06-25-2007 EDA Packet - Laserfiche WebLink

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Bonds. The "Contract Portion" is the principal amount of the Series 2007A Bonds that provides $2,286,000 in proceeds net of costs of issuance, bond discount and capitalized interest. The Contract Portion of the Series 2007A Bonds is $ . To the extent Available Tax Increment from TIF District No. 1-11 exceeds the amount necessary to pay when due the Contract Portion of the TIF Bonds (allocated pro rata as of each payment date on the Series 2007A Bonds), such Available Tax Increment is pledged first to the Contract Interfund Loan, and second to the TIF Note (subject to the provisions for parity treatment of the TIF Note and the Contract Interfund Loan on satisfaction of the conditions described in Section 3.6(b) of the Contract). (c) Available Tax Increment also includes 20% of the Tax Increment (as defined in clause (a) above) derived from TIF District No. 1-10 and received by the City from Anoka County pursuant to the TIF Act in the six-month period before each payment date on the TIF Bonds; provided that: (i) such pledge is subordinate to the pledge of Tax Increments from specific parcels of property within TIF District No. 1-10 to any notes or other obligations issued by the EDA prior to the date of this Agreement, including without limitation the $91,715 Tax Increment Revenue Note, Series 2006 issued to Schwann's Home Service, Inc. and the $638,400 Tax Increment Revenue Note, Series 2005 issued to Lino Lakes Realty, LLC; and (ii) in no event will the annual Tax Increment from TIF District No. 1-10 paid to the City under this Agreement, together with any administrative costs paid with such Tax Increment, exceed 20% of the total Tax Increment received by the City in that year, all in accordance with Section 469.1763, subd. 2 of the TIF Act. (d) The Interchange Interfund Loan is secured by Available Tax Increment on a subordinate basis to the Series 2007A Bonds and the TIF Note; the Authority may apply Available Tax Increment to the Interchange Interfund Loan on a parity, superior or subordinate basis with the Contract Interfund Loan. (4) Not less than three (3) business days prior to each debt service payment date for the Series 2007A Bonds, there shall be transferred from the account for the 1'J1~ Districts to the debt service fund maintained by the City for the payment of the Series 2007A Bonds an amount of Available Tax Increment that, when taken together with amounts already on deposit in such debt service fund, is equal to 105% of principal of and interest on the Series 2007A Bonds when due or to become due on the following date. To the extent Available Tax Increment exceeds the amount due hereunder on any payment date, the City Finance Director may determine which TIF 312429v1 SJB LN140-100 3