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 expended by the City 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 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 4.75 percent (74.75%) 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 Upon retirement of the TIF Bond, 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 Project Site and New Building, shall be expended by used to reimburse the City for other eligible improvements 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 failure to achieve a taxable valuation necessary to support repayment of the TIF Indebtedness from TIF Revenues 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.

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 4.75 percent (74.75%) 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 Upon retirement of the TIF Bond, 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 Project Site and New Building, shall be expended by used to reimburse the City for other eligible improvements 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 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.

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”Bond(s) Purchaser the principal of the TIF Indebtedness Bond(s), with interest as provided in the TIF Bond Bond(s) Ordinance at a rate not to exceed seven percent five and one-half (75.5%) per annum. Any debt service on the TIF Bond(s) Indebtedness (including interest) to be paid from 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 Redeveloper Property not needed or required to pay the TIF Bond Purchaser for the TIF Indebtedness Improvements, shall be expended by used to reimburse the City for other eligible improvements 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 taxable valuation of such the Redeveloper PropertyImprovements, shall be borne entirely by the Redeveloper Redeveloper, and the TIF Bond Bond(s) 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 (“TIF Bond Purchaser”) Purchaser the principal of and/or interest on the TIF Indebtedness Bonds with interest as provided in the TIF Bond Ordinance Ordinance(s) with interest at a rate not to exceed seven five percent (75.0%) per annum. 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 expended by used to reimburse the City or returned for eligible public expenditures, including but not limited to the applicable taxing authorities as provided improvements to City Park Property in the Community Development LawPlan Area. 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 expended by other eligible improvements in the City 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.