ECONOMIC DEVELOPMENT BOND Sample Clauses

ECONOMIC DEVELOPMENT BOND. A. TIF Pledge & Allocation. In consideration for CIORE purchasing the Fishers Site, completing the Fishers Development, the Investment Commitment and Bond Purchase Commitment, each of City, FRC and EDC, as applicable, shall 1. issue certain taxable economic development bonds (“XX Xxxxx”) for a term of twenty-five (25) years (“Bond Term”) in an amount that can be supported by one hundred percent (100%) of the anticipated tax increment generated from the Allocation Area (“Bond Amount”) which XX Xxxxx shall be issued in one or more series and may be structured as “Draw Bonds” with the principal amount being drawn incrementally as such bonds are purchased by CIORE; 2. make available to CIORE “Net Proceeds” (as defined below) which proceeds shall be available to CIORE to pay, or reimburse CIORE for the prior payment of, the cost of the infrastructure improvements described in Exhibit A. If Net Proceeds remain after completion of the Xxxxx 0, Xxxxx 2 and Phase 3 Improvements listed on Exhibit A to the City’s reasonable satisfaction (the “Remaining Net Proceeds”), such Remaining Net Proceeds shall be made available to CIORE to pay, or reimburse CIORE for the prior payment of, the purchase of the Fishers Site and/or the development and construction of the CIO Facility all consistent with and subject to Ind. Code § 36-7-14 et. seq. and agreements and such other ancillary documents concerning the economic development bonds (“XX Xxxxx”) (“Net Proceeds” shall mean the Bond Amount less: (a) issuance and other transaction costs; and (b) capitalized interest as provided for by Ind. Code § 36-7-12-29(b)(3) (during the construction period, plus one year);