Common use of Creation of Development Program Fund Clause in Contracts

Creation of Development Program Fund. Within sixty (60) days after the Effective Date, the Town shall create and establish a segregated fund in the name of the Town designated as the “Town Center Infrastructure Improvement Development Program Fund” (hereinafter the “Development Program Fund”) pursuant to, and in accordance with the terms and conditions of, the Development Program and 30-A M.R.S.A. § 5227(3). The Development Program Fund shall consist of the Project Cost Account that is pledged to and charged with the payment of project costs as outlined in the Financial Plan of the Development Program and as provided in 30-A M.R.S.A. § 5227(3)(A)(1). The Project Cost Account shall also contain two subaccounts designated as the “Developer Project Cost Subaccount” and the “Town Project Cost Subaccount.”

Creation of Development Program Fund. Within sixty (60) days after the Effective Datedate hereof, the Town City shall create and establish a segregated fund in the name of the Town City designated as the “Town Center Infrastructure Improvement The Xxxxxxx Airport Omnibus Municipal Development Program and Tax Increment Financing District Fund” (hereinafter the “Development Program Fund”) pursuant to, and in accordance with the terms and conditions of, the Development Program and 30-A M.R.S.A. § 5227(3). The Development Program Fund shall consist of the Project Cost Account that is pledged to and charged with the payment of project costs as outlined in the Financial Plan of the Development Program and as provided in 30-A M.R.S.A. § 5227(3)(A)(1). The Project Cost Account shall also contain two subaccounts a new subaccount designated as the “Developer Project Cost Subaccount” and the “Town LabelTech Project Cost Subaccount.”” The Project Cost Account already contains the City Project Cost Subaccount.