Issuance of Municipal Obligations prior to PID Bonds Sample Clauses

Issuance of Municipal Obligations prior to PID Bonds. (1) In the event the City issues Municipal Obligations prior to the issuance of PID Bonds, the City, with assistance from the Financial Advisor, shall calculate the Estimated Costs based on the market conditions as they exist 20 days prior to the date of the pricing of the Municipal Obligations. Promptly following the determination of the Estimated Costs, the City shall provide a written invoice to Developer: (1) in an amount less than or equal to the Estimated Costs, and (2) that includes the pricing date for such Municipal Obligations. Developer, in turn, shall remunerate to the City the amount shown on said invoice at least 15 days prior to the pricing date indicated on the invoice. If Developer fails to pay the Estimated Costs as required under this paragraph, the City, at its option, may elect to designate the Municipal Obligations as QTEO, and the City shall not be required to issue any PID Bonds in such calendar year. (2) Upon the City’s approval of the Municipal Obligations, the Financial Advisor shall calculate the Additional Costs to the City of issuing non-QTEO Municipal Obligations. The City will, within 5 business days of the issuance of the Municipal Obligations, provide written notice to Developer of the Additional Costs. In the event the Additional Costs are less than the Estimated Costs, the City will refund to Developer the difference between the Additional Costs and the Estimated Costs within 15 business days of the date of the City’s notice to Developer. If the Additional Costs are more than the Estimated Costs, Developer will pay to the City the difference between the Additional Costs and the Estimated Costs within 15 business days of the date of the City’s notice. If Developer does not pay to the City the difference between the Additional Costs and the Estimated Costs as required under this paragraph, then Developer shall not be paid any reimbursement amounts under any PID Reimbursement Agreement(s) related to the Project until such payment of Additional Costs is made in full.
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Related to Issuance of Municipal Obligations prior to PID Bonds

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