Developer Cash Contribution. At closing on any series of PID Bonds intended to fund construction of Public Improvements that have not already been constructed by the Developer, Developer shall deposit into a designated account with the Trustee under the applicable Indenture a pro-rata amount of the Developer Cash Contribution. If the Public Improvements relating to each series of PID Bonds have already been constructed and the PID Bonds are intended to acquire the Public Improvements, then Developer shall not be required to deposit the Developer Cash Contribution as provided in this paragraph for such series. The amount of the Developer Cash Contribution for each series of PID Bonds shall be equal to the difference between the costs of the Public Improvements and the Net PID Bonds Proceeds available to fund such costs of the Public Improvements related to such series of PID Bonds, as set forth in the SAP.
Developer Cash Contribution. (a) At closing on the PID Bonds intended to fund construction of Public Improvements, if the PID Bond Proceeds are not sufficient to pay the Public Improvement Project Costs for the Phase to which such PID Bond Proceeds relate, the Developer shall be required to provide cash in the amount of the difference between the Public Improvement Costs and the amount of PID Bond Proceeds available and minus any approved Developer expenditures of Public Improvement Project Costs as confirmed and approved by the City or its PID administrator (the “Deficit”) as illustrated below: Total Amount of Public Improvement Project Costs being finance by Bond Proceeds - PID Bond Proceeds deposited to Project Fund - Verified and approved Developer expenditures of Public Improvement Project Costs = Total amount of Deficit For the Deficit, the Developer, must deposit cash in the amount of Deficit to a designated account under the applicable Indenture from which funds may be drawn to pay the Public Improvement Project Costs. The determination of the amount of the Deficit shall be estimated prior to pricing of the PID Bonds and shall be finalized within five (5) days of pricing of the PID Bonds. Any required cash deposit shall be provided at closing of the applicable series of PID Bonds. No funds shall be disbursed from the Project Fund until the Deficit has been funded as provided herein.
