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<br />. <br /> <br />e <br /> <br />~ <br /> <br />~ ~t~_~~r~~?:f~qgas~ar.rdt.Otl1(ft;Q1l;Ultati~IJ"s. The Authority may issue Bonds secured <br />by payments made pursuant to this Agreement with ,the approval of City Council. ' <br /> <br />~_:mm!m~1iioYefh""eii:fl Amounts deposited in the TIRZ Revenue Fund shall be <br />applied in the following order of priority (i) amounts ptedged or required for the payment of <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 the Zone, and <br />(iii) payments, of other Authority Obligations relating to the Zone. <br /> <br />~~iOf.;pJl~.f~S'm~i1i~s. Amounts deposited in the PID Revenue Fund shall be <br />applied in the following order of priority (i) amounts pledged or required for the payment of <br />outstanding Bonds secured by the Pill Revenue Fund, including Bonds in the process of issuance <br />and refunding Bonds, (ii) administratfve costs of the Authority relating to the Pill, and Ciii) paym~nts <br />of other Authority Obligatio~s relating to the PID. <br /> <br />, , <br />~~e::o"'fRfm'i1~F~~ The Authority and the Zone Board may pledge and assign <br />~l or a part ~fthe Revenue Fund U?der this Agreement to: <br /> <br />,~ 'with respect to the TIRZ Revenue Fund, the owners and holders ofTIRZ <br />Bonds. and Developers/Builders pursuant to a Development Agreement for TIRZ Improvements: <br /> <br />DJt with respect to the ~ID Revenue Fund, the owners and holders of Pill Bonds, . <br />and Developers/Builders pursuant to a Development Agreement for Pill Impro:vements; <br /> <br />The City consents to any assignment and pledge consistent with this Agreement. The terms <br />and conditions of the instruments assigning or pledging the proceeds to be received by the AutJ:1ority <br />pursuant to this Agreement must be approved by the City Manager. <br /> <br />IV '" <br />. . . ~ <br /> <br />DUTIES AND RESPONSnULITIES OF THE CITY AND THE ZONE <br /> <br />* <br /> <br />A. Tax Increment Fund. The City has established and will maintain a separate Ta."{ <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 Increment Fund as herein provided. <br /> <br />"" B. Special District Improvement Fund. The City will establish and maintain a separate <br />fund Special District Improvement Fund, including subaccounts if necessary, in the City treasury into <br />which Pill Assessments shall be deposited. During'the term of this Agreement, PID Asses~ments <br />shall be paid to ,the Authority from the Special District Improvement Fund as herei~ provided. <br />r f <br />.!" . <br />. .. <br /> <br />HOUSIOn:367966,2 <br /> <br />8 <br /> <br />I <br />I <br />