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 four and one-half percent (4.5%) 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. Upon retirement of the TIF Bond, any TIF Tax Revenues resulting from the Tax Increment Provision on the Project Site shall be returned to the applicable taxing authorities as provided in the Community Development Law or, at the City’s option, used for City public improvements in the project area. Any shortfall in anticipated TIF Tax Revenues from the Tax Increment Provision for payment of TIF Bond for any reason, specifically including a lower than expected taxable valuation or a decline in taxable valuation of the Project Site, 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 four and one-half six percent (4.56%) 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 Project Site Private Improvements, shall be used to reimburse the City for other eligible improvements in the NIC Phase II Redevelopment Project Area or returned to the applicable taxing authorities as provided in the Community Development Law or, at the City’s option, used for City public improvements in the project areaLaw. Any risk resulting from a shortfall in anticipated TIF Tax Revenues from the Tax Increment Provision for payment of TIF Bond for any reasonreason whatsoever, specifically including a lower than expected taxable valuation or a decline in taxable valuation of the Project SitePrivate Improvements, 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 four and one-half six percent (4.56%) 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 Project Site Private Improvements, shall be used to reimburse the City for other eligible improvements in the Skate Zone Redevelopment Project Area or returned to the applicable taxing authorities as provided in the Community Development Law or, at the City’s option, used for City public improvements in the project areaLaw. Any risk resulting from a shortfall in anticipated TIF Tax Revenues from the Tax Increment Provision for payment of TIF Bond for any reasonreason whatsoever, specifically including a lower than expected taxable valuation or a decline in taxable valuation of the Project SitePrivate Improvements, 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 four and one-half six percent (4.56%) 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 Project Site Private Improvements, shall be used to reimburse the City for other eligible improvements in the Huvepharma Redevelopment Project Area or returned to the applicable taxing authorities as provided in the Community Development Law or, at the City’s option, used for City public improvements in the project areaLaw. Any risk resulting from a shortfall in anticipated TIF Tax Revenues from the Tax Increment Provision for payment of TIF Bond for any reasonreason whatsoever, specifically including a lower than expected taxable valuation or a decline in taxable valuation of the Project SitePrivate Improvements, shall be borne entirely by the Redeveloper Redeveloper, and the TIF Bond Purchaser without recourse of any kind against the City.