Common use of City Advances Clause in Contracts

City Advances. (A) The City will advance sufficient funds for all costs comprising the Project Costs including, without limitation, all costs of design and engineering that arose or will arise in connection with the completed Public Improvements, including all payments arising under any contracts entered into by the City pursuant to this Agreement, all costs incurred in connection with obtaining governmental approvals, certificates, or permits (including any building permit fees) required as a part of any contracts entered into in accordance with this Agreement, all related legal fees and out-of-pocket expenses incurred in connection therewith. (B) Following the completion of the Public Improvements, the Authority shall begin repaying the City Advances, and shall continue such repayment until repaid in full, on the earliest date that funds are available from the City Tax Increment. (C) The Authority’s obligation to reimburse the City for Project Costs is limited to the City Tax Increment generated by the TIRZ. The City Tax Increment shall be accounted for separately by the Authority, and shall be used solely for the reimbursement of the City, subject to the terms of this Agreement. The rights of the City in and to the City Tax Increment granted herein are subject only to (a) the rights of any holders of bonds, notes, or other obligations that have been heretofore or are hereafter issued by the City or any other participating Taxing Unit that are payable from and secured by a general levy of ad valorem taxes throughout the taxing jurisdiction of the City or any other participating taxing unit; (b) the rights of any of the holders of bonds and notes, including refunding bonds and notes, that are hereafter issued or incurred by the Authority and which are secured by a pledge of the Tax Increment Revenue Fund, the proceeds of which are used to pay or to refund bonds or notes issued to pay Project Costs, including City Advances; and (c) the rights of any of the holders of notes that are hereafter issued or incurred by the Authority, which are secured by a pledge of all or a part of the Tax Increment Revenue Fund, the proceeds of which are used solely to fund the annual operating and administration budget of the Authority approved by the Authority Board and the City Council. Subject to the availability of City Tax Increment generated by the TIRZ, and further by the terms hereof, the obligation of the Authority to repay the City Advances as set forth in this Agreement from the City Tax Increment shall be absolute and unconditional until such time as the City Advances incurred pursuant to this Agreement have been fully repaid or provision for payment thereon to the City shall have been made in accordance with the terms of this Agreement. The City Advances constitute a special obligation of the Authority payable solely from the City Tax Increment as and to the extent provided in this Agreement. The City Advances do not give rise to a charge against the general credit or taxing powers of the Authority, the City, the County, or any other Taxing Unit and is not payable except as provided in this Agreement. The City, its successors and assigns, shall not have the right to demand payment thereof out of any funds of the Authority other than the City Tax Increment. (D) The Authority shall provide to the City, upon the written request of the City, and on the earliest date such information is available after the date of such request, certified copies of all statements of revenue and the source of such revenue of the TIRZ and of the Authority, the intended use of which is to verify the availability of funds for payment of the Project Costs or City Advances, if applicable, under this Section, and the extent of the City Tax Increment. (E) The Authority shall use its best efforts to cause each Taxing Unit to collect all ad valorem taxes due on property located within the TIRZ and shall use its best efforts to cause such Taxing Units to deposit all tax increments due with the City for transfer to the Tax Increment Revenue Fund pursuant to the Mission Agreement.

City Advances. (A) The City will advance sufficient funds for all costs comprising the Project Costs including, without limitation, all costs of design design, construction, and engineering that arose or will arise in connection with the completed Public Improvements, including all payments arising under any contracts entered into by the City pursuant to this Agreement, all costs incurred in connection with obtaining governmental approvals, certificates, or permits (including any building permit fees) required as a part of any contracts entered into in accordance with this Agreement, all related legal fees and out-out- of-pocket expenses incurred in connection therewith. (B) Following the completion of the Public Improvements, the Authority shall begin repaying the City Advances, and shall continue such repayment until repaid in full, on the earliest date that funds are available from the City Tax Increment. (C) The Authority’s obligation to reimburse the City for Project Costs is limited to the City Tax Increment generated by the TIRZ. The City Tax Increment shall be accounted for separately by the Authority, and shall be used solely for the reimbursement of the City, subject to the terms of this Agreement. The rights of the City in and to the City Tax Increment granted herein are subject only to (a) the rights of any holders of bonds, notes, or other obligations that have been heretofore or are hereafter issued by the City or any other participating Taxing Unit that are payable from and secured by a general levy of ad valorem taxes throughout the taxing jurisdiction of the City or any other participating taxing unit; (b) the rights of any of the holders of bonds and notes, including refunding bonds and notes, that are hereafter issued or incurred by the Authority and which are secured by a pledge of the Tax Increment Revenue Fund, the proceeds of which are used to pay or to refund bonds or notes issued to pay Project Costs, including City Advances; and (c) the rights of any of the holders of notes that are hereafter issued or incurred by the Authority, which are secured by a pledge of all or a part of the Tax Increment Revenue Fund, the proceeds of which are used solely to fund the annual operating and administration budget of the Authority approved by the Authority Board and the City Council. Subject to the availability of City Tax Increment generated by the TIRZ, and further by the terms hereof, the obligation of the Authority to repay the City Advances as set forth in this Agreement from the City Tax Increment shall be absolute and unconditional until such time as the City Advances incurred pursuant to this Agreement have been fully repaid or provision for payment thereon to the City shall have been made in accordance with the terms of this Agreement. The City Advances constitute a special obligation of the Authority payable solely from the City Tax Increment as and to the extent provided in this Agreement. The City Advances do not give rise to a charge against the general credit or taxing powers of the Authority, the City, the County, or any other Taxing Unit and is not payable except as provided in this Agreement. The City, its successors and assigns, shall not have the right to demand payment thereof out of any funds of the Authority other than the City Tax Increment. (D) The Authority shall provide to the City, upon the written request of the City, and on the earliest date such information is available after the date of such request, certified copies of all statements of revenue and the source of such revenue of the TIRZ and of the Authority, the intended use of which is to verify the availability of funds for payment of the Project Costs or City Advances, if applicable, under this Section, and the extent of the City Tax Increment. (E) The Authority shall use its best efforts to cause each Taxing Unit to collect all ad valorem taxes due on property located within the TIRZ and shall use its best efforts to cause such Taxing Units to deposit all tax increments due with the City for transfer to the Tax Increment Revenue Fund pursuant to the Mission Agreement.

City Advances. (A) The City will advance sufficient funds for all costs comprising the Project Costs including, without limitation, all costs of design planning, design, engineering, materials, and engineering labor that arose or will arise in connection with the completed Public Improvements, including all payments arising under any contracts entered into by the City pursuant to this Agreement, all costs incurred in connection with obtaining governmental approvals, certificates, or permits (including any building permit fees) required as a part of any contracts entered into in accordance with this Agreement, all related legal fees and out-of-pocket expenses incurred in connection therewith. (B) Following the completion of At such time as the Public ImprovementsImprovements are certified as being complete, the Authority shall begin repaying will reimburse the City Advances, and shall continue such repayment until repaid in full, on for eligible Project Costs from currently available general funds of the earliest date that funds are available from the City Tax IncrementAuthority. (C) The Authority’s obligation to reimburse the City for Project Costs is limited to the City Tax Increment generated by the TIRZ. The City Tax Increment shall be accounted for separately by the Authority, Authority and shall be used solely for the reimbursement of the City, either directly or as security for the issuance of Authority Bonds, subject to the terms of this Agreement. The rights of the City in and to the City Tax Increment granted herein are subject only to (a) the rights of any holders of bonds, notes, or other obligations that have been heretofore or are hereafter issued by the City or any other participating Taxing Unit that are payable from and secured by a general levy of ad valorem taxes throughout the taxing jurisdiction of the City or any other participating taxing unit; (b) the rights of any of the holders of bonds and notes, including refunding bonds and notes, that are hereafter issued or incurred by the Authority and which are secured by a pledge of the Tax Increment Revenue Fund, the proceeds of which are used to pay or to refund bonds or notes issued to pay Project Costs, including City Advances; and (c) the rights of any of the holders of notes that are hereafter issued or incurred by the Authority, which are secured by a pledge of all or a part of the Tax Increment Revenue Fund, the proceeds of which are used solely to fund the annual operating and administration budget of the Authority approved by the Authority Board and the City Council. Subject to the availability of City Tax Increment generated by the TIRZ, and further by the terms hereof, the obligation of the Authority to repay the City Advances as set forth in this Agreement from the City Tax Increment shall be absolute and unconditional until such time as the City Advances incurred pursuant to this Agreement have been fully repaid or provision for payment thereon to the City shall have been made in accordance with the terms of this Agreement. The City Advances constitute a special obligation of the Authority payable solely from the City Tax Increment as and to the extent provided in this Agreement. The City Advances do not give rise to a charge against the general credit or taxing powers of the Authority, the City, the County, or any other Taxing Unit and is not payable except as provided in this Agreement. The City, its successors and assigns, shall not have the right to demand payment thereof out of any funds of the Authority other than the City Tax Increment. (D) The Authority shall provide to the City, upon the written request of the City, and on the earliest date such information is available after the date of such request, certified copies of all statements of revenue and the source of such revenue of the TIRZ and of the Authority, the intended use of which is to verify the availability of funds for payment of the Project Costs or City Advances, if applicable, under this Section, and the extent of the City Tax Increment. (E) The Authority shall use its best efforts to cause each Taxing Unit to collect all ad valorem taxes due on property located within the TIRZ and shall use its best efforts to cause such Taxing Units to deposit all tax increments due with the City for transfer to the Tax Increment Revenue Fund pursuant to the Mission Agreement.and