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 the TIF Bond, with interest as provided in the TIF Bond Ordinance at a rate not to exceed five percent (5%) per annum. Any debt service on the TIF Bond Indebtedness (including interest) to be paid from TIF Tax Revenues shall not constitute a general obligation or debt of the City. Upon retirement of the TIF Bond, any excess TIF Tax Revenues resulting from the Tax Increment Provision on the Private Improvements, shall be used to reimburse the City for other eligible improvements in the Antelope Tower 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 taxable valuation of the Private Improvements, shall be borne entirely by the Redeveloper, and the TIF Bond Purchaser without 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 the TIF Bond, with interest as provided in the TIF Bond Ordinance at a rate not to exceed five 4.75 percent (54.75%) per annum. Any debt service on the TIF Bond Indebtedness (including interest) to be paid from TIF Tax Revenues shall not constitute a general obligation or debt of the City. Upon retirement of the TIF Bond, any excess TIF Tax Revenues resulting from the Tax Increment Provision on the Private ImprovementsProject Site and New Building, shall be used to reimburse the City for other eligible improvements in the Antelope Tower 9th and O 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 failure to achieve a taxable valuation necessary to support repayment of the TIF Indebtedness from TIF Revenues or a decline in taxable valuation of the Private ImprovementsProject Site and New Building, shall be borne entirely by the Redeveloper, and the TIF Bond Purchaser without 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 purchaser of the TIF Bond Purchaser (“TIF Bond Purchaser”) the principal of the TIF Bond, Indebtedness with interest as provided in the TIF Bond Ordinance at a rate not to exceed five percent (5%) per annumOrdinance. Any debt service on the TIF Bond Indebtedness (including interest) to be paid from TIF Tax Revenues shall not constitute a general obligation or debt of the City. Upon retirement of the TIF Bond, any Any excess TIF Tax Revenues resulting from the Tax Increment Provision on the Private Improvements, Redeveloper Property not needed or required to pay the TIF Bond Purchaser for the TIF Indebtedness shall be used to reimburse expended by the City for other eligible improvements in the Antelope Tower 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 taxable valuation of the Private Improvementssuch Redeveloper Property, shall be borne entirely by the Redeveloper, Redeveloper and the TIF Bond Purchaser without 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 purchaser of the TIF Bond Purchaser (“TIF Bond Purchaser”) the principal of the TIF Bond, Indebtedness with interest as provided in the TIF Bond Ordinance at a rate not to exceed five ten percent (510%) per annum. Any debt service on the TIF Bond Indebtedness (including interest) to be paid from TIF Tax Revenues shall not constitute a general obligation or debt of the City. Upon retirement of the TIF Bond, any Any excess TIF Tax Revenues resulting from the Tax Increment Provision on the Private Improvements, Redeveloper Property not needed or required to pay the TIF Bond Purchaser for the TIF Indebtedness shall be used to reimburse expended by the City for other eligible improvements in the Antelope Tower 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 taxable valuation of the Private Improvementssuch Redeveloper Property, shall be borne entirely by the Redeveloper, Redeveloper and the TIF Bond Purchaser without 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 the TIF Bond, with interest as provided in the TIF Bond Ordinance at a rate not to exceed five six percent (56%) per annum. Any debt service on the TIF Bond Indebtedness (including interest) to be paid from TIF Tax Revenues shall not constitute a general obligation or debt of the City. Upon retirement of the TIF Bond, any excess TIF Tax Revenues resulting from the Tax Increment Provision on the Private Improvements, shall be used to reimburse the City for other eligible improvements in the Antelope Tower 1222 P Street 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 taxable valuation of the Private Improvements, shall be borne entirely by the Redeveloper, and the TIF Bond Purchaser without 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 Bond, Indebtedness with interest as provided in the TIF Bond Ordinance at a rate not to exceed five seven percent (57.0%) per annum. Any debt service on the TIF Bond Indebtedness (including interest) to be paid from TIF Tax Revenues shall not constitute a general obligation or debt of the City. Upon retirement Only costs incurred after the effective date of this Agreement shall be eligible for payment. The City shall not be liable nor be required to reimburse Redeveloper for any costs incurred by Redeveloper in the event this Agreement is not approved for any reason, including for reasons alleged to be the fault of the TIF Bond, any City. Any excess TIF Tax Revenues resulting from the Tax Increment Provision on the Private Improvements, Redeveloper Property not needed or required to pay the TIF Bond Purchaser for the TIF Indebtedness shall be used to reimburse expended by the City for other eligible improvements in the Antelope Tower 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 funds from the Tax Increment Provision for any reason whatsoever, specifically including a decline in taxable valuation of the Private ImprovementsRedeveloper Property, shall be borne entirely by the Redeveloper, and the TIF Bond Purchaser Redeveloper without 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 purchaser of the TIF Bond Purchaser (“TIF Bond Purchaser”) the principal of the TIF Bond, Indebtedness with interest as provided in the TIF Bond Ordinance at a rate not to exceed five seven percent (57%) per annum. Any debt service on the TIF Bond Indebtedness (including interest) to be paid from TIF Tax Revenues shall not constitute a general obligation or debt of the City. Upon retirement of the TIF Bond, any Any excess TIF Tax Revenues resulting from the Tax Increment Provision on the Private Improvements, Redeveloper Property not needed or required to pay the TIF Bond Purchaser for the TIF Indebtedness shall be used to reimburse expended by the City for other eligible improvements in the Antelope Tower 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 taxable valuation of the Private Improvementssuch Redeveloper Property, shall be borne entirely by the Redeveloper, Redeveloper and the TIF Bond Purchaser without 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 Bond, Bond with interest as provided in the TIF Bond Ordinance Ordinance(s) with interest at a rate not to exceed five six percent (56%) per annum. Any unpaid debt service on the TIF Bond Indebtedness (including interest) to be paid is not payable from TIF Tax Revenues any other source whatsoever and shall not constitute a general obligation or debt of the City. Upon retirement of the TIF Bond, any Any excess TIF Tax Revenues resulting from the Tax Increment Provision on the Private Improvements, Redeveloper Property not needed or required to pay the TIF Bond Purchaser for the TIF Indebtedness shall be used to reimburse the City for other eligible improvements in the Antelope Tower 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 Private ImprovementsRedeveloper Property, 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 Bond, Indebtedness with interest as provided in the TIF Bond Ordinance at a rate not to exceed five seven percent (57.0%) per annum. Any debt service on the TIF Bond Indebtedness (including interest) to be paid from TIF Tax Revenues shall not constitute a general obligation or debt of the City. Upon retirement Only costs incurred after the effective date of this Agreement shall be eligible for payment. The City shall not be liable nor be required to reimburse Redeveloper or Airspace for any costs incurred by Redeveloper and Airspace in the event this Agreement is not approved for any reason, including for reasons alleged to be the fault of the TIF Bond, any City. Any excess TIF Tax Revenues resulting from the Tax Increment Provision on the Private Improvements, Project Site not needed or required to pay the TIF Bond Purchaser for the TIF Indebtedness shall be used to reimburse expended by the City for other eligible improvements in the Antelope Tower 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 funds from the Tax Increment Provision for any reason whatsoever, specifically including a decline in taxable valuation of the Private ImprovementsProject Site, shall be borne entirely by the Redeveloper, and the TIF Bond Purchaser Redeveloper without recourse of any kind against the City.