City Obligation to Form Public Finance District and Issue Bonds Sample Clauses

City Obligation to Form Public Finance District and Issue Bonds. Development of the Project requires the investment of significant capital to fund the Project’s necessary infrastructure, including the facilities described in this Agreement and the City’s development impact fees as specified in Exhibit C-1 (collectively, the “Public Facilities”). To facilitate the construction of the Public Facilities in a timely fashion, and based upon the commitment of Developers to participate in the finance district(s) in compliance with this Agreement and the Local Goals and Policies as specified in Sections 3.16, 3.17, and 3.18 above, City shall cooperate with Developers fully and in good faith to form and implement a Community Facilities District, or other tax exempt and/or land based financing mechanisms (the “Finance District”) through which special taxes may be levied and bonds may be sold to fund the Public Facilities identified by Developers; provided however, that nothing herein, except as expressly provided, shall obligate the City to make any expenditure for the Public Facilities from the City’s general fund or any funds not derived from the sale of bonds or the collection of special taxes as described in this paragraph. The City shall be obligated to form and implement a Community Facilities District or other public financing mechanism only if Developers is not in default under this Agreement and if the proposed Community Facilities District or other public financing mechanism complies with Sections 3.16, 3.17, and 3.18 of this Agreement and the Local Goals and Policies (Exhibit E).
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