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 purchaser of the TIF Bond (“TIF Bond Purchaser”) the principal of the TIF Indebtedness with interest as provided in the TIF Bond Ordinance at a rate not to exceed seven percent (7%) 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. Any excess TIF Tax Revenues resulting from the Tax Increment Provision on the Redeveloper Property not needed or required to pay the TIF Bond Purchaser for the TIF Indebtedness shall be 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 Tax Revenues from the Tax Increment Provision for any reason whatsoever, specifically including a decline in taxable valuation of such 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 purchaser TIF Bond Purchaser the principal of and/or interest on the TIF Bond (“TIF Bond Purchaser”) the principal of the TIF Indebtedness with interest as provided in the TIF Bond Ordinance Ordinance(s) with interest at a rate not to exceed seven (7.0) percent (7%) 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. Any excess TIF Tax Revenues resulting from the Tax Increment Provision on the Redeveloper Property 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 by to reimburse 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 Laweligible 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 such Redeveloper Propertythe Redevelopment Project Area, 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 (“A Purchaser and TIF Bond Purchaser”) B Purchaser the principal of 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 (74%) 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. Any excess TIF Tax Revenues resulting from the Tax Increment Provision on the Redeveloper Property 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 used expended 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 Tax Revenues from the Tax Increment Provision for any reason whatsoever, specifically including a decline in taxable valuation of such Redeveloper Propertythe 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 purchaser TIF Bond Purchaser the principal of and/or interest on the TIF Bond (“TIF Bond Purchaser”) the principal of the TIF Indebtedness with interest as provided in the TIF Bond Ordinance with interest at a rate not to exceed seven four and one half percent (74.5%) 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. Any excess TIF Tax Revenues resulting from the Tax Increment Provision on the Redeveloper Property 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 by to reimburse 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 Laweligible 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 such Redeveloper Propertythe 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 (“TIF Bond Purchaser”) 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 (77.0%) 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 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 City. Any excess TIF Tax Revenues resulting from the Tax Increment Provision on the Redeveloper Property not needed or required to pay the TIF Bond Purchaser for the TIF Indebtedness shall be used expended 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 Tax Revenues funds from the Tax Increment Provision for any reason whatsoever, specifically including a decline in taxable valuation of such the 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 purchaser TIF Bond Purchaser the principal of and/or interest on the TIF Bond (“TIF Bond Purchaser”) the principal of the TIF Indebtedness with interest as provided in the TIF Bond Ordinance with interest at a rate not to exceed seven four percent (74.0%) 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. Any excess TIF Tax Revenues resulting from the Tax Increment Provision on the Redeveloper Property 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 by to reimburse 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 Laweligible 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 such Redeveloper Propertythe 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 (“TIF Bond Purchaser”) Purchaser the principal of the TIF Indebtedness Bond, with interest as provided in the TIF Bond Ordinance at a rate not to exceed seven six percent (76%) 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. Any excess Upon retirement of the TIF Bond “A”, any TIF Tax Revenues resulting from the Tax Increment Provision on the Redeveloper Property not needed or required Project Site and New Building, shall be used to pay the City the principal and interest sum of TIF Bond Purchaser “B” for the TIF Indebtedness shall be used by other eligible improvements in the City to repay principle, interest, and premiums due on indebtedness incurred for redevelopment project improvements within the Centre 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 payment of “A” TIF for any reason whatsoeverreason, specifically including a lower than expected taxable valuation or a decline in taxable valuation of such Redeveloper Propertythe Project Site and New Building, shall be borne entirely by the Redeveloper Redeveloper, and the TIF Bond Purchaser without recourse of any kind against the City. If TIF Bond “B” is not fully repaid by the fifteenth (15th) year following the Effective Date, any remaining balance shall be forgiven.