Maximum Mixed-Use Debt Mill Levy Sample Clauses

Maximum Mixed-Use Debt Mill Levy. The Maximum Residential Debt Mill Levy shall apply to any Mixed-Use District, provided however, that the Maximum Commercial Debt Mill Levy may be applied within a Mixed-Use District pursuant to an intergovernmental agreement approved by the Town Council separate from the Intergovernmental Agreement provided for in Section IX and Exhibit D of the Service Plan. For the portion of any aggregate Debt which is equal to or less than fifty percent (50%) of the Mixed-Use District’s assessed valuation, either on the date of issuance or at any time thereafter, the mill levy to be imposed to repay such portion of Debt shall not be subject to the Maximum Residential Debt Mill Levy if a majority of the Directors on the Board of the Mixed-Use District are End Users and such Mixed-Use District Board authorizes such a Maximum Residential Mill Levy “roll-off” through the issuance of Debt or refunding thereof, and, as a result, the mill levy may be such amount as is necessary to pay the Debt service on such Debt, without limitation of rate.
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Related to Maximum Mixed-Use Debt Mill Levy

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  • Intent to Limit Charges to Maximum Lawful Rate In no event shall the interest rate or rates payable under this Agreement, plus any other amounts paid in connection herewith, exceed the highest rate permissible under any law that a court of competent jurisdiction shall, in a final determination, deem applicable. Borrower and the Lender Group, in executing and delivering this Agreement, intend legally to agree upon the rate or rates of interest and manner of payment stated within it; provided, however, that, anything contained herein to the contrary notwithstanding, if said rate or rates of interest or manner of payment exceeds the maximum allowable under applicable law, then, ipso facto, as of the date of this Agreement, Borrower is and shall be liable only for the payment of such maximum as allowed by law, and payment received from Borrower in excess of such legal maximum, whenever received, shall be applied to reduce the principal balance of the Obligations to the extent of such excess.

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