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 percent (4%) 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 and New Building shall be 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 TIF Bond for any reason, specifically including a lower than expected taxable valuation or a decline in taxable valuation of the Project 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 TIF Bond Purchaser the principal of the TIF Bond, with interest as provided in the TIF Bond Ordinance at a minimum interest of four percent (4%) and a maximum interest rate not to exceed four and three fourths percent (44.75%) 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. Upon retirement of the TIF Bond, any TIF Tax Revenues resulting from the Tax Increment Provision on the Project Site and New Building shall be returned to the applicable taxing authorities as provided in the Community Development LawLaw 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 and New BuildingSite, 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 three percent (43%) 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 and New Building shall be 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 TIF Bond for any reason, specifically including a lower than expected taxable valuation or a decline in taxable valuation of the Project 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 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 five percent (45.0%) 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. Upon retirement of the TIF Bond, any TIF Tax Revenues resulting from the Tax Increment Provision on the Project Site and New Building shall be returned to the applicable taxing authorities as provided in the Community Development LawLaw 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 and New BuildingSite, shall be borne entirely by the Redeveloper and the TIF Bond Purchaser without recourse of any kind against the City.