PID Bonds. The City, in its sole, legislative discretion, may issue PID Bonds, in one or more series, when and if the City Council determines it is financially feasible for the purposes of: (a) paying all or a portion of the Reimbursement Agreement Balance; or (b) paying PID Project Costs directly. PID Bonds issued for such purpose will be secured by and paid solely as authorized by the Bond Indenture. Upon the issuance of PID Bonds for such purpose, Xxxxxxxxx's right to receive payments each year in accordance herewith shall be subordinate to the deposits required under the Bond Indenture related to any outstanding PID Bonds. The failure of the City to issue PID Bonds shall not constitute a “Failure” by the City or otherwise result in a “Default” by the City. Upon the issuance of the PID Bonds, Developer has a duty to construct related PID Projects and shall not be relieved of such duty even if there are insufficient funds in the PID Project Fund to pay PID Project Costs.
PID Bonds. (a) City, in its sole, legislative discretion, may issue PID Bonds, in one or more series, when and if City’s City Council determines it is financially feasible for the purposes of: (1) paying the Reimbursement Agreement Balance; or (2) paying directly PID Projects Cost described in the applicable Indenture. PID Bonds issued for such purpose will be secured by and paid solely as authorized by the applicable Indenture. Upon the issuance of PID Bonds for such purpose, Owner's right to receive payments each year in accordance with Section 2.02 hereof shall be subordinate to the deposits required under the applicable Indenture related to any outstanding PID Bonds, and Owner shall be entitled to receive funds pursuant to the flow of funds provisions of the applicable Indenture. The failure of City to issue PID Bonds shall not constitute a default by City under this Agreement. Upon the issuance of PID Bonds, Owner has a duty to construct the PID Projects described in the applicable Indenture. Owner shall not be relieved of its duty to construct or cause to be constructed such Authorized Improvements even if there are insufficient funds in the PID Project Fund to pay the PID Costs. This Agreement shall apply to all PID Bonds issued by City whether in one or more series, and no additional reimbursement agreement shall be required for future series of PID Bonds.
(b) Pursuant to the Development Agreement, City may issue PID Bonds solely for the purpose of acquiring or constructing PID Projects or any other purposes authorized by the PID Act, subject to the satisfaction of the provisions and conditions set forth in Article VII of the Development Agreement including, but not limited to, Section
7.03. The issuance of PID Bonds shall be at the sole, legislative discretion of City and is subject to the provisions of the Development Agreement and this Agreement. With regard to City's issuance of PID Bonds, in the event of any irreconcilable conflict between this Agreement and the Development Agreement, this Agreement shall control. In addition to the satisfaction of the conditions contained in the Development Agreement, the issuance of PID Bonds is further subject to the following conditions:
(1) Recommendation of City's financial advisor, that sale of the PID Bonds to finance all or a portion of the PID Costs is feasible and prudent;
(2) Receipt of a bona fide bid for the PID Bonds through either competitive or negotiated sale;
(3) Registration of the PID Bonds by the Co...
PID Bonds. The City, in its sole, legislative discretion, may issue PID Bonds, in one or more series, when and if the City Council determines it is financially feasible for the purpose of paying directly Actual Costs of Authorized Improvements. PID Bonds issued for such purpose will be secured by and paid solely as authorized by the applicable Bond Indenture. The failure of the City to issue PID Bonds shall not constitute a "Failure" by the City or otherwise result in a "Default" by the City. Upon the issuance of PID Bonds, the Developer has a duty to construct those Authorized Improvements described in the applicable Bond Indenture. This Agreement shall apply to all PID Bonds issued by the City whether in one or more series and no additional reimbursement agreement shall be required for any future series of PID Bonds.
PID Bonds. The City, in its sole, legislative discretion, may issue PID Bonds, in one or more series, when and if the City Council determines it is financially feasible for the purposes of:
(a) paying all or a portion of the Reimbursement Agreement Balance; or (b) paying Phase 2 and 3 Authorized Improvements Costs directly. PID Bonds issued for such purpose will be secured by and paid solely as authorized by the Bond Indenture. Upon the issuance of PID Bonds for such purpose, Developer's right to receive payments each year in accordance with Section 3.3 shall be subordinate to the deposits required under the Bond Indenture related to any outstanding PID Bonds. The failure of the City to issue PID Bonds shall not constitute a “Failure” by the City or otherwise result in a “Default” by the City. Upon the issuance of the PID Bonds, Developer has a duty to construct those Phase 2 and 3
PID Bonds
