Statutory Cap definition

Statutory Cap means the maximum amount of sales and use tax exclusion the Authority may grant pursuant to Section 26011.8(h) of the Public Resources Code.
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Statutory Cap has the meaning provided in Section 3.4(g).
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Examples of Statutory Cap in a sentence

  • Notwithstanding anything to the contrary herein, the payments of Pledged Tax Abatements under this paragraph in each year may not exceed the Statutory Cap (as defined in the Agreement) and the payment on each Payment Date shall be subject to the qualification described in Section 3.11 of the Agreement in the case of a pending Tax Appeal.

  • Notwithstanding anything to the contrary herein, the payments of Pledged Tax Abatements under this paragraph in each year may not exceed the Statutory Cap described in paragraph (5) of this Section and the payment on each Payment Date shall be subject to the qualification described in Section 3.11 in the case of a pending Tax Appeal (as defined in Section 3.11).

  • Notwithstanding anything to the contrary herein, the payments of Pledged Tax Abatements under this paragraph in each year may not exceed the Statutory Cap described in paragraph (5) of this Section and total payments of principal under the Tax Abatement Note over its term shall not exceed $3,000,000, which is the maximum amount of Tax Abatements set forth in the Tax Abatement Program.

  • Notwithstanding anything to the contrary herein, the Tax Abatement payments under this paragraph in each year may not exceed the Statutory Cap described in paragraph (e) of this Section and the payment on each Payment Date shall be subject to the qualification described in Section 3.12 in the case of a pending Tax Appeal.

  • Notwithstanding anything to the contrary herein, the Tax Abatement payments under this paragraph in each year may not exceed the Statutory Cap (as defined in the Agreement) and the payment on each Payment Date shall be subject to the qualification described in Section 3.7 of the Agreement in the case of a pending Tax Appeal.

  • Notwithstanding anything to the contrary herein, the Tax Abatement payments under this paragraph in each year may not exceed the Statutory Cap described in paragraph (5) of this Section and the payment on each Payment Date shall be subject to the qualification described in Section 3.7 in the case of a pending Tax Appeal.

  • Notwithstanding anything to the contrary herein, the Tax Abatement payments under this paragraph in each year may not exceed the Statutory Cap (as defined in the Agreement) and the payment on each Payment Date shall be subject to the qualification described in Section 3.12 of the Agreement in the case of a pending Tax Appeal.