution, any resolution providing for the issuance of Parity Bonds and the Redevelopment Law. -4- 851101 bm 0315WLS 3 Section 4. Call and Redemption of Bonds Prior to Maturity. The outstanding Bonds, or any of them, may or shall, as the case may be, be called before maturity and redeemed as follows: A. The Bonds maturing on December 1, 1986 through December 1, 1995 are not subject to optional call or redemption by the Agency prior to their respective maturities. B. The outstanding Bonds maturing on or after December 1, 1996, may be called before maturity and redeemed, at the option of the Agency, in whole from the proceeds of refunding bonds or refunding obligations, or in whole or in part from any other source, on December 1, 1995, or on any interest payment date thereafter prior to maturity, in inverse order of maturity and by lot within a maturity. Bonds so called for redemption shall be redeemed at a redemption price for each redeemed Bond equal to the principal amount thereof, plus accrued interest to the redemption date, and the following premium (which is expressed as a percentage of principal amount) if redeemed on the following redemption dates: Redemption Dates Redemption Price December 1, 1995 and June 1, 1996 102 % December 1, 1996 and June 1, 1997 101f December 1, 1997 and June 1, 1998 101 December 1, 1998 and June 1, 1999 100i December 1, 1999 and thereafter 100 -5- 851101 bm 0315MLS 3 Section 5. Issuance of Further Series. At any time or times, as the Agency deems it necessary and desirable, it may provide for the issuance of and sell on a parity with the Bonds, all or part of the balance of the $30,000,000 principal amount of Bonds authorized in the Resolution of Issuance in one or more series in such prin- cipal amount as it estimates will be needed. The issuance and sale of any such balance of the Bonds authorized in the Resolution of Issuance shall be subject to the provisions of Section 17 of the Resolution of Issuance regarding the issuance of Parity Bonds. Section 6. Escrow Agreement. The Chairman or any other member of the Agency is hereby authorized and directed to execute for and on behalf of the Agency, an Escrow Agreement, substantially in the form attached hereto as Exhibit A. Section 7. Escrow Fund. The moneys in the Escrow Fund shall be used by the Escrow Bank to pay the principal of, premium, if any, and interest on the Refunded 1982 Bonds on September 1, 1988, and to discharge and satisfy the lien of Agency Resolution No. 154, as amended, and the pledge of the Tax Revenues (as defined therein) thereunder. Any moneys remaining in the Escrow Fund after the accomplishment of the purposes thereof shall be transferred to the Special Fund. If for any reason the moneys in the Escrow Fund are insufficient to accomplish the purposes thereof, the Agency -6- 851101 bm 0315WLS 3 shall deposit into the Escrow Fund the amount of any deficiency from any legal available moneys of the Agency. Section 8. Severability. If any covenant, agree- ment or provision, or any portion thereof, contained in this Resolution, or the application thereof to any person or circumstance, is held to be unconstitutional, invalid or unenforceable, the remainder of this Resolution and the application of any such covenant, agreement or provision, or portion thereof, to other persons or circumstances, shall be deemed severable and shall not be affected, and this Resolution and the Bonds issued pursuant hereto shall remain invalid and the Bondholders shall retain all valid rights and benefits accorded to them under this Resolution and the Constitution and laws of the State of California. Section 9. Effective Date. This Resolution shall take effect upon its adoption. of PASSED, APPROVED AND ADOPTED this 14th day November , 1985, by the following vote, to wit: AYES: BENSON, JACKSON, SNYDER, WILSON AND KELLY NOES: NONE ABSENT: NONE ABSTAIN: NONE ATTE T: `-SHEILA R. GILLIGAN, S RETARY PALM DESERT REDEVELOP ENT AGENCY -7- 851101 ba 0315WLS 3 RI ARD S. ELL , CHAIRIN ESCROW AGREEMENT THIS AGREEMENT, dated as of the 1st day of , 1985, made by and between THE PALM DESERT REDEVELOPMENT AGENCY, a public body, corporate and politic, and SECURITY PACIFIC NATIONAL BANK, a corporation organized and existing as a national banking association under the laws of the United States of America. RECITAL S: A. The Palm Desert Redevelopment Agency is a redevelopment agency, a public body, corporate and politic, duly created, established and authorized to transact business and exercise its powers, all under and pursuant to the Redevelopment Law and the powers of the Agency include the power to issue bonds or notes for any of its corporate purposes, and to refund any bonds or notes so issued. B. The Agency has heretofore adopted its Resolution entitled: "Resolution of the Palm Redevelopment Agency Authorizing the Issuance of Tax Allocation Refunding Bonds of the Agency in the Principal Amount of $50,000,000 to Refinance a Portion of the Cost of a Redevelopment Project and to Aid in the Financing of a portion of the Cost of such Project" (the "Resolution of Issuance"). C. The Agency has heretofore adopted its Resolution entitled: "Resolution of the Palm Desert Redevelopment Agency Determining to Issue a Certain Principal Amount of Tax Allocation Refunding Bonds of the Agency and Providing for Certain Details of the Refunding Bonds" (the "Supplemental Resolution"). D. The Agency and the Escrow Bank wish to enter into this Escrow Agreement to provide for the payment of the Refunded 1982 Bonds at their first available call date, September 1, 1988. NOW, THEREFORE, in consideration of the mutual agreements herein contained, in order to secure the payment of the Bond Requirements as heretofore provided, the parties hereto mutually undertake, promise and agree for themselves and their respective representatives, successors and assigns, as follows: Section 1. Definitions. As used in this Escrow Agreement all terms shall have the same meanings ascribed to them under Resolution No. 184 of the Agency and the following terms have the following meanings: "Bond Requirements" means all installments of principal of and interest on the outstanding noncallable Refunded 1982 Bonds as such payments become due, and all installments of interest and the respective redemption prices (principal and premium) of the outstanding callable Refunded 1982 Bonds at their respective earliest call dates, as shown in Exhibit A to this Escrow Agreement. "Escrowed Federal Securities" means those certain Federal Securities described in Exhibit B to this Escrow Agreement. "Resolution" means Resolution No. 184 of the Agency. Section 2. Creation and Purpose of Escrow. A. Simultaneously with the delivery of the Bonds, and subject to their issuance, the Agency will deposit or cause to be deposited with the Escrow Bank in escrow, to be held and accounted for in the Escrow Fund and paid out as provided in this Escrow Agreement and in the Resolution, moneys representing a portion of the proceeds from the sale of the Bonds together with certain transferred moneys for the purpose of meeting the Bond Requirements. -3- 851104 pf 0329WLS(1) B. The interest on and principal of Escrowed Federal Securities and uninvested cash held hereunder shall be applied by the Escrow Bank to the payment of the Bond Requirements on March 1st and September 1st of each year beginning March 1, 1985 and ending September 1, 1988. On the first business day after each such March 1st and September 1st, the Escrow Bank shall compare the cash and Federal Secu ties then held in the Escrow Fund to the list of required holdings on such date as shown on Exhibit C. The Escrow Bank shall thereupon transfer any monies in the Escrow Fund in excess of such required holdings to the Fiscal Agent for deposit in the Special Fund, pursuant'to Section 12 of the Resolution. C. The Agency has determined that the Escrowed Federal Securities are such that if interest thereon and principal thereof are paid when due, the proceeds from the collection of such interest and principal, together with any uninvested cash held hereunder, will be sufficient to meet the Bond Requirements. The Escrow Bank shall have no duty to ascertain or confirm the sufficiency of the Escrowed Federal Securities for said purpose. D. Except as provided in Paragraph B above, the Escrow Bank shall hold all Federal Securities, whether acquired -4- 851104 pf 0329WLS(1) as initial investments, subsequent investments or reinvestments hereunder, and the money received from time to time as principal and interest thereon in trust to secure and for the payment of the Bond Requirements and shall collect the principal of and interest on the Federal Securities held by it hereunder promptly as such principal and interest become due. E. On , 1985, the Escrow Bank will receive $ upon the maturity of a U.S. Treasury Bill. This entire amount will be used to pay debt service on the Refunded 1982 Bonds on . Between and such $ may be invested in Federal Securities or held in an interest bearing account, at an interest rate not greater than %. On , the Escrow Bank shall return to the Agency any such interest earned on said funds during said period. F. On , the Escrow Bank will receive $ upon the maturity of certain United States Treasury Securities. This amount will be used to pay debt service on the Refunded 1982 Bonds in the amounts and on the dates shown below: $ due $ due -5- 851104 of 0329WLS(1) Between , and said due dates, the $ principal amount or portion thereof may be invested in Federal Securities or held in an interest bearing account, at an interest rate not greater than %. On each due date, the Escrow Bank shall return to the Agency any interest earned on the applicable principal amount for the applicable period. G. On , the Escrow Bank will receive $ upon maturity of certain United States Treasury Securities. This amount will be used to pay debt service on the Refunded 1982 Bonds on . Between and , $ may be invested in Federal Securities or held in an interest bearing account, at an interest rate not greater than %, and $ may be invested in Federal Securities or held in an interest bearing account, at an interest rate not greater than %. On , the Escrow Bank shall return to the Agency any such interest. H. Any amounts (other than those described in Paragraphs E, F and G, above) held in cash pursuant to the column marked "Cash Balance" in Exhibit C may be invested in Federal Securities or held in an interest bearing account, at a yield not to exceed %. 851104 of 0329WLS(1) -6- Section 3. Notice of Defeasance. A. Provision has been made by resolution for the giving of notice of defeasance of the Refunded 1982 Bonds by the Treasurer. B. The Escrow Bank will not be required to furnish a list for use in determining the holders of any Refunded 1982 Bonds to be so notified. C. The Escrow Bank will not be responsible for determining the accuracy of any information supplied to it by any person pursuant to the procedures outlined herein, including, without limitation, the Agency, or for seeing to it that any notice of defeasance is actually mailed or published as required. Section 4. Accounting for Escrow. A. The moneys and the Federal Securities from time to time accounted for in the Escrow Fund shall not be subject to withdrawal by the Agency nor otherwise subject to its order except as otherwise provided in Sections 2 and 8 hereof. -7- 851104 pf 0329WLS(1) B. In addition to the prohibition set forth in Section 15 hereof, there shall be no sale, exchange, or substitution of Escrowed Federal Securities except: (1) if necessary to provide for the Bond Requirements; or (2) at the direction of the Agency to acquire Federal Securities yielding a higher interest return to the Agency. Section 5. Investments and Reinvestments. A. The Escrow Bank may reinvest any moneys received in payment of the principal of and interest on the Escrowed Federal Securities, or otherwise, and accounted for in the 1982 Bonds Escrow Fund, in Federal Securities, subject to the limitations hereof. B. Any such Federal Securities shall not be subject to call and redemption prior to their respective maturities at the option and call of the issuer of such Federal Securities. C. Any such Federal Securities shall mature on or prior to the date or dates when the proceeds thereof must be -8- 851104 of 0329WLS(1) available for the prompt payment of the Bond Requirements as the same become due. D. The Escrow Bank, however, shall have no obli- gation by virtue of this Escrow Agreement, general trust law, or otherwise, to make any investment or reinvestment of any moneys in escrow at any time except at the direction of the Agency. Section 6. Sufficiency of Escrow. Moneys deposited in the Escrow Fund, including the investment earnings thereon and any uninvested cash, shall be in an amount, as determined by the Agency, which at all times shall be sufficient to meet the Bond Require- ments. If for any reason the amount of the Escrow Fund available for meeting the Bond requirements on any date is insufficient, then the Agency shall pay into the Escrow Fund an amount sufficient to make up such shortfall. Bonds. Section 7. Transfers for Payment of Refunded 1982 The Escrow Bank shall make from time to time such credit arrangements with and transfers to the Treasurer and the -9- 851104 of 0329WLS(1) Paying Agent for the Refunded 1982 Bonds as will assure, to the extent of moneys in the Escrow Fund, the payment of the Bond Requirements, when due, as provided herein, in the Refunded Bonds Resolution and in the Resolution. Section 8. Termination of Escrow Agreement. When the Escrow Bank shall have transferred, pursuant to Section 7 hereof, such moneys as are required to pay in full and discharge all of the Refunded 1982 Bonds, the Escrow Bank shall immediately set aside and transfer the moneys, if any, then remaining in the Escrow Fund to the Special Fund established pursuant to Section 14 of the Resolution, and shall make forthwith a final report to the Agency, and this Agreement shall terminate. Section 9. Fees and Costs. A. The Escrow Bank shall be entitled to reim- bursement from the Agency for costs incurred, including but not limited to legal and accountants' services in connection with any litigation or other proceedings which may at any time be instituted involving this Escrow Agreement. -10- 851104 pf 0329WLS(1) B. Such payment for services rendered and to be rendered by the Escrow Bank shall not be for deposit in the 19822 Bonds Escrow Fund, and the fees of and the costs incurred by the Escrow Bank shall not be a charge on such fund. Section 10. Reports. A. Until the termination of this Agreement, the Escrow Bank shall semiannually submit to the Agency a report covering all money it shall have received and all payments it shall have made or caused to be made hereunder during the preceding 12 months. The reports shall be dated as of and of each year beginning as of or such other date or dates as are mutually agreeable to Escrow Bank and the Agency. Such report shall be subject to audit by the Agency or by such independent certified public accounting firm as may be designated by the Agency. B. The last report shall be made at the time provided in Section 8 hereof. C. Each such report shall also list all Federal Securities and the amount of money accounted for in the Escrow Fund on the last day of the month next preceding the date of such report, except for the last report. -11- 851104 pf 0329MLS(1) Section 11. Character of Deposit. A. It is recognized that title to the Federal Securities and moneys accounted for in the Escrow Fund from time to time shall remain vested in the Agency but subject always to the prior charge and lien thereon of this Escrow Agreement and the use thereof required to be made by the provisions hereof. B. The Escrow Bank shall hold all such securities and moneys in the Escrow Fund as special trust funds separate and wholly segregated from all other securities and funds of the Escrow Bank or deposited therein, and shall never commingle such securities or moneys with other securities or moneys. C. No money paid into and accounted for in the Escrow Fund shall ever be considered as a banking deposit and the Escrow Bank shall have no right or title with respect thereto. Section 12. Security Deposit. All uninvested money held at any time in the Escrow Fund shall be either held in coin and currency of the United -12- 851104 pf 0329WLS(1) States, or continuously secured in the manner prescribed in Article 2, Chapter 4, Part 1, Division 2, Title 5 (commencing with Section 53630) of the Government Code of the State of California, pursuant to instructions from the Agency, and invested at a yield not in excess of the yield in the Bonds, % per annum. Section 13. Purchaser's Responsibility. The purchasers and owners from time to time of the Bonds shall in no manner be responsible for the application or disposition of the proceeds thereof nor of any moneys or Federal Securities held in the Escrow Fund. Section 14. Exculpatory Paragraph. A. The duties and responsibilities of the Escrow Bank are limited to those expressly and specifically stated in this Escrow Agreement. B. The Escrow Bank shall not be liable or respon- sible for any loss resulting from any investment or reinvest- ment made pursuant to this Escrow Agreement and made in compliance with the provisions hereof. -13- 851104 pf 0329WIS(1) C. No provision of this Escrow Agreement shall be construed to relieve the Escrow Bank and its agents and employees from liability for their own negligent acts or failures to act. D. The Escrow Bank shall be under no obligation to inquire into or be in any way responsible for the performance or nonperformance by the Agency of any of its obligations, nor shall it be responsible in any manner for the recitals or statements contained herein or in the Refunded 1982 Bonds or any proceedings taken in connection therewith, such recitals and statements being made solely by the Agency. E. Nothing in this Agreement shall be construed to create any obligations or liabilities on the part of the Escrow Bank to anyone other than the Agency, the holders of the Refunded 1982 Bonds and the coupons pertaining thereto and the owners of the Bonds. Section 15. Approval of Bond Counsel and Accountant. Notwithstanding any other provision of this Agreement, neither the Escrow Bank nor its agents and employees shall sell, exchange or substitute the Escrowed Federal Securities without first obtaining an opinion of Bond Counsel that such -14- 851104 pf 0329WLS(1) action will not adversely affect the tax exempt status of the Bonds and the Refunded 1982 Bonds, and the opinion of a certified public accountant approved by the Trustee for the owners of the Bonds that after such action there will be sufficient moneys in the Escrow Fund, plus interest earnings thereon, to meet the Bond Requirements. Section 16. Time of Essence. Time shall be of the essence in the performance of the obligations from time to time imposed upon the Escrow Bank by this Agreement. Section 17. Successors. A. Whenever herein the Agency or the Escrow Bank is named or is referred to, such provision shall be deemed to include any successor of the Agency or the Escrow Bank, respectively, immediate or intermediate, whether so expressed or not. B. The Escrow Bank may at any time resign as Escrow Bank hereunder by written notice of its election to do so delivered to the Agency, such resignation to take effect upon the appointment of a successor escrow bank and its acceptance -15- 851104 pf 0329WLS(1) of such appointment as hereinafter provided. The Escrow Bank may at any time be removed by the Agency by written notice of such removal delivered to the Escrow Bank, such removal becoming effective upon the appointment of a successor escrow bank and its acceptance of such appointment as hereinafter provided. In case at any time the Escrow Bank acting hereunder shall resign or be removed, the Agency shall, within thirty (30) days after the delivery of the notice of resignation or removal, as the case may be, appoint a successor escrow bank, which shall be a bank or trust company having a combined capital and surplus of at least $50,000,000. If within such thirty (30) day period no successor escrow bank shall have been so appointed by the Agency and accepted appointment in the manner hereinafter provided, the Escrow Bank may appoint a successor escrow bank who shall be qualified to so act as hereinbefore provided. Every successor escrow bank shall execute and deliver to its predecessor and to the Agency an instrument in writing accepting its appointment hereunder, and thereupon such successor escrow bank, without any further act or deed, shall become fully vested with all the rights, powers, duties and obligations of its predecessor and such predecessor, upon the written request of the Agency, shall execute and deliver an instrument transferring to such successor all rights and powers of such predecessor hereunder, shall duly assign, transfer and deliver the Escrow Fund and all right, title and -16- 851104 pf 0329WLS(1) interest therein to such successor. Any corporation into or with which the Escrow Bank may be merged or consolidated shall be the successor of such Escrow Bank without the execution or filing of any document or any further act. C. All of the stipulations, obligations and agreements by or on behalf of, and other provisions for the benefit of, the Agency or the Escrow Bank contained herein: (1) Shall bind and shall inure to the benefit of any such successor; and (2) Shall bind and shall inure to the benefit of any officer, board, authority, agent or instrumentality to whom or to which there shall be transferred by in accordance with law any right, power or duty of the Agency or the Escrow Bank, respectively, or of its successor. Section 18. Severability. If any section, paragraph, clause or provision of this Escrow Agreement shall for any reason be held to be invalid or unenforceable, the invalidity or unenforceability of such section, paragraph, clause or provision shall not affect any of the remaining provisions of this Escrow Agreement. -17- 851104 pf 0329WLS(1) Section 19. Governing Law. This Escrow Agreement is made in the State of California and is to be construed under the Constitution and laws of such State. IN WITNESS WHEREOF, THE PALM DESERT REDEVELOPMENT AGENCY has caused this Escrow Agreement to be signed in the Agency's name by its Chairman and attested by its Secretary, with its seal hereunto affixed; and SECURITY PACIFIC NATIONAL BANK has caused this Escrow Agreement to be signed in its corporate name by its duly authorized officer, all as of the date and year first above written. PALM DESERT REDEVELOPMENT AGENCY Chairman (SEAL) Attest: Secretary SECURITY PACIFIC NATIONAL BANK -18- 851104 pf 0329WLS(1) Authorized Officer EXHIBIT A SCHEDULES OF INTEREST RATES AND MATURITIES ON OUTSTANDING REFUNDED 1982 BONDS 851104 pf 0329WLS(1) -19- EXHIBIT B ESCROWED FEDERAL SECURITIES -20- 851104 of 0329WLS(1) EXHIBIT C REQUIRED ESCROW FUND HOLDINGS Secretary SECURITY PACIFIC NATIONAL BANK -21- 851104 of 0329WLS(1) Authorized Officer EXHIBIT A SCHEDULES OF INTEREST RATES AND MATURITIES ON OUTSTANDING REFUNDED 1982 BONDS -22- 851104 of 0329WLS(1) EXHIBIT B ESCROWED FEDERAL SECURITIES -23- 851104 pf 0329WLS(1) EXHIBIT C REQUIRED ESCROW FUND HOLDINGS -24- 851104 pf 0329WL5(1)