CID Project definition
Examples of CID Project in a sentence
The net CID Bond Proceeds shall be disbursed by the Bond Trustee for the purpose of funding or reimbursing the Developer for Phase 2 CID Project Costs in accordance with the terms of this Agreement and the Bond Documents for Phase 2.
Developer hereby understands and agrees that CID Proceeds from the CID Bonds for CID District 2 may not be spent for any Phase 1 CID Project Costs.
Subject to the terms and conditions of this Agreement, the City shall cause the collection of a CID sales tax of one and one-half percent (1.5%) on the sale of tangible personal property at retail or rendering furnishing services which are taxable pursuant to the Kansas Retailers' Sales Tax Act (K.S.A. 79-3601 et seq.) within the CID Districts (the "CID Sales Taxes"), such CID Sales Taxes shall be collected and applied to pay and/or reimburse Developer for CID Project Costs pursuant to the CID Act.
Subsequently, for Phase 2, CID Bonds may be issued in a par amount of approximately $14,000,000 (which shall render an estimated $10,904,600 of net CID net Bond Proceeds) for use in funding Phase 2 CID Project Costs which would then be deposited in the applicable CID Bond accounts.
It is anticipated that the CID Bonds for CID Project Costs, may be issued and that the City, in its sole discretion, may authorize the issuance of ▇▇▇ ▇▇▇▇▇ as provided for under the CID Act and the City's Economic Development Policy.