Common use of Reimbursement Obligation Accrues Upon Acceptance Clause in Contracts

Reimbursement Obligation Accrues Upon Acceptance. The Parties acknowledge and agree that TSVI may transfer completed Eligible Infrastructure components to the Village and, as applicable the Utility Entities, prior to the issuance of District Bonds. (i) Upon acceptance by the Village (evidenced by a Certificate of Completion and Acceptance) or by a Utility Entity of Eligible Infrastructure components, the Districts shall, together, be obligated to reimburse TSVI for the Reimbursable Costs thereof contingent upon issuance by each of the Districts of Bonds as provided in this Agreement, and any such conveyance shall not be construed as a dedication or gift of the Eligible Infrastructure components or a waiver of the payment of Reimbursable Costs of the dedicated and accepted components of Eligible Infrastructure. (ii) Under no circumstances will the Districts together pay TSVI any amount in excess of the Reimbursable Costs. Each District shall be obligated to reimburse TSVI for Reimbursable Costs to the extent that: (a) that District is able to issue bonds within the parameters set forth in the Formation Documents applicable to that District, or has otherwise accumulated revenues which are legally available for payment of Reimbursable Costs; and (b) the portion of Reimbursable Costs to be reimbursed by the District has not previously been paid to TSVI and is not anticipated to be paid from any other financing source.

Reimbursement Obligation Accrues Upon Acceptance. The Parties acknowledge and agree that TSVI may transfer completed Eligible Infrastructure components to the Village andVillage, as including Offsite Utility Infrastructure for subsequent transfer to the applicable the Utility Entities, prior to the issuance of District Bonds. (i) Upon acceptance by the Village (evidenced by a Certificate of Completion and Acceptance) or by a Utility Entity of Eligible Infrastructure components, the Districts shall, together, be obligated to reimburse TSVI for the Reimbursable Costs thereof contingent upon issuance by each of the Districts of Bonds as provided in this Agreement, and any such conveyance shall not be construed as a dedication or gift of the Eligible Infrastructure components or a waiver of the payment of Reimbursable Costs of the dedicated and accepted components of Eligible Infrastructure. (ii) Under no circumstances will the Districts together pay TSVI any amount in excess of the Reimbursable Costs. Each District shall be obligated to reimburse TSVI for Reimbursable Costs to the extent that: (a) that District is able to issue bonds within the parameters set forth in the Formation Documents applicable to that District, or has otherwise accumulated revenues which are legally available for payment of Reimbursable Costs; and (b) the portion of Reimbursable Costs to be reimbursed by the District has not previously been paid to TSVI and is not anticipated to be paid from any other financing source. (iii) In connection with costs of PID-Eligible Infrastructure which TSVI dedicates prior to the formation of the PID, TSVI may, at the time of dedication, designate in writing that the costs of such Infrastructure shall be reimbursed by the PID following its formation. The costs of PID-Eligible Infrastructure which are so-designated by TSVI shall then be eligible for reimbursement from Special Levy Revenues, from proceeds of PID Bonds, or a combination of both, in an amount which shall not exceed the final tabulation of costs of the dedicated PID-Eligible Infrastructure. Eligibility for reimbursement shall not be affected as a result of the final cost tabulation being completed after the date of the related dedication, but the final cost tabulation shall be completed as a condition precedent to reimbursement of such costs.

Reimbursement Obligation Accrues Upon Acceptance. The Parties acknowledge and agree that TSVI XXXX may transfer completed Eligible Infrastructure components to the Village andVillage, as including Offsite Utility Infrastructure for subsequent transfer to the applicable the Utility Entities, prior to the issuance of District BondsTIDD Bonds. If a PID is formed in the future and becomes a party to this Agreement, the provisions of this Subsection E and subparagraphs hereunder shall also be applicable in connection with financing provided by the PID. (i) Upon acceptance by the Village (evidenced by a Certificate of Completion and Acceptance) or by a Utility Entity of Eligible Infrastructure components, the Districts DistrictsTIDD shall, together, be obligated to reimburse TSVI for the Reimbursable Costs thereof contingent upon issuance by each of the Districts of Bonds as provided in this Agreement, and any such conveyance shall not be construed as a dedication or gift of the Eligible Infrastructure components or a waiver of the payment of Reimbursable Costs of the dedicated and accepted components of Eligible Infrastructure. (ii) Under no circumstances will the Districts together togetherTIDD pay TSVI any amount in excess of the Reimbursable Costs. Each District DistrictThe XXXX shall be obligated to reimburse TSVI for Reimbursable Costs to the extent that: (a) that District Districtthe XXXX is able to issue bonds within the parameters set forth in the Formation Documents applicable to that DistrictDistrictherein, or has otherwise accumulated revenues which are legally available for payment of Reimbursable Costs; and (b) the portion of Reimbursable Costs to be reimbursed by the District DistrictTIDD has not previously been paid to TSVI and is not anticipated to be paid from any other financing source. (iii) In connection with costs of PID-Eligible Infrastructure which XXXX dedicates prior to the formation of the PID, TSVI may, at the time of dedication, designate in writing that the costs of such Infrastructure shall be reimbursed by the PID, following its formation. The costs of PID-Eligible Infrastructure which are so-designated by TSVI shall then be eligible for reimbursement from Special Levy Revenues, from proceeds of PID Bonds, or a combination of both,by the PID in an amount which shall not exceed the final tabulation of costs of the dedicated PID-Eligible Infrastructure. Eligibility for reimbursement shall not be affected as a result of the final cost tabulation being completed after the date of the related dedication, but the final cost tabulation shall be completed as a condition precedent to reimbursement of such costs. (iv) Nothing in this Agreement shall be construed as a waiver by the Village, of the requirements of a formal application for formation of the PID, a formation hearing and, if applicable, a formation election. The PID, if formed, shall be subject to the requirements and limitations imposed by the Formation Resolution adopted by the Village Council.

Reimbursement Obligation Accrues Upon Acceptance. The Parties acknowledge and agree that TSVI XXXX may transfer completed Eligible Infrastructure components to the Village and, as applicable the Utility Entities, prior to the issuance of District Bonds. (i) Upon acceptance by the Village (evidenced by a Certificate of Completion and Acceptance) or by a Utility Entity of Eligible Infrastructure components, the Districts shall, together, be obligated to reimburse TSVI for the Reimbursable Costs thereof contingent upon issuance by each of the Districts of Bonds as provided in this Agreement, and any such conveyance shall not be construed as a dedication or gift of the Eligible Infrastructure components or a waiver of the payment of Reimbursable Costs of the dedicated and accepted components of Eligible Infrastructure. (ii) Under no circumstances will the Districts together pay TSVI any amount in excess of the Reimbursable Costs. Each District shall be obligated to reimburse TSVI for Reimbursable Costs to the extent that: (a) that District is able to issue bonds within the parameters set forth in the Formation Documents applicable to that District, or has otherwise accumulated revenues which are legally available for payment of Reimbursable Costs; and (b) the portion of Reimbursable Costs to be reimbursed by the District has not previously been paid to TSVI and is not anticipated to be paid from any other financing source.