District Bond Trustee definition
Examples of District Bond Trustee in a sentence
Notwithstanding the foregoing, the Town shall not remit any Pledged Tax Revenue to the Bond Trustee beyond the period the duration of the Sales Tax Credit within the Phase the Target is located as provided in Section 5.2. The District Bond Documents shall provide that any such Pledged Tax Revenue so remitted by the Town to the District Bond Trustee shall be pledged to the payment of the District Bond Requirements.
The District covenants to impose the District Debt Service Mill Levy in the amount of not less than 40 ▇▇▇▇▇, as may be adjusted, for so long as any District Bonds remain outstanding, and further covenants to remit the revenues from such District Debt Service Mill Levy to the District Bond Trustee for such outstanding District Bonds.
Thereafter, the District Bond Trustee will make payments of Eligible Costs plus any accrued and unpaid interest to the District or Developer as provided in this Agreement.
Upon the earlier of approval of such documentation or expiration of the ten (10) business day period, the District Bond Trustee, will allocate the Eligible Costs to the Eligible Improvements according to the category for each listed in this Exhibit C and compile an aggregate running total of the Eligible Costs in each category.
The District further covenants that so long as any District Bonds remain outstanding, that the District will remit all District Specific Ownership Taxes to the District Bond Trustee for such outstanding District Bonds.
After the issuance of any District Bonds, all District Pledged Revenues shall thereafter be deposited with the District Bond Trustee in accordance with the terms and provisions of the District Bond Documents.
To the extent that the Eligible Costs are to be paid from District Bond proceeds, each payment request will be submitted to the applicable District representative, and the District Bond Trustee, as applicable, for review within ten (10) business days.
To the extent that the Sales Taxes received by the Town from the Target in the Project in any full calendar year exceed the Baseline Tax Revenue (the “Incremental Sales Tax”) and to the extent that there are District Bonds outstanding, the Town shall thereafter, subject to annual appropriation, remit Incremental Sales Tax received from the Town’s 1.10% Sales Tax on Taxable Sales to the District Bond Trustee (“Pledged Tax Revenue”).
In such event, the City shall deposit, or shall use its best efforts to cause the entity collecting Sales Taxes to deposit, a portion of the Sales Taxes collected from such tenant(s) equal to the Sales Tax Credit with the Escrow Agent or District Bond Trustee, as applicable, in which event such portion of Sales Taxes shall be deemed District Pledged Revenue.
This Agreement is not intended and shall not be deemed to confer any rights on any person or entity not named as a Party to this Agreement, provided that the District Bond Trustee shall be deemed to be a third party beneficiary hereunder.