Limitation of Source of Payment. The City and the Zone shall have no financial obligation to the District other than as provided in this Agreement or in other agreements between the City, the Zone and the District. THE OBLIGATION OF THE CITY AND THE ZONE TO THE DISTRICT UNDER THIS AGREEMENT IS LIMITED TO THE TAX INCREMENTS THAT ARE ACTUALLY COLLECTED BY THE CITY. THIS AGREEMENT SHALL CREATE NO OBLIGATION ON THE CITY OR THE ZONE THAT IS PAYABLE FROM TAXES OR OTHER MONEYS OF THE CITY OTHER THAN THE TAX INCREMENTS THAT ARE ACTUALLY COLLECTED BY THE CITY. The obligation of the City and the Zone to the District under this Agreement shall be subject to the rights of any of the holders of TIRZ Revenue Bonds or other obligations that have heretofore or are hereafter issued by the City, the County, the District, and any other Taxing Units that are payable from or secured by a general levy of ad valorem taxes throughout the taxing jurisdiction of the City, the County, and the other Taxing Units.
Limitation of Source of Payment. The City shall have no obligation or liability to pay any Grants except as allowed by law. The City shall not be required to pay any Grants if prohibited under federal or state legislation or a decision of a court of competent jurisdiction. However, in the event of such an adverse decision, the City shall cooperate in good faith with EPC to correct any legal impediment. Under no circumstances shall the obligations of the City hereunder be deemed to create any debt within the meaning of any constitutional provision or statutory provision. Further, the City shall not be obligated to pay any commercial bank, lender or similar institution for any loan or credit agreement made by EPC. None of the obligations of the City under this Agreement shall be pledged or otherwise encumbered by the EPC in favor of any commercial lender and/or similar financial institution. Laredo EPC Economic Development Agreement TM64092
Limitation of Source of Payment. The County and the Zone shall have no financial obligation to the District other than as provided in this Agreement or in other agreements between the County, the Zone, and the District. The obligation of the County and the Zone to the District and under this Agreement is limited to the Tax Increments that are collected by the County. This Agreement shall create no obligation on the County or the Zone that is payable from taxes or other moneys of the County other than the Tax Increments that are collected by the County. The obligation of the County and the Zone to the District under this Agreement shall be subject to the rights of any of the holders of the bonds or other obligations that have heretofore been or are hereafter issued by the County that are payable from or secured by a general levy of ad valorem taxes throughout the taxing jurisdiction of the County.
Limitation of Source of Payment. The obligation of the City to the Company under this Agreement is limited to the Sales Tax Grant Payments as described in this Article. This Agreement shall create no obligation of the City which is payable from any other moneys received by the City other than the sales tax receipts contemplated by Section III C above which are actually collected by the City.
