Payment of Base Payments. Subject to an Event of Nonappropriation as described in Section 4.7 hereof, on or before the 15th day prior to each Payment Date during the period this Facilities Agreement is in effect, the County shall pay to the Trustee, as assignee of the Corporation, Base Payments exclusively from moneys specifically budgeted and appropriated for such purpose as provided in Section 4.1(b)(ii) herein in lawful money of the United States of America, which payments shall be made to the Trustee as assignee of this Facilities Agreement, in the amounts and on the dates set forth on Exhibit C hereto. (i) Each payment of Base Payments shall be in consideration for the conveyance of title to an undivided interest in the Project Facilities as and to the extent provided in Section 2.1 hereof. As further consideration for the receipt of Base Payments, the County shall be entitled to the use and occupancy of all of the Real Property and the Project Facilities during the applicable Fiscal Year in which such payments are made, subject to the provisions of Section 8.2 hereof. (ii) Subject to the right of the County to terminate this Facilities Agreement pursuant to Section 4.7 herein, the County covenants that it will enact by June 30 of each year a budget providing for the appropriation of funds sufficient from the millage levied by the County for the College (or a debt service budget providing for the issuance of general obligation bonds or other legally permissible debt at such time and in a principal amount sufficient) to make Acquisition Payments coming due in the next succeeding Fiscal Year, and, subject to such Section 4.7, apply such funds and/or proceeds to the payment of Acquisition Payments coming due in the then current Fiscal Year.
Appears in 2 contracts
Samples: Public Facilities Purchase and Occupancy Agreement, Public Facilities Purchase and Occupancy Agreement
Payment of Base Payments. Subject to an Event of Nonappropriation as described in Section 4.7 hereof, on or before the 15th day prior to each Payment Date during the period this Facilities Agreement is in effect, the County shall pay to the Trustee, as assignee of the Corporation, Base Payments exclusively from moneys specifically budgeted and appropriated for such purpose as provided in Section 4.1(b)(ii) herein in lawful money of the United States of America, which payments shall be made to the Trustee as assignee of this Facilities Agreement, in the amounts and on the dates set forth on Exhibit C hereto.
(i) Each payment of Base Payments shall be in consideration for the conveyance of title to an undivided interest in the Project Facilities as and to the extent provided in Section 2.1 hereof. As further consideration for the receipt of Base Payments, the County shall be entitled to the use and occupancy of all of the Real Property and the Project Facilities during the applicable Fiscal Year in which such payments are made, subject to the provisions of Section 8.2 hereof.
(ii) Subject to the right of the County to terminate this Facilities Agreement pursuant to Section 4.7 herein, the County covenants that it will enact by June 30 of each year a budget providing for the appropriation of funds sufficient from the millage levied by the County for the College (or a debt service budget providing for the issuance of general obligation bonds or other legally permissible debt at such time and in a principal amount sufficient) to make Acquisition Payments coming due in the next succeeding Fiscal Year, and, subject to such Section 4.7, apply such funds and/or proceeds to the payment of Acquisition Payments coming due in the then current Fiscal Year.
(iii) Prior to the commencement of the Base Payments set forth on Exhibit C hereto, the County agrees to pay annual rental payments (the “Rental Payments”) for the use and occupancy of all of the Real Property and the Project Facilities during the applicable Fiscal Year in which such Rental Payments are made, subject to the provisions of Section 8.2 hereof. The Rental Payments are set forth on Exhibit C.
Appears in 2 contracts
Samples: Public Facilities Purchase and Occupancy Agreement, Public Facilities Purchase and Occupancy Agreement