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County of Los Angeles RPV Redevelopment Agency Project Area No 1 Tax Allocation Bond Issue of 1997 f • 411 111 No. 1 $5,455,000 RANCHO PALOS VERDES REDEVELOPMENT AGENCY PROJECT AREA NO. 1 TAX ALLOCATION BOND, ISSUE OF 1997 Registered Owner: County of Los Angeles The RANCHO PALOS VERDES REDEVELOPMENT AGENCY (the "Agency") , a public body corporate and politic, acknowledges itself indebted to, and for value received hereby promises to pay to the County of Los Angeles, or registered assigns, solely from the Net Tax Increment (as defined in the Resolution hereinafter mentioned) and subject to the right of prior redemption hereinafter reserved, the principal sum of $5,455, 000 in installments in the amounts and on the dates set forth in Annex A hereto, together with interest on the unpaid balance hereof from the date hereof until the principal hereof shall have been paid in full, atthe rate of five percent per annum, such interest payable semiannually on June 2 and December 2 of each year, commencing on June 2, 1998. Both the principal installments and interest on this Bond are payable in lawful money of the United States of America by check or draft mailed by the Treasurer of the Agency (the "Treasurer") to the registered owner at the address of the registered owner as it appears on the books of registration herein referred to or as specified by the registered owner to the Treasurer in writing; except that, as long as the County of Los Angeles isthe registered owner hereof principal and interest shall be paid pursuant to the procedures set forth in Section 6 of that certain Memorandum of Understanding dated as of November 1, 1997 by and among the County of Los Angeles, the Agency and the City of Rancho Palos Verdes. This Bond of the Agency is designated as its "Project Area No. 1 Tax Allocation Bond, Issue of 1997" (the "Bond") , in the aggregate principal amount of $5,455, 000 issued pursuant to the provisions of the Constitution and laws of the State of California and particularly the Community Redevelopment Law, Part 1 of Division 24 of the Health and Safety Code of the State of California, as amended (the "Act") . This Bond is issued under and secured and entitled to the protection given by Resolution No. RDA 97-21, duly adopted by the Agency on November 18, 1997 (the "Resolution") . Copies of the Resolution are on file at the office of the Agency Secretary and reference is hereby made to the Resolution and the Act and to all amendments and supplements thereto for a description of the terms on which this Bond is issued, for the provisions with regard to the nature and extent of the security provided for this Bond and of the nature, extent and manner of enforcement of such security, and for a statement of the rights of the registered owner of this Bond; and all the terms of the Resolution and the Act are hereby incorporated herein and constitute a contract between the Agency and the registered owner from time to time of this Bond, and to all the A 111 provisions thereof the registered owner of this Bond, by acceptance hereof, assents and agrees. In the manner provided by the Resolution, the provisions of the Resolution, or any resolution amendatory thereof or supplemental thereto, may (with certain exceptions stated in the Resolution) be modified or amended by the Agency with the written consent of the registered owner of this Bond. This Bond is redeemable in the manner and subject to the terms and provisions, and with the effect, set forth in the Resolution, at the option of the Agency, in whole or in part in inverse order of principal installments, on any date prior to maturity, at a redemption price equal to the principal amount redeemed plus accrued interest to the redemption date, without premium. If this Bond is to be redeemed in part only, the Treasurer shall authenticate and deliver to the registered owner a new Bond in the aggregate principal amount of, and payable in installments in the amounts and on the dates applicable to, the unredeemed portion of this Bond. The Treasurer shall deliver or mail (by first class mail) notice of redemption to the registered owner of this Bond, at its address appearing on the registration books maintained by the Treasurer at least 30 days prior to the redemption; provided, however, that neither failure to receive any such notice if mailed nor any defect in such notice shall affect the validity of the proceedings for the redemption of this Bond or the cessation of the accrual of interest thereon. Such notice shall state the redemption date, the redemption place and the redemption price and, if only a portion of this Bond is to be redeemed, state the principal installment or installments to be redeemed, and shall require that this Bond be surrendered at the office of the Treasurer for redemption at the redemption price, giving notice also that further interest on this Bond (or the principal portion thereof redeemed) will not accrue after the redemption date. Notwithstanding the foregoing, so long as the County of Los. Angeles is the registered owner of this Bond, the Treasurer shall deliver or mail notice of redemption to the County of Los Angeles by registered or certified mail, return receipt requested. This Bond and the interest hereon are not a debt of the City of Rancho Palos Verdes, the State of California or any of its political subdivisions and neither said City, said State nor any of its political subdivisions is liable thereon, nor in any event shall this Bond or said interest be payable out of any funds or properties other than the funds of the Agency herein mentioned. This Bond does not constitute an indebtedness within the meaning of any constitutional or statutory debt limitation or restriction. Neither the members of the Agency nor any persons executing this Bond are liable personally on this Bond by reason of its issuance. - 2 - A 111 This Bond is transferable as provided in the Resolution, only upon the books of the Agency kept for that purpose at the above-mentioned office of the Treasurer, by the registered owner thereof in person, or by its duly authorized attorney, upon surrender of this Bond together with a written instrument of transfer satisfactory to the Treasurer duly executed by the registered owner or its duly authorized attorney, and thereupon a new registered Bond shall be issued to the transferee in exchange therefor as provided in the Resolution, and upon payment of the charges therein prescribed. The Agency and the Treasurer may deem and treat the person in whose name this Bond is registered as the absolute owner thereof for the purpose of receiving payment of, or on account of, the principal and interest due thereon and for all other purposes. It is hereby certified and recited that all conditions, acts and things required by law and the Resolution to exist, to have happened and to have been performed precedent to and in the issuance of this Bond exist, have happened and have been performed and that this Bond complies in all respects with the applicable laws of the State of California, including, particularly, the Act. This Bond shall not be entitled to any benefit under the Resolution or be valid or become obligatory for any purpose until this Bond shall have been authenticated by the execution by the Treasurer of the Certificate of Authentication hereto. IN WITNESS WHEREOF, THE RANCHO PALOS VERDES REDEVELOPMENT AGENCY has caused this Bond to be executed in its name and on its behalf by the manual signature of its Chairman and its seal to be hereunto affixed, imprinted, engraved or otherwise reproduced and as attested by the manual signature of its Secretary, as of December 2 , 1997 . RANCHO PALOS VERDES REDEVELOPMENT AGENCY BylJer Ai /A..A f doliek? Chairm- Attest: A / . . Ak Secretary - 3 - 111 TREASURER'S CERTIFICATE OF AUTHENTICATION CERTIFICATE Of AUTHENTICATION This Bond is the Bond described in the within mentioned Resolution, which has been registered on December 2, 1997. ".2” If/ WI Treasurer ASSIGNMENT For value received the undersigned do(es) hereby sell, assign, and transfer unto whose tax identification number is , the within-mentioned registered Bond and hereby irrevocably constitute(s) and appoint(s) __ attorney to transfer the same on the books of the Agency with full power of substitution in the premises. Dated: Note: The signature(s) on this Assignment must correspond with the name(s) as written on the face of the within bond in every particular without alteration or enlargement or any change whatsoever. - 4 - i . 111 I - T r • h . 111 Annex A Schedule of Principal Installments Payment Date Principal Payment Date Principal (December 2) Amount (December 2) Amount 2004 $ 5, 000 2016 $200, 000 2005 15, 000 2017 230, 000 2006 25, 000 2018 255,000 2007 40, 000 2019 280,000 2008 55,000 2020 310, 000 2009 65,000 2021 345, 000 2010 85,000 2022 380, 000 2011 100,000 2023 415,000 2012 120, 000 2024 450, 000 2013 135, 000 2025 495,000 2014 155,000 _ 2026 535, 000 2015 180, 000 2027 580, 000 i