SFMTA Subsidy Sample Clauses

SFMTA Subsidy. Developer shall pay Authority a “SFMTA Subsidy” in accordance with this Section. Starting on the Original Reference Date, Authority shall be credited with a non-cash “SFMTA Subsidy Account” balance of One Million Eight Hundred Thousand Dollars ($1,800,000), adjusted annually at the end of each Authority Fiscal Year by the increase in the Index over the prior twelve month period (except that the first interest credit shall be based on the period from the Original Reference Date to the end of the Authority Fiscal Year in which the Original Reference Date occurs). Upon request by the SFMTA when required to pay for the purchase of a Muni bus necessary to serve the Project, Developer shall pay Authority for use by SFMTA the lesser of (i) 20% of the cost of the SFMTA bus, or (ii) Three Hundred Thousand Dollars ($300,000) adjusted by the percentage increase, if any, between the Index published in the month prior to the Original Reference Date and the Index published for the month prior to the applicable payment (or if no Index is published for the applicable month, the Index for the closest preceding month for which the Index is published). Each such SFMTA bus payment shall reduce the SFMTA Subsidy Account balance. If at the time SFMTA purchases its sixth bus, there remains an unused balance in the SFMTA Subsidy Account, Developer upon Authority’s written request, shall pay all unused amounts to Authority for use by SFMTA.
Sample 1
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Related to SFMTA Subsidy

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