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 Indebtedness with interest at a rate not to exceed seven percent (7.0%) per annum. Any debt service on the TIF Indebtedness (including interest) to be paid from TIF Tax Revenues shall not constitute a general obligation or debt of the City. 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 City. Any excess TIF 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 shall be expended by the City or returned to the applicable taxing authorities as provided in the Community Development Law. Any shortfall in anticipated TIF funds from the Tax Increment Provision for any reason whatsoever, specifically including a decline in taxable valuation of the Project Site, shall be borne entirely by the 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 and/or interest on the TIF Indebtedness with interest as provided in the TIF Bond Ordinance at a rate not to exceed seven percent (7.07%) per annum. Any debt service on the TIF Indebtedness (including interest) to be paid from TIF Tax Revenues shall not constitute a general obligation or debt of the City. 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 City. Any excess TIF Tax Revenues resulting from the Tax Increment Provision on the Project Site Redeveloper Property not needed or required to pay the TIF Bond Purchaser for the TIF Indebtedness shall be expended used by the City to repay principle, interest, and premiums due on indebtedness incurred for redevelopment project improvements within the Project Area or returned to the applicable taxing authorities as provided in the Community Development Law. Any shortfall in anticipated TIF funds Tax Revenues from the Tax Increment Provision for any reason whatsoever, specifically including a decline in taxable valuation of the Project Sitesuch Redeveloper Property, shall be borne entirely by the Redeveloper and 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 Indebtedness Bond with interest as provided in the TIF Bond Ordinance(s) with interest at a rate not to exceed seven percent (7.0%) percent per annum. Any unpaid debt service on the TIF Indebtedness (including interest) to be paid is only payable from the TIF Tax Revenues collected from within the Project Area and not payable from any other source whatsoever and shall not constitute a general obligation or debt of the City. 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 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 expended by used to reimburse the City or returned to the applicable taxing authorities as provided in the Community Development Lawfor eligible public expenditures. Any shortfall in anticipated TIF funds Tax Revenues from the Tax Increment Provision for any reason whatsoever, specifically including a decline in the taxable valuation of the Redevelopment Project SiteArea, 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 Indebtedness Bond with interest as provided in the TIF Bond Ordinance with interest at a rate not to exceed seven four and one half percent (7.04.5%) per annum. The estimated tax increment generated over the TIF Period is attached as Exhibit D. Any unpaid debt service on the TIF 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. 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 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 expended by used to reimburse the City or returned to the applicable taxing authorities as provided in the Community Development Lawfor eligible public expenditures. Any shortfall in anticipated TIF funds 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 Indebtedness Bond with interest as provided in the TIF Bond Ordinance with interest at a rate not to exceed seven four percent (7.04.0%) per annum. The estimated tax increment generated over the tax increment period is attached as Exhibit D-2. Any unpaid debt service on the TIF 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. 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 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 expended by used to reimburse the City or returned to the applicable taxing authorities as provided in the Community Development Lawfor eligible public expenditures. Any shortfall in anticipated TIF funds 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 purchaser of the TIF Bond Purchaser (“TIF Bond Purchaser”) the principal of and/or interest on the TIF Indebtedness with interest as provided in the TIF Bond Ordinance at a rate not to exceed seven ten percent (7.010%) per annum. Any debt service on the TIF Indebtedness (including interest) to be paid from TIF Tax Revenues shall not constitute a general obligation or debt of the City. 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 City. Any excess TIF Tax Revenues resulting from the Tax Increment Provision on the Project Site Redeveloper Property not needed or required to pay the TIF Bond Purchaser for the TIF Indebtedness shall be expended by the City or returned to the applicable taxing authorities as provided in the Community Development Law. Any shortfall in anticipated TIF funds Tax Revenues from the Tax Increment Provision for any reason whatsoever, specifically including a decline in taxable valuation of the Project Sitesuch Redeveloper Property, shall be borne entirely by the Redeveloper and 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 A Purchaser and TIF Bond B Purchaser the principal of and/or interest on the TIF Indebtedness Bond A and TIF Bond B, respectively, with interest as provided in the TIF Bond Ordinance at a rate not to exceed seven four percent (7.04%) per annum. annum for TIF Bond A and not to exceed eight percent (8%) per annum for TIF Bond B. Any debt service on the TIF Indebtedness (including interest) to be paid from TIF Tax Revenues shall not constitute a general obligation or debt of the City. 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 City. Any excess TIF Tax Revenues resulting from the Tax Increment Provision on the Project Site not needed or required to pay the TIF A Bond Purchaser or TIF Bond B Purchaser for the TIF Indebtedness Bond A or TIF Bond B, respectively, shall be expended by the City or returned to the applicable taxing authorities as provided in the Community Development Law. Any shortfall in anticipated TIF funds Tax Revenues from the Tax Increment Provision for any reason whatsoever, specifically including a decline in taxable valuation of the Project Site, shall be borne entirely by the Redeveloper Redeveloper, TIF Bond A Purchaser and TIF Bond B 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 Indebtedness with interest at a rate not to exceed seven percent (7.0%) per annum. Any debt service on the TIF Indebtedness (including interest) to be paid from TIF Tax Revenues shall not constitute a general obligation or debt of the City. 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 City. Any excess TIF Revenues resulting from the Tax Increment Provision on the Project Site Redeveloper Property not needed or required to pay the TIF Bond Purchaser for the TIF Indebtedness shall be expended by the City or returned to the applicable taxing authorities as provided in the Community Development Law. Any shortfall in anticipated TIF funds from the Tax Increment Provision for any reason whatsoever, specifically including a decline in taxable valuation of the Project SiteRedeveloper Property, shall be borne entirely by the 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 TIF Bond Purchaser the principal of and/or interest on the TIF Indebtedness Bond with interest as provided in the TIF Bond Ordinance(s) with interest at a rate not to exceed seven and a half percent (7.07.5%) per annum. The TIF Tax Revenues from a Redevelopment Project shall be used to repay the outstanding Bond for said Redevelopment Project and once said Bond has been fully repaid and retired, then the TIF Tax Revenues from said Redevelopment Project shall be pooled to pay for any of the outstanding Bond from any other Redevelopment Projects as set forth in the TIF Bond Ordinance or in the TIF Bond. Any debt service on the TIF Indebtedness (including interest) to be paid from the TIF Tax Revenues shall not constitute a general obligation or debt of the City. 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 upon issuance of the CityTIF Bond. 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 shall be expended by used to reimburse the City for eligible public expenditures in the Telegraph District Phase II Projects Area or returned to the applicable taxing authorities as provided in the Community Development Law. Any shortfall in anticipated TIF funds 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 purchaser of the TIF Bond Purchaser (“TIF Bond Purchaser”) the principal of and/or interest on the TIF Indebtedness with interest at a rate not to exceed seven percent (7.0%) per annumas provided in the TIF Bond Ordinance. Any debt service on the TIF Indebtedness (including interest) to be paid from TIF Tax Revenues shall not constitute a general obligation or debt of the City. 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 City. Any excess TIF Tax Revenues resulting from the Tax Increment Provision on the Project Site Redeveloper Property not needed or required to pay the TIF Bond Purchaser for the TIF Indebtedness shall be expended by the City or returned to the applicable taxing authorities as provided in the Community Development Law. Any shortfall in anticipated TIF funds Tax Revenues from the Tax Increment Provision for any reason whatsoever, specifically including a decline in taxable valuation of the Project Sitesuch Redeveloper Property, shall be borne entirely by the Redeveloper and 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 Indebtedness with interest at a rate not to exceed seven percent (7.0%) per annum. Any debt service on the TIF Indebtedness (including interest) to be paid from TIF Tax Revenues shall not constitute a general obligation or debt of the City. 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 City. Any excess TIF Revenues resulting from the Tax Increment Provision on the Project Site Redeveloper Property not needed or required to pay the TIF Bond Purchaser for the TIF Indebtedness shall be expended by the City or returned to the applicable taxing authorities as provided in the Community Development Law. Any shortfall in anticipated TIF funds from the Tax Increment Provision for any reason whatsoever, specifically including a decline in taxable valuation of the Project SiteRedeveloper Property, shall be borne entirely by the Redeveloper without recourse of any kind against the City.