Application of TIF Revenues. The City hereby agrees to apply the TIF Revenues and any taxes, fees or assessments subsequently enacted and imposed in substitution therefor and allocable to the Special Allocation Fund under the TIF Act or this Agreement as provided in the Note Ordinance and this Agreement. Unless otherwise specified below, such money shall be applied (either by the City Treasurer or other financial officer or, at the option of the City, by the bond trustee on behalf of the City) first from the Pilots Account, then from the Economic Activity Tax Account, as follows:
Application of TIF Revenues. The City is currently in receipt of TIF Revenues based primarily from increment generated within the Old Town Cinema Project Area and subsequently from the Hotel Property within the District. Such TIF Revenues shall be applied: (i) first to the repayment of the Old Town Cinema Project Area TIF Bonds to their scheduled maturity or earlier redemption; (ii) second to repayment of the Old Town Cinema Project Area TIF Shortfall Reimbursement; (iii) third to repayment of the TIF Bonds; and (iv) fourth to reimburse the City for any advances necessary to provide debt service on the TIF Bonds not paid from TIF Revenues. Unless required by the TIF Act, the City covenants not to terminate the TIF District or reduce the available TIF Revenues from the Old Town Cinema Project Area or from the Hotel Property until the TIF Bonds are repaid in full and the City has been reimbursed for the TIF Shortfall Reimbursement.
