Authority Financing. The sole financing provided by the Authority for the redevelopment of the Property pursuant to the Urban Renewal Plan shall be the payment of Authority Pledged Revenues to the District pursuant to the Pledge Agreement. The Property Tax TIF revenues shall be those revenues, if any, from the property tax levy of those taxing bodies that levy such taxes against the increment portion of the property tax assessment roll attributable to the Property as calculated and allocated by the Authority to the Property each year as part of the total property tax increment revenue, if any, received by the Authority from the entire Area described in the Urban Renewal Plan in accordance with the Act and applicable regulations. The Sales Tax TIF revenues shall be those revenues, if any, described in the Cooperation Agreement and the County Agreement generated from taxable sales on or from the Property and Improvements thereon, if any, as calculated and allocated by the Authority to the Property and Improvements each year as part of the total municipal or county, as applicable, sales tax increment revenue, if any, received by the Authority from the entire Area described in the Urban Renewal Plan in accordance with the Act, the Cooperation Agreement and the County Agreement. Nothing in this section shall be deemed to limit the Authority’s rights and obligations under the RTA and the Resolution described in Section 4.4 above.
Authority Financing. Authority will finance all or part of the purchase price paid by Developer to acquire any Property in any Phase. Such financing shall be on terms and conditions established by Authority and shall be secured by the lien of a senior or subordinate deed of trust against the subject Property unless such Property is immediately transferred to the Authority, in which event no security will be required.
Authority Financing. The introductory paragraph of Section 9.0 of the Agreement is hereby deleted and replaced in its entirety with the following:
Authority Financing. The sole financing provided by the Authority for the redevelopment of the Property pursuant to the Urban Renewal Plan shall be the reimbursement of actual Eligible Costs from the TIF Revenue. In furtherance of the foregoing, for the purpose of financing a portion of the Eligible Costs, the Authority has agreed to enter into the Vectra Loan pursuant to the Vectra Loan Documents. In connection with the Vectra Loan, the Authority has agreed to pledge the TIF Revenue to repayment thereof pursuant to the Vectra Loan Agreement. Developer and the District hereby agree to comply with all obligations of the Developer and the District, as applicable, in the Vectra Loan Documents and otherwise reasonably cooperate with the Authority as necessary and appropriate to allow the Authority to comply with its obligations under the Vectra Loan Documents.
Authority Financing. The sole financing provided by the Authority for the redevelopment of the Property shall be the reimbursement of actual Reimbursable Project Costs from the Pledged Revenues. In addition to the cost of Public Improvements, Reimbursable Project Costs are listed on Exhibit B. The Property Tax TIF revenues shall be those revenues, if any, from the property tax levy of those taxing bodies that levy such taxes against the increment portion of the property tax assessment roll attributable to the Property as calculated and allocated by the Authority to the Property each year as part of the total property tax increment revenue, if any, received by the Authority from the entire Area described in the Urban Renewal Plan in accordance with the Act and applicable regulations.
Authority Financing. The sole financing provided by the Authority for the redevelopment of the Property shall be the reimbursement of actual reimbursable project costs (“Reimbursable Project Costs”) from the Pledged Revenues. In addition to the cost of Public Improvements, Reimbursable Project Costs are listed on Exhibit B. The Property Tax TIF revenues shall be those revenues, if any, from the property tax levy of those taxing bodies that levy such taxes against the increment portion of the property tax assessment roll attributable to the Property as calculated and allocated by the Authority to the Property each year as part of the total property tax increment revenue, if any, received by the Authority from the entire Area described in the Urban Renewal Plan in accordance with the Act and applicable regulations. The Sales Tax TIF revenues shall be those revenues, if any, described in the Cooperation Agreement and the County Agreement generated from taxable sales on or from the Property and Improvements thereon, if any, as calculated and allocated by the Authority to the Property and Improvements each year as part of the total municipal sales tax increment revenue, if any, received by the Authority from the entire Area described in the Urban Renewal Plan in accordance with the Act, the Cooperation Agreement and the County Agreement.
Authority Financing. 19 ARTICLE III.
Authority Financing. (a) On or before the March 31, 1999, the Authority shall lease the System from the City pursuant to the Lease Agreement and issue the Authority Indebtedness. Simultaneously, the Authority shall acquire a franchise to operate the System for the Franchise Fee and issue the Authority Indebtedness.
(b) The Authority shall use the proceeds from the Authority Indebtedness to provide (i) all costs of issuance associated with the issuance of the Authority Indebtedness, (ii) deposits to the bond reserve funds for the applicable series of Authority Indebtedness equal to maximum annual debt service or such other amount permitted by the Internal Revenue Code of 1986, as amended and determined by the City and the Authority, (iii) a deposit to the Operating Fund (defined in the Revenue Agreement) equal to approximately nine hundred thousand dollars ($900,000), (iv) the Fixed Franchise Fee (net funded) for the first six (6) Contract Years, (v) a deposit to the Project Fund for the cost (net funded) of the Ongoing Capital Improvements and the refunding of all outstanding debt of the City issued for the Ongoing Capital Improvements (net of any unspent bond or note proceeds on deposit with the City), (vi) a deposit to an escrow fund for the refunding of all of the Outstanding City Indebtedness, (vii) a deposit to the Capital Improvement Fund for the first five (5) Years of the Capital Improvement Allocation (net funded), and (viii) a payment to the City of two million one hundred and thirty thousand dollars ($2,130,000) for all outstanding but unpaid System xxxxxxxx.
(c) The parties have directed the System Trustee to provide from the Revenues for the payment of the principal of and interest on the Authority Indebtedness together with all Authority Administrative Expenses, when due. Notwithstanding anything herein to the contrary, (i) upon the expiration and/or termination of this Agreement, the City shall continue to provide for the collection of all Revenues and the payment of all amounts, if any, due to the Authority for the Authority Indebtedness and the Authority Administrative Expenses from such Revenues and (ii) the City's obligations under the City Bond Guaranty shall remain unaffected by any City obligations hereunder or under any other financing document, including without limitation the Revenue Agreement and the Lease Agreement.
(d) Subsequent to the Commencement Date and prior to the issuance of the Authority Indebtedness, all Revenues shall be held in trust by ...
Authority Financing. On or before March 16, 2012, the Authority shall obtain a loan in the approximate amount of $778,000.00 secured by incremental property and sales taxes substantially in accordance with the loan agreement attached as Exhibit C (the “Loan Agreement”). Notwithstanding any provisions herein to the contrary, the terms and conditions of the Loan Agreement shall be subject to approval by the Redeveloper, including, without limitation, any escrow agreement governing the payment of construction draws related to the Eligible Public Improvements and payment of any cost overruns and cost savings in connection therewith (the “Escrow Agreement”).
Authority Financing. The sole financing provided by the Authority for the redevelopment of the Property shall be the reimbursement of actual Reimbursable Project Costs from the Available Revenues.
