Common use of Creation of Funds and Account Clause in Contracts

Creation of Funds and Account. There is hereby created and established by the Authority the following funds and accounts which funds shall be held by the Finance Director of the City separate and apart from all other funds and moneys of the Authority and the City under his or her control: (a) a special trust fund called the “Living Waters, LLC Redevelopment Project Tax Increment Redevelopment Project Note Fund” (the “Note Fund”). All of the Revenue shall be deposited into the Note Fund. The Revenue accumulated in the Note Fund shall be used and applied on the Business Day prior to each Payment Date (i) to make any payments to the City and Authority as may be required under the Redevelopment Contract and (ii) to pay principal on the Note to the extent of any money then remaining the Note Fund on such Payment Date. Money in the Note Fund shall be used solely for the purposes described in this Section 7.1 (a). All Revenues received through and including December 31, 2041, shall be used solely for the payments required by this Section 7.1 (a); and (b) a special trust fund called the “Living Waters, LLC Redevelopment Project Fund” (the “Project Fund”) The Authority shall disburse any money on deposit in the Project Fund from time to time to pay or as reimbursement for payment made for the Project Costs in each case within 5 Business Days after completion of the steps set forth in Section 3.2. If a sufficient amount to pay a properly completed Disbursement Request is not in the Project Fund at the time of the receipt by the Agency of such request, the Agency shall notify the owner of the Note and such owner may deposit an amount sufficient to pay such request with the Agency for such payment. As set forth in Section 3.2, if the Redeveloper is the owner of the Note and the Redeveloper so elects, the Agency shall make a grant to Redeveloper in the amount of an approved Disbursement Request; in such event, the approved Disbursement Request amount shall offset funding of the Note.

Creation of Funds and Account. There is hereby created and established by the Authority the following funds and accounts which funds shall be held by the Finance Director of the City separate and apart from all other funds and moneys of the Authority and the City under his or her control: (a) a special trust fund called the “Living Waters“JNIK, LLC Redevelopment Project Tax Increment Redevelopment Project Note Fund” (the “Note Fund”). All of the Revenue shall be deposited into the Note Fund. The Revenue accumulated in the Note Fund shall be used and applied on the Business Day prior to each Payment Date (i) to make any payments to the City and Authority as may be required under the Redevelopment Contract and (ii) to pay principal on the Note to the extent of any money then remaining the Note Fund on such Payment Date. Money in the Note Fund shall be used solely for the purposes described in this Section 7.1 (a). All Revenues received through and including December 31, 20412048, shall be used solely for the payments required by this Section 7.1 (a); and (b) a special trust fund called the “Living WatersJNIK, LLC Redevelopment Project Fund” (the “Project Fund”) The Authority shall disburse any money on deposit in the Project Fund from time to time to pay or as reimbursement for payment made for the Project Costs in each case within 5 Business Days after completion of the steps set forth in Section 3.2. If a sufficient amount to pay a properly completed Disbursement Request is not in the Project Fund at the time of the receipt by the Agency of such request, the Agency shall notify the owner of the Note and such owner may deposit an amount sufficient to pay such request with the Agency for such payment. As set forth in Section 3.2, if the Redeveloper is the owner of the Note and the Redeveloper so elects, the Agency shall make a grant to Redeveloper in the amount of an approved Disbursement Request; in such event, the approved Disbursement Request amount shall offset funding of the Note.

Creation of Funds and Account. There is hereby created and established by the Authority the following funds and accounts which funds shall be held by the Finance Director of the City separate and apart from all other funds and moneys of the Authority and the City under his or her control: (a) a special trust fund called the “Living WatersParamount Development, LLC Redevelopment Project Tax Increment Redevelopment Project Note Fund” (the “Note Fund”). All of the Revenue shall be deposited into the Note Fund. The Revenue accumulated in the Note Fund shall be used and applied on the Business Day prior to each Payment Date (i) to make any payments to the City and Authority as may be required under the Redevelopment Contract and (ii) to pay principal on the Note to the extent of any money then remaining the Note Fund on such Payment Date. Money in the Note Fund shall be used solely for the purposes described in this Section 7.1 (a). All Revenues received through and including December 31, 20412039, shall be used solely for the payments required by this Section 7.1 (a); and (b) a special trust fund called the “Living WatersParamount Development, LLC Redevelopment Project Fund” (the “Project Fund”) The Authority shall disburse any money on deposit in the Project Fund from time to time to pay or as reimbursement for payment made for the Project Costs in each case within 5 Business Days after completion of the steps set forth in Section 3.2. If a sufficient amount to pay a properly completed Disbursement Request is not in the Project Fund at the time of the receipt by the Agency of such request, the Agency shall notify the owner of the Note and such owner may deposit an amount sufficient to pay such request with the Agency for such payment. As set forth in Section 3.2, if the Redeveloper is the owner of the Note and the Redeveloper so elects, the Agency shall make a grant to Redeveloper in the amount of an approved Disbursement Request; in such event, the approved Disbursement Request amount shall offset funding of the Note.

Creation of Funds and Account. There is hereby created and established by the Authority the following funds and accounts which funds shall be held by the Finance Director of the City separate and apart from all other funds and moneys of the Authority and the City under his or her control: (a) a special trust fund called the “Living WatersPrataria Ventures, LLC Medical Office Building #2 Redevelopment Project Tax Increment Redevelopment Project Note Fund” (the “Note Fund”). All of the Revenue shall be deposited into the Note Fund. The Revenue accumulated in the Note Fund shall be used and applied on the Business Day prior to each Payment Date (i) to make any payments to the City and Authority as may be required under the Amended Redevelopment Contract and (ii) to pay principal on the Note to the extent of any money then remaining the Note Fund on such Payment Date. Money in the Note Fund shall be used solely for the purposes described in this Section 7.1 (a). All Revenues received through and including December 31, 2041, shall be used solely for the payments required by this Section 7.1 (a); and (b) a special trust fund called the “Living WatersPrataria Ventures, LLC Medical Office Building #2 Redevelopment Project Fund” (the “Project Fund”) The Authority shall disburse any money on deposit in the Project Fund from time to time to pay or as reimbursement for payment made for the Project Costs in each case within 5 Business Days after completion of the steps set forth in Section 3.2. If a sufficient amount to pay a properly completed Disbursement Request is not in the Project Fund at the time of the receipt by the Agency of such request, the Agency shall notify the owner of the Note and such owner may deposit an amount sufficient to pay such request with the Agency for such payment. As set forth in Section 3.2, if the Redeveloper is the owner of the Note and the Redeveloper so elects, the Agency shall make a grant to Redeveloper in the amount of an approved Disbursement Request; in such event, the approved Disbursement Request amount shall offset funding of the Note.