Payment of City Contribution Sample Clauses

Payment of City Contribution i. Payments shall be made in the form of multiple TIF Notes and shall be paid only from available incremental taxes, being that amount equal to ninety percent (90%) of the ad valorem taxes which, pursuant to the TIF Ordinances and Section 5/11-74.4-8b of the TIF Act, are allocated to, and when collected, paid to the City. Each such TIF Note shall relate individually to each Sub-Project, as such term is defined hereinafter; provided that one (1) TIF Note shall be issued upon the Effective Date that will initially hold, or otherwise account for, Developer’s soft costs, acquisition costs, and other Redevelopment Project Costs that it will incur prior to the commencement of construction at any Sub-Project. Available incremental taxes are limited to only those taxes allocated from the tax parcel identification numbers (the “PINs”) included within the Property and any Additional Acquisitions, as such term is defined hereinafter. The Net Incremental Property Taxes generated upon all of the PINs, and the Redevelopment Project Costs generated by each of the Sub-Projects, shall “fund” each of the TIF Notes collectively. The current PINs for the Property are included in Exhibit B, and the Additional Acquisitions are identified in Exhibit C-5. With regard to available incremental taxes generated solely by the PINs and the Additional Acquisitions, payments on the TIF Notes shall have priority over any other current and future obligations of the Redevelopment Areas. ii. Payments to the Developer shall be made by the City following the issuance of a Certificate of Completion on an annual basis within thirty (30) days of the City’s receipt from the County of Lake of the Incremental Property Taxes generated within the Downtown Redevelopment Project Area and the North Lakefront Redevelopment Project Area, in accordance with this Agreement, and approval by the City for costs to be paid by the City Contribution pursuant to this Agreement.
Sample 1
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Payment of City Contribution. Within ten (10) days of receipt of an application for payment as certified by the Developer and confirmed by the City Engineer, the City shall pay to Developer by check or federal wire funds transfer, the portion of the City Contribution sought by Developer for the portion of the Public Improvements then complete. Within ten (10) days following completion of the Public Improvements and the acceptance of same by the City in accordance with Paragraph 20(b) above, the City shall pay to Developer, by check or federal wire funds transfer the remaining balance of the City Contribution. If the City fails to pay the amounts due Developer within the applicable ten (10) day periods set forth above, such amounts shall bear interest at the per annum rate of three percent (3%) over the Prime Rate as announced from time-to-time in the financial pages of The Wall all accrued interest have been fully paid.
Sample 1

Related to Payment of City Contribution

  • City Contribution The City agrees to maintain health and dental benefits at present levels for the life of the Agreement.

  • Payment of Contributions The College and eligible academic staff members of the plan shall each contribute one-half of the contributions to the Academic and Administrative Pension Plan.

  • Investment of Contributions At the direction of the Depositor (or the direction of the beneficiary upon the Depositor's death), the Custodian shall invest all contributions to the account and earnings thereon in investments acceptable to the Custodian, which may include marketable securities traded on a recognized exchange or "over the counter" (excluding any securities issued by the Custodian), covered call options, certificates of deposit, and other investments to which the Custodian consents, in such amounts as are specifically selected and specified by the Depositor in orders to the Custodian in such form as may be acceptable to the Custodian, without any duty to diversify and without regard to whether such property is authorized by the laws of any jurisdiction as a trust investment. The Custodian shall be responsible for the execution of such orders and for maintaining adequate records thereof. However, if any such orders are not received as required, or, if received, are unclear in the opinion of the Custodian, all or a portion of the contribution may be held uninvested without liability for loss of income or appreciation, and without liability for interest pending receipt of such orders or clarification, or the contribution may be returned. The Custodian may, but need not, establish programs under which cash deposits in excess of a minimum set by it will be periodically and automatically invested in interest-bearing investment funds. The Custodian shall have no duty other than to follow the written investment directions of the Depositor, and shall be under no duty to question said instructions and shall not be liable for any investment losses sustained by the Depositor.

  • Allocation of Contributions You may place your contributions in one fund or in any combination of funds, although your employer may place restrictions on investment in certain funds.

  • Equity Contribution Prior to or substantially concurrently with the initial funding of the Loans hereunder, the Equity Contribution shall be consummated.

  • Equity Contributions Make, or permit any Significant Subsidiary to make, any equity contributions to any Unregulated Subsidiary; provided, however, that this Section 5.03(h) shall not restrict or otherwise apply to (i) any such equity contributions that are required by Applicable Law or court order or (ii) any intercompany advances made to any Unregulated Subsidiary (including, without limitation, pursuant to the Unregulated Money Pool Agreement) that are recharacterized by a court or other Governmental Authority as equity contributions.

  • Contribution Payment To the extent the indemnification provided for under any provision of this Agreement is determined (in the manner hereinabove provided) not to be permitted under applicable law, the Company, in lieu of indemnifying Indemnitee, shall, to the extent permitted by law, contribute to the amount of any and all Indemnifiable Liabilities incurred or paid by Indemnitee for which such indemnification is not permitted. The amount the Company contributes shall be in such proportion as is appropriate to reflect the relative fault of Indemnitee, on the one hand, and of the Company and any and all other parties (including officers and directors of the Company other than Indemnitee) who may be at fault (collectively, including the Company, the "Third Parties"), on the other hand.

  • Catch-Up Contributions In the case of a Traditional IRA Owner who is age 50 or older by the close of the taxable year, the annual cash contribution limit is increased by $1,000 for any taxable year beginning in 2006 and years thereafter.

  • Form of Contribution The contribution of a member to the Company must be in cash or property, provided that if there is more than one member, all member(s) must consent in writing to contributions of property. To the extent there is more than one member, additional contributions in the same proportion shall be made by each member, except as may be approved by all member(s). A capital account shall be maintained for each member, to which contributions and profits shall be credited and against which distributions and losses shall be charged. At any time that there is more than one member, capital accounts shall be maintained in accordance with the tax accounting principles prescribed by the Treasury Regulations promulgated under Code Section 704 (the "Allocation Regulations"), so that the tax allocations provided in this Agreement shall, to the extent possible, have "substantial economic effect" within the meaning of the Allocation Regulations, or, if such allocations cannot have substantial economic effect, so that they may be deemed to be "in accordance with the member(s') interests in the Company" within the meaning of the Allocation Regulations.

  • Campaign Contributions The CONTRACTOR is hereby notified of the applicability of 11-355, HRS, which states that campaign contributions are prohibited from specified state or county government contractors during the terms of their contracts if the contractors are paid with funds appropriated by a legislative body.

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