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<br />c. ' '. Aoproval ofBo~ds and Other Oblieations. 'The Authority may issue Bonds secured
<br />by payments made purs,uant to this, Agi'eeme~t with the approval of City Council. "
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<br />D. ,Use ofTa'( Increments.', Amounts deposited in the TIRZ Revenue Fund shall be
<br />applied in the following order of priority (i)' amounts pledged or required for the 'payment o~
<br />outstanding Bonds secured by the TIRZ Revenue Fund, including Bonds in the process of issuance '
<br />and refunding Bonds, (ii) administrative costs of the Zone and the Authority relating to th~ ZOl1e, and
<br />(iii) payments of other, Authority Obligations relating~o the Zone. " '
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<br />,E:,' " Use ofPID Assessments~ ' Amounts dep~sited in the PID'Reve~ue Fund shall be
<br />applied in the following order of priority (i) amounts pledged or required for the p'ayment of
<br />outstanding'Bonds secured by the P~ ~evenue Fund, including Bonds'in th~ process of issuance'
<br />and refund.ing Bonds, (ii) administrative costs of the Authority relating to the,PID,and (iii) payments
<br />of other Author.ity Obligations r.elating to the PID.', '
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<br />, " . " ' , , F.,', ' Pledge of Revenue Fund. The AuthoritY and 'the Zone Board may pledge and assign
<br />. '. all or a part of the Revenue ~und under this ~greement to: ",'., '
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<br />. .' ". .' 1.. "'.. with respect to' the ,TIRZ Reveri~e F~d, the owners and hol,ders of TIRZ
<br />" ' . Bonds, and DevelopersIBuilders pursuant to a Development Agreement for TIRZ Impr~v~ments: ' ,
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<br />. '. '. . ,.... ~ .' '. " . . " J 1 ...... . . . . " . ~. . :". :.'. . ' '.: '. .
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<br />'. ':' : 2. " with respect to the PID Revenue Fund, the o~ers and holders ofPID Bonds,:
<br />, and DeveloperslBuilders pursuant to a Development Agreement for PID Improvements.
<br />.' .'" .: " " " .". , .. " .... . .
<br />.... ,. ..',. . . \ '.. " " . . . .,' .
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<br />The City consents to any assignment' and pledge consistent with this Agreement. "The tenus : ' " .
<br />and conditions of the ins~ents assigning or pledging the proceeds to be rec~ived by the Authority, '
<br />pursuant to this Agreement must be approved by the City Manager..' . . .
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<br />. , IV. . ,
<br />DUTIES AND RESPONSIBILITIES OF THE CITY AND THE ZONE
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<br />A. .' Tax Increment Fund~ ' The City has established and will maintain a separate Tax
<br />Increment Fund, including subaccounts if necessary, in the City treasury into which Tax Increments
<br />shall be deposited. During the term of this Agreement, Tax Increments shall be paid to the Authority
<br />from the TaX Incremel.lt Fund as herein provided. ' " "
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<br />B. . Soecial District Imorovement Fund. The Clty will establish and maintain a separate
<br />. fund Speciar"District Improvement Fund, including subaccounts ifnecessary, in the City treasury into
<br />which PII? Assessments shall be deposited. During the term of this Agreement, PID Assessments
<br />shall be paid to the Authority frOJ;l'l the Special District Improvement Fund as herein provided.
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<br />H0USl0II:3&7966.1 ,
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