City Not To Take Action To Reduce Tax Increment Sample Clauses

City Not To Take Action To Reduce Tax Increment. The City agrees that it will take no action that would limit the amount of Tax Increment below the amount that would be generated absent such actions. In the event that at any time following the date hereof: (i) either (A) the Act is amended in such a manner as to reduce Tax Increment, or (B) Tax Increment is reduced as a result of changes in the law regarding the privilege of public entities to levy real property taxes; and (ii) in lieu of such reduced Tax Increment, the City is authorized to receive and receives revenues in any form in substitution for the lost Tax Increment which additional revenues the City is authorized to spend for the same purposes and under the same conditions that apply to Tax Increment (―Reimbursement Revenues‖), then the share of such additional revenues attributable to the reduced Tax Increment shall be deemed to be Tax Increment for all purposes of this Agreement, subject, however, to the application of those revenues to the payment of Outstanding Bonds as provided in Section 504 of the Indenture.
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