|
<br />'e '
<br />
<br />e
<br />
<br />. "
<br />F. , Obligations ofCitv and the Zone to be Absolute. The obligation of the City and the
<br />Zone to make the payments set forth in this Agreement shall be absolute and unconditional, and until
<br />such time as this Agreement, Bonds', and the contract~al' obligations of ~e Authority incurr~d
<br />, pursuant to this Agreement have been fully paid or provision for payment thereof shall have been
<br />made in accordance with their terms (or, with respect to the Tax Increments, the date' ofexpiIation of
<br />the Zone, if earlier), the City and the Zone .will not suspend or discontinue any payme~ts provided
<br />for in this Agreement and, will not terminate this Agreement for any cause, including, without
<br />limiting the generality of the for~going; the failure of the Authority to perform and observe any ,
<br />. agreement, whether express or implied, or any duty, liability, or obligation arising out of or .
<br />connected with this Agreement except as provided in Article XVII. Nothing contained in this
<br />section'shall be construed to release the Authority from performance of any of the agreements on its ,
<br />, part contained in this Agreement,' and in the event ~e Authority shall fail to perform any such '
<br />agreement on its part, the City may institute such action against the Authority as the City may deem,' '
<br />, necessary to compel performance so long as this action does not abrogate the. obligations of the City "
<br />and the Zone to make the payme~ts set forth in this Agreement to pay, the .Bonds :ofthe Authority or ' .:
<br />to, ~eet its Authority O~lig~ti~ns to Develo~e!s." . .,.'.:. '.. ,,'
<br />
<br />..
<br />
<br />v ' , ,
<br />CITY PAYMENT TO,AUTHO~rY
<br />
<br />. ' ,
<br />
<br />" .t.
<br />
<br />'A: . TIRZ Payments. The city~ on behalf of itself md the Zone, will pay the Authority,
<br />" not later than the fifth business day of each cal~ndar quarter during the terin of this Agreement,' all
<br />. monies then available in the Tax Incre~ent Fund, subject to the retention by the City of (i) an
<br />. 'amount equal to the City's dir:Cct administrative costs connected with the Zone and the TIRZ Plan,
<br />, not to exceed five percent ~fthe amount available in tbe Tax Incr~ment F~d; and (ii) the School
<br />'. District Educational Facilities Costs~ if applicable... The Authority shalf deposit the payments '
<br />received pursuant to thi~ Section into the TIRZ Revenue Fund and Use the monies in the TIRZ :... :
<br />:' Revenue Fund for payment of its TIRZ-related costs, its obligations to the holders of its TIRZ Bonds,
<br />, its obligations.to Developers pursuant to a TIRZ Development Agreement, or its other contractual
<br />.- . obligations. ,The obligation to make these payments shall s~ive a tenuinanon of this Agreement as
<br />'.' provided by Article XVII hereof. , .: ' '" :, .' .,'.'. ' " . '.
<br />
<br />,B. " pm Pa",nents: The City will pay the Authority, not later than the fust business day of
<br />each calendar quarter during the term of this Agreement, all monies then available in the Special
<br />District Improvement Fund, subject to the retention by the City of an amount equal to the City's
<br />direct administrative costs connected with the PID and the PID Plan, not to exceed five percent of the
<br />amount available in the Special District Improvement Fund. The Authority shall deposit the
<br />payments received pursuant to this Section into the PID Revenue Fund and use the monies in the PID
<br />Revenue Fund for payment of its PID-related costs, its obligations to the holders of i 15 PIn Bonds, its
<br />obligations'to Developers pursuant to a PID Development Agreement, or its other contractual
<br />obligations. The obligation to make these payments s~all survive a termination of this Agreement as
<br />provided by Articl~ XVII her~of. . '
<br />
<br />Haustoa:J671l6U
<br />
<br />10
<br />
|