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CCRes_85-68
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CCRes_85-68
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7/14/2009 10:27:09 AM
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obligations issued or otherwise incurred with <br />respect to such costs, whether or not such pledge <br />• or application is made prior to, on a parity with <br />or subordinate to the pledge and application of <br />the Tax Increments to the payment of debt service <br />on the Bonds; (e) any guaranty payments paid <br />pursuant to the Development Agreement dated <br />December _, 1985, between the City and Stratford <br />Investments, Ltd. (the "Development Agreement"), <br />but only to the extent such payments do not exceed <br />twenty-five percent (25~) of the debt service on <br />the Bonds in any calendar year or five percent <br />(5$) of the cumulative debt service on the Bonds, <br />all as more specifically provided in the Develop- <br />ment Agreement; (f) any collections of all taxes <br />which may hereafter be levied in the event that <br />the tax increments herein pledged to the payment <br />of the principal and interest on the Bonds are <br />insufficient therefore; (g) all funds remaining in <br />the Capital Account after completion of the <br />Project and payment of the costs thereof; (h) tax <br />increments generated by other tax increment <br />districts in the Development District, to the <br />extent necessary to pay debt service on the Ronds <br />and to the extent available for such purpose and <br />consistent with covenants made in any resolutions <br />governing bonds payable from the tax increments of <br />• such other tax increment districts; and (i) all <br />investment earnings on funds held in the Debt <br />Service Account. The Debt Service Account herein <br />created shall be used solely to pay the principal <br />and interest and any premiums for redemption of <br />the Bonds issued hereunder and any other general <br />obligation tax increment bonds of the City <br />hereafter issued by the City and made payable from <br />said account as provided by law. <br />Any sums from time to time held in the Debt Service Account (or <br />any other City account which will be used to pay principal or <br />interest to become due on the bonds payable therefrom) in <br />excess of amounts which under the applicable federal arbitrage <br />regulations may be invested without regard as to yield shall <br />not be invested at a yield in excess of the applicable yield <br />restrictions imposed by said arbitrage regulations on such <br />investments after taking into account any applicable "temporary <br />17 <br />• <br />
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