Common use of Application of District Revenues; Reimbursement of District Project Costs Clause in Contracts

Application of District Revenues; Reimbursement of District Project Costs. (a) The District shall establish the District Operating Fund and the District Reimbursement Fund. All District Sales Tax revenues received by the District in each Fiscal Year shall be deposited as follows: (1) First, District Sales Tax revenues up to the applicable Annual Operating Fund Deposit shall be deposited into the District Operating Fund; and (2) Second, all remaining District Sales Tax revenues shall be deposited into the District Reimbursement Fund. (b) The District shall use money deposited into the District Operating Fund to pay the costs of administering and operating the District and any other expenses approved by the District’s Board of Directors (including, without limitation, transferring any moneys not needed for the administration and operation of the District to the District Reimbursement Fund). The Developer agrees, upon written request of the District, to promptly pay such costs (not in excess of the Annual Operating Fund Deposit) if the moneys in the District Operating Fund are insufficient for that purpose. (c) The District shall use money deposited into the District Reimbursement Fund to reimburse the Developer for any amounts advanced pursuant to Section 4.03(b) and for the District Project Costs identified in all approved or deemed approved Certificates of Reimbursable District Project Costs (including interest accruing on District Project Costs that have not yet been reimbursed at an annual rate of 7.00%, calculated using the 30/360 method and compounding semi-annually on each May 1 and November 1). The District shall, subject to annual appropriation, make payments to the Developer from the District Reimbursement Fund on each May 1 and November 1 (or if such date is not a business day, the next business day thereafter), to the extent (1) the District has money in the District Reimbursement Fund and

Application of District Revenues; Reimbursement of District Project Costs. (a) The District shall establish the District Operating Fund and the District Reimbursement Fund. All District Sales Tax revenues received by the District in each Fiscal Year shall be deposited as follows: (1) First, District Sales Tax revenues up to the applicable Annual Operating Fund Deposit shall be deposited into the District Operating Fund; and (2) Second, all remaining District Sales Tax revenues shall be deposited into the District Reimbursement Fund. (b) The District shall use money deposited into the District Operating Fund to pay the costs of administering and operating the District and any other expenses approved by the District’s Board of Directors (including, without limitation, transferring any moneys not needed for the administration and operation of the District to the District Reimbursement Fund). The Developer agrees, upon written request of the District, to promptly pay such costs (not in excess of the Annual Operating Fund Deposit) if the moneys in the District Operating Fund are insufficient for that purpose. (c) The District shall use money deposited into the District Reimbursement Fund to reimburse the Developer for any amounts advanced pursuant to Section 4.03(b) and for the District Project Costs identified in all approved or deemed approved Certificates of Reimbursable District Project Costs (including interest accruing on District Project Costs that have not yet been reimbursed at an annual rate of 7.00%, calculated using the 30/360 method and compounding semi-semi- annually on each May 1 and November 1). The District shall, subject to annual appropriation, make payments to the Developer from the District Reimbursement Fund on each May 1 and November 1 (or if such date is not a business day, the next business day thereafter), to the extent (1) the District has money in the District Reimbursement Fund andand (2) the Developer has not yet been reimbursed by the District for the District Project Costs identified in all approved or deemed approved Certificates of Reimbursable District Project Costs. (d) Notwithstanding anything to the contrary contained herein, the District may, (1) after the satisfaction of the condition set forth in Section 4.04(e) and (2) with the City’s written permission and in lieu of the payments described in (c) above, issue notes, bonds or other obligations and use the proceeds thereof to reimburse the Developer for the District Project Costs identified in all approved or deemed approved Certificates of Reimbursable District Project Costs. The interest rate on any notes, bonds or other obligations shall not exceed 7.00% if the interest on such notes, bonds or other obligations in included in gross income for federal income tax purposes or 5.50% if the interest on such notes, bonds or other obligations is excludable from gross income for federal income tax purposes, as determined by the bond counsel selected pursuant to Section 4.04(c).