Common use of Adjustments for any Payments of TIF Bond Tax Increment Deficiency Clause in Contracts

Adjustments for any Payments of TIF Bond Tax Increment Deficiency. If Redeveloper makes one or more payments to cover a TIF Bond deficiency as provided in paragraph A of this Section, the City shall maintain a record of the aggregate amount of said payments, which shall include interest (at the same interest rate of the then outstanding TIF Bond) (“Redeveloper’s TIF Bond Aggregate Deficiency Payments”). If the TIF Tax Revenues from the Tax Increment Provision for any year exceeds the amount necessary to meet current debt service on the TIF Bond, then the excess TIF Tax Revenues shall be paid to Redeveloper and deducted from the Redeveloper’s TIF Bond Aggregate Deficiency Payments until Redeveloper’s TIF Bond Aggregate Deficiency Payments have been fully reimbursed.

Adjustments for any Payments of TIF Bond Tax Increment Deficiency. If Redeveloper makes one or more payments to cover a TIF Bond deficiency as provided in paragraph A A.1 of this Section, the City shall maintain a record of the aggregate amount of said payments, which shall include interest (at the same interest rate of the then outstanding TIF Bond) (“Redeveloper’s TIF Bond Aggregate Deficiency Payments”). If the TIF Tax Revenues from the Tax Increment Provision for any year exceeds the amount necessary to meet current debt service on the TIF Bond, then the excess TIF Tax Revenues shall be paid to Redeveloper and deducted from the Redeveloper’s TIF Bond Aggregate Deficiency Payments until Redeveloper’s TIF Bond Aggregate Deficiency Payments have been fully reimbursed.