Common use of Debt Service for TIF Indebtedness Clause in Contracts

Debt Service for TIF Indebtedness. The City shall, to the extent allowed by law, and then only to the extent funds are lawfully available from TIF Tax Revenues, pay the TIF Bond Purchaser the principal of and/or interest on the TIF Bonds with interest as provided in the TIF Bond Ordinance(s) with interest at a rate not to exceed six percent (6%) per annum. Any unpaid debt service on the TIF Indebtedness (including interest) is not payable from any other source whatsoever and shall not constitute a general obligation or debt of the City. Any excess TIF Tax Revenues resulting from the Tax Increment Provision on the Project Site not needed or required to pay the TIF Bond Purchaser for the TIF Indebtedness or for the repayment of Redeveloper’s Aggregate Deficiency Payments shall be used to reimburse the City for eligible public expenditures. Any shortfall in anticipated TIF Tax Revenues from the Tax Increment Provision for any reason whatsoever, specifically including a decline in the taxable valuation of the Project Site, shall be borne entirely by the Redeveloper and TIF Bond Purchaser without any recourse of any kind against the City.

Debt Service for TIF Indebtedness. The City shall, to the extent allowed by law, and then only to the extent funds are lawfully available from TIF Tax Revenues, pay the TIF Bond Purchaser the principal of and/or interest on the TIF Bonds Bond with interest as provided in the TIF Bond Ordinance(s) Ordinance with interest at a rate not to exceed six Five percent (65%) per annum. Any unpaid debt service on the TIF Indebtedness (including interest) is not payable from any other source whatsoever and shall not constitute a general obligation or debt of the City. Any excess TIF Tax Revenues resulting from the Tax Increment Provision on the Project Site not needed or required to pay the TIF Bond Purchaser for the TIF Indebtedness or for the repayment of Redeveloper’s Aggregate Deficiency Payments shall be used to reimburse the City for eligible public expenditures. Any shortfall in anticipated TIF Tax Revenues from the Tax Increment Provision for any reason whatsoever, specifically including a decline in the taxable valuation of the Project Site, shall be borne entirely by the Redeveloper and TIF Bond Purchaser without any recourse of any kind against the City.

Debt Service for TIF Indebtedness. The City shall, to the extent allowed by law, and then only to the extent funds are lawfully available from TIF Tax Revenues, pay the TIF Bond Purchaser Holder the principal of and/or interest on the such TIF Bonds with interest as provided in the TIF Bond Ordinance(s) Indebtedness with interest at a rate not to exceed six eight and a half percent (68.5 %) per annum. Any unpaid debt service on the TIF Indebtedness (including interest) is not payable to be paid from any other source whatsoever and TIF Tax Revenues shall not constitute a general obligation or debt of the City. Only Public Improvements costs incurred after the effective date of the Original Redevelopment Agreement shall be eligible for reimbursement. Any excess TIF Tax Revenues resulting from the Tax Increment Provision on the Project Site each Redeveloper Property not needed or required to pay the TIF Bond Purchaser Holder for the TIF Indebtedness or for the repayment of Redeveloper’s Aggregate Deficiency Payments shall be used to reimburse expended by the City for eligible public expendituresor returned to the applicable taxing authorities as provided in the Act. Any shortfall in anticipated TIF Tax Revenues from the Tax Increment Provision for any reason whatsoever, specifically including a decline in the taxable valuation of the Project Site, Redeveloper Property shall be borne entirely by the Redeveloper and TIF Bond Purchaser without any recourse of any kind against the City.

Debt Service for TIF Indebtedness. The City shall, to the extent allowed by law, and then only to the extent funds are lawfully available from TIF Tax Revenues, pay the TIF Bond Bond(s) Purchaser the principal of and/or interest on the TIF Bonds Bond(s), with interest as provided in the TIF Bond Ordinance(sBond(s) with interest Ordinance at a rate not to exceed six five percent (65.0%) per annum. Any unpaid debt service on the TIF Bond(s) Indebtedness (including interest) is not payable to be paid from any other source whatsoever and TIF Tax Revenues shall not constitute a general obligation or debt of the City. Any Upon retirement of the TIF Bond(s), any excess TIF Tax Revenues resulting from the Tax Increment Provision on the Project Site not needed or required to pay the TIF Bond Purchaser for the TIF Indebtedness or for the repayment of Redeveloper’s Aggregate Deficiency Payments Redeveloper Improvements, shall be used to reimburse the City for other eligible public expendituresimprovements in the Redevelopment Project Area or returned to the applicable taxing authorities as provided in the Community Development Law. Any risk resulting from a shortfall in anticipated TIF Tax Revenues from the Tax Increment Provision for any reason whatsoever, specifically including a decline in the taxable valuation of the Project SiteRedeveloper Improvements, shall be borne entirely by the Redeveloper Redeveloper, and the TIF Bond Bond(s) Purchaser without any recourse of any kind against the City.

Debt Service for TIF Indebtedness. The City shall, to the extent allowed by law, and then only to the extent funds are lawfully available from TIF Tax Revenues, pay the TIF Bond Purchaser the principal of and/or interest on the TIF Bonds with interest as provided in the TIF Bond Ordinance(s) with interest at a rate not to exceed six five percent (65.0%) per annum. Any unpaid debt service on the TIF Indebtedness (including interest) is not payable from any other source whatsoever and shall not constitute a general obligation or debt of the City. Any excess TIF Tax Revenues resulting from the Tax Increment Provision on the Project Site not needed or required to pay the TIF Bond Purchaser for the TIF Indebtedness or for the repayment of Redeveloper’s Aggregate Deficiency Payments shall be used to reimburse the City for eligible public expenditures. Any shortfall in anticipated TIF Tax Revenues from the Tax Increment Provision for any reason whatsoever, specifically including a decline in the taxable valuation of the Project Site, shall be borne entirely by the Redeveloper and TIF Bond Purchaser without any recourse of any kind against the City.

Debt Service for TIF Indebtedness. The City shall, to the extent allowed by law, and then only to the extent funds are lawfully available from TIF Tax Revenues, pay the TIF Bond Purchaser the principal of and/or interest on the TIF Bonds Bond with interest as provided in the TIF Bond Ordinance(s) with interest at a rate not to exceed six nine percent (69.0%) per annum. Any unpaid debt service on the TIF Indebtedness (including interest) is not payable from any other source whatsoever and shall not constitute a general obligation or debt of the City. Any excess TIF Tax Revenues resulting from the Tax Increment Provision on the Project Site not needed or required to pay the TIF Bond Purchaser for the TIF Indebtedness or for the repayment of Redeveloper’s Aggregate Deficiency Payments shall be used to reimburse the City for eligible public expenditures. Any shortfall in anticipated TIF Tax Revenues from the Tax Increment Provision for any reason whatsoever, specifically including a decline in the taxable valuation of the Project Site, shall be borne entirely by the Redeveloper and TIF Bond Purchaser without any recourse of any kind against the City.

Debt Service for TIF Indebtedness. The City shall, to the extent allowed by law, and then only to the extent funds are lawfully available from TIF Tax Revenues, pay the TIF Bond Purchaser the principal of and/or interest on the TIF Bonds Bond, with interest as provided in the TIF Bond Ordinance(s) with interest Ordinance at a rate not to exceed six 4.75 percent (64.75%) per annum. Any unpaid debt service on the TIF Indebtedness (including interest) is not payable to be paid from any other source whatsoever and TIF Tax Revenues shall not constitute a general obligation or debt of the City. Any Upon retirement of the TIF Bond, any excess TIF Tax Revenues resulting from the Tax Increment Provision on the Project Site not needed or required to pay the TIF Bond Purchaser for the TIF Indebtedness or for the repayment of Redeveloper’s Aggregate Deficiency Payments and New Building, shall be used to reimburse the City for other eligible public expendituresimprovements in the 9th and O Redevelopment Project Area or returned to the applicable taxing authorities as provided in the Community Development Law. Any shortfall in anticipated TIF Tax Revenues from the Tax Increment Provision for any reason whatsoever, specifically including a decline in the taxable valuation of the Project SiteSite and New Building, shall be borne entirely by the Redeveloper Redeveloper, and the TIF Bond Purchaser without any recourse of any kind against the City.

Debt Service for TIF Indebtedness. The City shall, to the extent allowed by law, and then only to the extent funds are lawfully available from TIF Tax Revenues, pay the TIF Bond Purchaser the principal of and/or interest on the TIF Bonds Bond with interest as provided in the TIF Bond Ordinance(s) Ordinance with interest at a rate not to exceed six three and one half percent (63.5%) per annum. Any unpaid debt service on the TIF Indebtedness (including interest) is not payable from any other source whatsoever and shall not constitute a general obligation or debt of the City. Any excess TIF Tax Revenues resulting from the Tax Increment Provision on the Project Site not needed or required to pay the TIF Bond Purchaser for the TIF Indebtedness or for the repayment of Redeveloper’s Aggregate Deficiency Payments shall be used to reimburse the City for eligible public expenditures. Any shortfall in anticipated TIF Tax Revenues from the Tax Increment Provision for any reason whatsoever, specifically including a decline in the taxable valuation of the Project Site, shall be borne entirely by the Redeveloper and TIF Bond Purchaser without any recourse of any kind against the City.

Debt Service for TIF Indebtedness. The City shall, to the extent allowed by law, and then only to the extent funds are lawfully available from TIF Tax Revenues, pay the TIF Bond Purchaser the principal of and/or interest on the TIF Bonds with interest as provided in the TIF Bond Ordinance(s) with interest at a rate not to exceed six five percent (64.5%) per annum. Any unpaid debt service on the TIF Indebtedness (including interest) is not payable from any other source whatsoever and shall not constitute a general obligation or debt of the City. Any excess TIF Tax Revenues resulting from the Tax Increment Provision on the Project Site not needed or required to pay the TIF Bond Purchaser for the TIF Indebtedness or for the repayment of Redeveloper’s Aggregate Deficiency Payments shall be used to reimburse the City for eligible public expenditures. Any shortfall in anticipated TIF Tax Revenues from the Tax Increment Provision for any reason whatsoever, specifically including a decline in the taxable valuation of the Project Site, shall be borne entirely by the Redeveloper and TIF Bond Purchaser without any recourse of any kind against the City.

Debt Service for TIF Indebtedness. The City shall, to the extent allowed by law, and then only to the extent funds are lawfully available from TIF Tax Revenues, pay the TIF Bond Purchaser the principal of and/or interest on the TIF Bonds Bond with interest as provided in the TIF Bond Ordinance(s) with interest at a rate not to exceed six seven and a half percent (67.5%) per annum. Any unpaid debt service on the TIF Indebtedness (including interest) is not payable from any other source whatsoever and shall not constitute a general obligation or debt of the City. Any excess TIF Tax Revenues resulting from the Tax Increment Provision on the Project Site not needed or required to pay the TIF Bond Purchaser for the TIF Indebtedness or for the repayment of Redeveloper’s Aggregate Deficiency Payments shall be used to reimburse the City for eligible public expenditures. Any shortfall in anticipated TIF Tax Revenues from the Tax Increment Provision for any reason whatsoever, specifically including a decline in the taxable valuation of the Project Site, shall be borne entirely by the Redeveloper and TIF Bond Purchaser without any recourse of any kind against the City.

Debt Service for TIF Indebtedness. The City shall, to the extent allowed by law, and then only to the extent funds are lawfully available from TIF Tax Revenues, pay the TIF Bond Purchaser the principal of and/or interest on the TIF Bonds Bond with interest as provided in the TIF Bond Ordinance(s) with interest at a rate not to exceed six percent (6%) per annum. Any unpaid debt service on the TIF Indebtedness (including interest) is not payable from any other source whatsoever and shall not constitute a general obligation or debt of the City. Any excess TIF Tax Revenues resulting from the Tax Increment Provision on the Project Site not needed or required to pay the TIF Bond Purchaser for the TIF Indebtedness or for the repayment of Redeveloper’s Aggregate Deficiency Payments shall be used to reimburse the City for eligible public expenditures. Any shortfall in anticipated TIF Tax Revenues from the Tax Increment Provision for any reason whatsoever, specifically including a decline in the taxable valuation of the Project Site, shall be borne entirely by the Redeveloper and TIF Bond Purchaser without any recourse of any kind against the City.

Debt Service for TIF Indebtedness. The City shall, to the extent allowed by law, and then only to the extent funds are lawfully available from TIF Tax Revenues, pay the TIF Bond Purchaser the principal of and/or interest on the TIF Bonds with interest as provided in the TIF Bond Ordinance(s) with interest at a rate not to exceed six five and one-half percent (65.5%) per annum. Any unpaid debt service on the TIF Indebtedness (including interest) is not payable from any other source whatsoever and shall not constitute a general obligation or debt of the City. Any excess TIF Tax Revenues resulting from the Tax Increment Provision on the Project Site not needed or required to pay the TIF Bond Purchaser for the TIF Indebtedness or for the repayment of Redeveloper’s Aggregate Deficiency Payments shall be used to reimburse the City for eligible public expenditures. Any shortfall in anticipated TIF Tax Revenues from the Tax Increment Provision for any reason whatsoever, specifically including a decline in the taxable valuation of the Project Site, shall be borne entirely by the Redeveloper and TIF Bond Purchaser without any recourse of any kind against the City.