Use of TIF Funds Sample Clauses

Use of TIF Funds. All amounts paid into the Tax Increment Fund shall be used solely to pay or reimburse cash expenditures for project costs or the principal of and interest on any tax increment bonds or notes issued to finance project costs under the Act, and to pay direct costs properly chargeable under the Act and under generally accepted accounting principles to the administration of the Reinvestment Zone, all in accordance with the Plan.

Use of TIF Funds. The Village will use the Service Payments that it receives from the TIF District for any purpose authorized by the TIF Legislation including, but not limited to, those purposes detailed in this Agreement. Notwithstanding the foregoing, the Service Payments deposited in the Village’s TIF Fund shall be used in a manner consistent with Section 4 below until such time as M/I has been reimbursed in full as described in that provision.

Use of TIF Funds. The Parties agrees that the Service Payments from the TIF, net of any compensation payments under the School Compensation Agreement, together with any Property Tax Rollback Payments, are intended to be used for the purpose and in the order of priority as follows: (a) first, those Service Payments and Property Tax Rollback Payments received in the then current calendar year may at the option of the City be used to pay Debt Service on the City Debt which is due and payable in the then current calendar year or otherwise reimburse the City for such prior Debt Service payments and to pay the out-of-pocket costs actually incurred by the City in connection with the billing and collection of the Service Payments, including the costs of any consultant appointed by the City pursuant to Section 4 thereof; (b) second, those Service Payments and Property Tax Rollback Payments received in excess of all payment(s) required by first paragraph in the then current calendar year, shall be used to reimburse the City for any amounts paid by the City toward Debt Service because there were insufficient funds available in the Minimum Service Payment Collateral Account; (c) third, those Service Payments and Property Tax Rollback Payments received in excess of all payment(s) by first and second paragraphs in the then current calendar year, may among other things be held by the City in escrow as additional security, beyond the Minimum Service Payment Collateral Account, or in the City’s discretion to prepay the City Debt in whole or in part; and (d) fourth, those Service Payments and Property Tax Rollback Payments received in excess of all payment(s) required by the first, second, and third paragraphs in the then current calendar year, shall be used to pay, or reimburse the City, for costs of any other public improvements undertaken by the City with reference to the tax increment financing area.