Project Sponsors and Owner’s Commitments and Obligations. Section 3.2 of the IGA imposing conditions upon the initial disbursement of financial assistance from the Grant or Loan is incorporated herein by reference.
Project Sponsors and Owner’s Commitments and Obligations. The provision and initial Disbursement of Financial Assistance from the Grant or Loan by the Bank is contingent and conditioned upon: (1) the City’s creation, with the consent of the County and the Jasper County School District, and the continued enforceability and viability of a legally binding Tax Increment Financing District (“TIF”) comprised at a minimum of the real property described in Exhibit A, attached to this Agreement and incorporated xxxxx by reference, authorized by the Tax Increment Financing Law (S.C. Code Sections 31-6-10 et seq.) as described in the Application which provides for property tax collections pursuant thereto sufficient to cover the debt service and other obligations of the Project Sponsors on the Loan as set forth in the Loan Agreement; and (2) the City’s creation and continued enforceability and viability of a legally binding Municipal Improvement District (“MID”) comprised at a minimum of the real property described in Exhibt A, attached to this Agreement, and incorporated herein by reference, authorized by the Municipal Improvements Act of 1999 (S.C. Sections 5-37-10, et seq.) as described in the Application which provides for special assessments imposed thereunder as needed to supplement TIF revenues to cover the debt service on the Loan as provided in the Loan Agreement. Revenues from the TIF and the MID must be pledged to and used for the repayment of the Loan subject to the terms of the Loan Agreement. The City is required to send to the Bank reports as to the TIF and MID on an annual basis, or sooner upon the request of the Bank, including the status of the TIF and MID, revenues resulting therefrom, anticipated changes in revenues, and other such reports as may be relevant to the sufficiency and viability of the TIF and MID as revenue sources sufficient to repay the Loan provided for in the Loan Agreement and for the completion of the Projects. Any costs related to these reports will be the responsibility of the Project Sponsors. The Bank may ask for more frequent reports on the TIF or MID accounts that are delinquent. In addition to the other obligations and conditions set forth in this Agreement or the Loan Agreement, including those related to the TIF and the MID, the Project Sponsors or Owner, as applicable, must take the following actions which, except with respect to items E and, G below, must occur prior to the first Disbursement from the Grant:
