Common use of Reimbursement Capacity Limitations Clause in Contracts

Reimbursement Capacity Limitations. The Parties agree that TSVI shall be reimbursed to the full extent practicable by the Districts, within the agreed-upon maximum financing authorization applicable to, respectively, the XXXX and the PID. The Parties further acknowledge that market conditions and other external events and conditions may make it infeasible for the one or both of the Districts to provide reimbursement financing at the maximum amount authorized for each of the Districts and that, in such event, the applicable District or Districts shall not be obligated to issue bonds, incur indebtedness or otherwise reimburse TSVI for amounts which cannot feasibly be financed by the applicable District or Districts. (i) The governing bodies of the XXXX, the PID and TSVI shall collaborate to determine the timing of issuance of bonds by the Districts, or either of them, and the other terms and features of the bonds as provided in the respective Plan of Finance for each District, and as provided in subparagraphs (ii) and (iii) below. (ii) The XXXX shall issue short-term sponge bonds at the request of TSVI at such times that at least $250,000 in GRT Increment Revenue has accumulated, for a maximum of 4 requests in a 12-month period. The XXXX shall issue longer term Tax Increment Revenue Bonds at the request of TSVI, provided that the XXXX is advised by an independent financial advisor or underwriter engaged by the XXXX that such bonds can be marketed or privately placed in a reasonably efficient manner taking into account then-current market conditions, interest rates and other bond features for municipal securities of similar credit quality and aggregate principal amount. (iii) The PID may reimburse TSVI for costs of Eligible Infrastructure at the request of XXXX at such times that at least $100,000 in Special Levy Revenue has accumulated, for a maximum of 4 requests in a 12-month period. The PID shall issue longer term Special Levy Revenue Bonds at the request of XXXX, provided that the PID is advised by an independent financial advisor or underwriter engaged by the PID that such bonds can be marketed or privately placed in a reasonably efficient manner taking into account then-current market conditions, interest rates and other bond features for municipal securities of similar credit quality and aggregate principal amount.

Reimbursement Capacity Limitations. The Parties agree that TSVI shall be reimbursed to the full extent practicable by the Districts, within the agreed-upon maximum financing authorization applicable to, respectively, the XXXX and the PID. The Parties further acknowledge that market conditions and other external events and conditions may make it infeasible for the one or both of the Districts to provide reimbursement financing at the maximum amount authorized for each of the Districts and that, in such event, the applicable District or Districts shall not be obligated to issue bonds, incur indebtedness or otherwise reimburse TSVI for amounts which cannot feasibly be financed by the applicable District or Districts. (i) The governing bodies of the XXXX, the PID and TSVI shall collaborate to determine the timing of issuance of bonds by the Districts, or either of them, and the other terms and features of the bonds as provided in the respective Plan of Finance for each District, and as provided in subparagraphs (ii) and (iii) below. (ii) The At the election of TSVI, the XXXX shall issue short(aa) issue Short-term sponge bonds Bonds at the request of TSVI at such times that at least $250,000 in GRT Increment Revenue has accumulated, for a maximum of 4 requests in a 12-month period. The XXXX shall issue longer ; or (bb) a Draw-down Bond; or (cc) Long-term Tax Increment Revenue Bonds at the request of TSVI, provided that the XXXX is advised by an independent financial advisor or underwriter engaged by the XXXX that such bonds can be marketed or privately placed in a reasonably efficient manner taking into account then-current market conditions, interest rates and other bond features for municipal securities of similar credit quality and aggregate principal amount. At the election of TSVI, the XXXX may issue Short-term Bonds, Long-term Bonds and Draw-down Bonds, provided that the covenants and requirements set forth in the Master Indenture concerning debt service coverage requirements and issuance of additional bonds are satisfied. (iii) The Subject to such additional requirements or limitations that may be imposed pursuant to the Formation Resolution for the PID, the PID may reimburse TSVI for costs of Eligible Infrastructure at the request of XXXX TSVI at such times that at least $100,000 in Special Levy Revenue has accumulated, for a maximum of 4 requests in a 12-month period. The PID shall issue longer term Special Levy Revenue Bonds at the request of XXXXTSVI, provided that the PID is advised by an independent financial advisor or underwriter engaged by the PID that such bonds can be marketed or privately placed in a reasonably efficient manner taking into account then-current market conditions, interest rates and other bond features for municipal securities of similar credit quality and aggregate principal amount.

Reimbursement Capacity Limitations. The Parties agree that TSVI shall be reimbursed to the full extent practicable by the Districts, within the agreed-upon maximum financing authorization applicable to, respectively, the XXXX and the PID. The Parties further acknowledge that market conditions and other external events and conditions may make it infeasible for the one or both of the Districts to provide reimbursement financing at the maximum amount authorized for each of the Districts and that, in such event, the applicable District or Districts shall not be obligated to issue bonds, incur indebtedness or otherwise reimburse TSVI for amounts which cannot feasibly be financed by the applicable District or DistrictsDistrictsTIDD. (i) The governing bodies of the XXXX, the PID and TSVI shall collaborate to determine the timing of issuance of bonds by the Districts, or either of themthemTIDD, and the other terms and features of the bonds as provided in the respective respectiveTIDD Plan of Finance for each District, and as provided in subparagraphs subparagraphssubparagraph (ii) and (iii) below. (ii) The At the election of TSVI, the XXXX shall issue short(aa) issue Short-term sponge bonds Bonds at the request of TSVI at such times that at least $250,000 in GRT Increment Revenue has accumulated, for a maximum of 4 requests in a 12-month period. The XXXX shall issue longer ; or (bb) a Draw-down Bond; or (cc) Long-term Tax Increment Revenue Bonds at the request of TSVI, provided that the XXXX is advised by an independent financial advisor or underwriter engaged by the XXXX that such bonds can be marketed or privately placed in a reasonably efficient manner taking into account then-current market conditions, interest rates and other bond features for municipal securities of similar credit quality and aggregate principal amount. At the election of XXXX, the XXXX may issue Short-term Bonds, Long-term Bonds and Draw-down Bonds, provided that the covenants and requirements set forth in the Master Indenture concerning debt service coverage requirements and issuance of additional bonds are satisfied. (iii) The Subject to such additional requirements or limitations that may be imposed pursuant to the Formation Resolution for the PID, the PID may reimburse TSVI for costs of Eligible Infrastructure at the request of XXXX TSVI at such times that at least $100,000 in Special Levy Revenue has accumulated, for a maximum of 4 requests in a 12-month period. The PID shall issue longer term Special Levy Revenue Bonds at the request of XXXX, provided that the PID is advised by an independent financial advisor or underwriter engaged by the PID that such bonds can be marketed or privately placed in a reasonably efficient manner taking into account then-current market conditions, interest rates and other bond features for municipal securities of similar credit quality and aggregate principal amount.

Reimbursement Capacity Limitations. The Parties agree that TSVI shall be reimbursed to the full extent practicable by the Districts, within the agreed-upon maximum financing authorization applicable to, respectively, the XXXX and the PID. The Parties further acknowledge that market conditions and other external events and conditions may make it infeasible for the one or both of the Districts to provide reimbursement financing at the maximum amount authorized for each of the Districts and that, in such event, the applicable District or Districts shall not be obligated to issue bonds, incur indebtedness or otherwise reimburse TSVI for amounts which cannot feasibly be financed by the applicable District or Districts. (i) The governing bodies of the XXXX, the PID and TSVI shall collaborate to determine the timing of issuance of bonds by the Districts, or either of them, and the other terms and features of the bonds as provided in the respective Plan of Finance for each District, and as provided in subparagraphs (ii) and (iii) below. (ii) The XXXX shall issue short-term sponge bonds at the request of TSVI at such times that at least $250,000 in GRT Increment Revenue has accumulated, for a maximum of 4 requests in a 12-month period. The XXXX shall issue longer term Tax Increment Revenue Bonds at the request of TSVI, provided that the XXXX is advised by an independent financial advisor or underwriter engaged by the XXXX that such bonds can be marketed or privately placed in a reasonably efficient manner taking into account then-current market conditions, interest rates and other bond features for municipal securities of similar credit quality and aggregate principal amount. (iii) The PID may reimburse TSVI for costs of Eligible Infrastructure at the request of XXXX TSVI at such times that at least $100,000 in Special Levy Revenue has accumulated, for a maximum of 4 requests in a 12-month period. The PID shall issue longer term Special Levy Revenue Bonds at the request of XXXXTSVI, provided that the PID is advised by an independent financial advisor or underwriter engaged by the PID that such bonds can be marketed or privately placed in a reasonably efficient manner taking into account then-current market conditions, interest rates and other bond features for municipal securities of similar credit quality and aggregate principal amount.