CID Construction Account Sample Clauses

CID Construction Account. When CID Bonds are issued by the City for the CID District, the proceeds of the CID Bonds for the CID District shall be deposited into a fund which shall be created and administered by the City or its designee and which will be described and defined in the Bond Documents for the CID District and which, for purposes of this Agreement shall be referred to as the "CID Construction Account". The Net Proceeds from the sale of the CID Bonds shall be deposited into the CID Construction Account shall be used to pay or reimburse the CID Project Costs which are eligible expenses under the CID Act and located within or without the CID District, subject to the limitations in the CID Act, and, if applicable, federal tax law. Developer hereby understands and agrees that CID Bond Proceeds from the CID Bonds may not be spent for any costs other than CID Project Costs. Disbursements from the CID Construction Account shall be as provided in the Bond Documents.
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Related to CID Construction Account

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