Common use of City Financing Amount Covenant Clause in Contracts

City Financing Amount Covenant. The City covenants and agrees that the City’s Budget Director, or any other officer at any time charged with responsibility of formulating budget proposals, is hereby directed to include in the budget proposals submitted to the Board of Estimate and Apportionment, and to the extent permitted by law, to the Board of Aldermen of the City, in any year during the Agreement Term, a request or requests for the City Financing Amount as set forth on Exhibit C attached hereto. Notwithstanding the years actually shown on Exhibit C attached hereto, the first such request will be submitted and appropriated under applicable law for the Fiscal Year of the City necessary for the first payment due on the City Bonds. Subsequent requests for appropriations shall be made in each Fiscal Year thereafter so that the City Financing Amount to be paid during the succeeding Fiscal Year will be available for such purposes. It is the intention of the City that the decision to appropriate the City Financing Amount to provide financing for the Project pursuant to this Agreement shall be made solely by the Board of Aldermen and not by any other official of the City except subject to the power of the Mayor of the City to approve or disapprove ordinances. The City presently expects to, in each Fiscal Year of the City during the Agreement Term, appropriate funds for the City Financing Amount so that the City Financing Amount to be paid during the succeeding Fiscal Year will be available for such purposes. The City shall deliver written notice to the Trustee and the Authority of any Event of Non-Appropriation no later than July 15 of the applicable year.

City Financing Amount Covenant. The City covenants and agrees that the City’s Budget Director, or any other officer at any time charged with responsibility of formulating budget proposals, is hereby directed to include in the budget proposals submitted to the Board of Estimate and Apportionment, and to the extent permitted by law, to the Board of Aldermen of the City, in any year during the Agreement Term, a request or requests for the City Financing Amount as set forth on Exhibit C attached hereto. Notwithstanding the years actually shown on Exhibit C attached hereto, the first such request will be submitted and appropriated under applicable law for the Fiscal Year of the City necessary for the first payment due on the City Bonds. Subsequent requests for appropriations shall be made in each Fiscal Year thereafter so that the City Financing Amount to be paid during the succeeding Fiscal Year will be available for such purposes. It is the intention of the City that the decision to appropriate the City Financing Amount to provide financing for the Project pursuant to this Agreement shall be made solely by the Board of Aldermen and not by any other official of the City except subject to the power of the Mayor of the City to approve or disapprove ordinances. The City presently expects to, in each Fiscal Year of the City during the Agreement Term, appropriate funds for the City Financing Amount so that the City Financing Amount to be paid during the succeeding Fiscal Year will be available for such purposes. The City shall deliver written notice to the Trustee and the Authority of any Event of Non-Appropriation Non­Appropriation no later than July 15 of the applicable year.