11-29-00 Meeting of the Tax Increment Reinvestment Zone Number One Minutes

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e e .... F. Obligations of City and the Zone to be Absolute. The obligation of the City and the Zone to make the payments set forth in thi,s Agreement shall be absolute and unconditional, and until such time as this Agreement, Bonds, and the contractual obligations of the Authority incurred pursuant to this Agreement have been fully paid or provision for payment thereof shall have been made in accordance with their terms (or, with respect to the Tax Increments, the date of expiration of th~ Zone, if earlier), the City and the Zone will not suspend or discontinue any payments provided for in this Agreement and will not terminate this Agreement for any cause, including, without limiting the generality of the foregoing, the failure of the Authority to perform and observe any agreement, whether express or implied, or any duty, liability, or obligation arising out of or connected with this Agreement except as pro,vided in Article XVII. Nothing contained in this section shall be construed to release the Authority from performance of any of the agreements on its part contained in this Agreement, and in the event the Authority shall fail to perform any such agreement on its part, the City may in:stitute such action against the Authority as the City may deem necessary to compel performance so 1'ong as this action does not abrogate the obligations of the City and the Zone to make the payments set forth in this Agree,ment to pay the Bonds of the Authority or to meet its Authority Obligations to Developers. ' V. CITY PAYMENT TO AUTHORITY A. TIRZ Payments. The City, on behalf of itself and the Zone, will pay the Authority, not later than the fifth business day of each calendar quarter during the term of this Agreement, all '* monies then available in the Tax Increment,Fund, subject to the retention by the City of (i) an amount equal to the City's direct administrative costs connected with the Zone and the TIRZ Plan, not to exceed five percent of the amount available in the Tax Increment Fuq.d; and (ii) the School District Educational Facilities Costs, if applicable. The Au~ority shall deposit the payments received pursuant to this Section into the TIRZ Revenue Fund and use the monies in the TIRZ Revenue Fund for payment of its TIRZ-related cosU!~ its obligations to the holders ofits TIRZ Bonds, itS obligations to Developers pursuant to a TIRZ Development Agreement, or its other contractual obligations. The obligation to make these payments shall survive a termination of this Agreement as provided by Article XVII hereof. . , ~~:g~~~~i!.~ The City will pay the Authority, ~ot later than the fust business day of each calendar quarter during the term of this Agreement, all monies then available in the Special District Improvement Fund, subject to the retention by the City of an amount equal to the City's direct administrative costs connected with the Pill and the Pill Plan"not to exceed five percent of the amount available in the Special District Improvement Fund. The Authority shall deposit the payments received pursuant to this Section into the Pill Revenue Fund and use the monies in th~ Pill Revenue Fund for payment of its PID-related costs, its obligations to the holders ofits Pill Bonds, its , obligations to Developers pursuant to a Pill Development Agreement, or its other; contractual obligations. The obligation to make these payments shall survive a termination of this Agreement as provided by Article XVII hereof. ' . , ~ '" ~ l :1;": . ~I HOUSIOn:J67966,2 1,0 I I