My WebLink
|
Help
|
About
|
Sign Out
Home
Browse
Search
03-08-1999 CC
MoundsView
>
Commissions
>
City Council
>
Agenda Packets
>
1990-1999
>
1999
>
03-08-1999 CC
Metadata
Thumbnails
Annotations
Entry Properties
Last modified
1/28/2025 4:46:50 PM
Creation date
6/14/2018 5:35:20 AM
Metadata
Fields
Template:
MV Commission Documents
Commission Name
City Council
Commission Doc Type
Agenda Packets
MEETINGDATE
3/8/1999
Supplemental fields
City Council Document Type
City Council Packets
Date
3/8/1999
There are no annotations on this page.
Document management portal powered by Laserfiche WebLink 9 © 1998-2015
Laserfiche.
All rights reserved.
/
91
PDF
Print
Pages to print
Enter page numbers and/or page ranges separated by commas. For example, 1,3,5-12.
After downloading, print the document using a PDF reader (e.g. Adobe Reader).
Show annotations
View images
View plain text
(f) The EDA Note shall be a special and limited revenue <br /> obligation of the Authority and not a general obligation of <br /> the Authority, and only Available Tax Increments shall be used <br /> to pay the principal of and interest on the EDA Note. The EDA <br /> Note shall not be any obligation whatsoever of the City. <br /> (g) The Authority' s obligation to make payments on the <br /> EDA Note shall be conditioned upon the requirement that there <br /> shall not at the time have occurred and be continuing an Event <br /> of Default; provided, however, that if such Event of Default <br /> shall subsequently have been cured to the reasonable <br /> satisfaction of the Authority, such unpaid obligations shall <br /> thereupon be reinstated and thereby become due and payable . <br /> (h) The EDA Note shall be governed by and payable <br /> pursuant to the additional terms thereof, as set forth in <br /> Exhibit B . In the event of any conflict between the terms of <br /> the EDA Note and the terms of this Section 3 . 2, the terms of <br /> the EDA Note shall govern. <br /> (i) Following any termination of this Agreement by the <br /> EDA pursuant to Section 5 . 2 or 3 .4 (c) hereof, no further or <br /> unpaid amounts of the EDA Note shall then or thereafter be due <br /> and payable by the Authority under this Section or the EDA <br /> Note but shall thereupon be extinguished. <br /> (j ) The pledge of the Available Tax Increments made in <br /> this Section 3 . 2 and in the EDA Note to payment of the EDA <br /> Note shall in all respects be junior and subordinate to the <br /> pledge of and need for the Tax Increments to provide timely <br /> payment of the debt service on the Bonds; provided, however, <br /> that the Authority does covenant to the Developer to apply all <br /> other Tax Increments (that is, all Tax Increments other than <br /> the Available Tax Increments) to such purposes and to resort <br /> to Available Tax Increments only in the event that said other <br /> increments are insufficient for such debt service purposes . <br /> Section 3 . 3 . Construction Plans . <br /> (a) The Authority shall have no obligation to the <br /> Developer to take any action pursuant to any provision of this <br /> Agreement until such time as the Developer has submitted <br /> Construction Plans to the Authority, and the Authority has <br /> approved such Construction Plans . The Authority shall approve <br /> the Construction Plans if it determines that they conform to <br /> the applicable provisions of this Agreement; provided, <br /> however, that any such approval of the Construction Plans <br /> pursuant to this Section 3 . 3 shall constitute approval for the <br /> purposes of this Agreement only and shall not be deemed to <br /> constitute approval or waiver by the Authority with respect to <br /> any building, zoning or other ordinances or regulation, and <br /> shall not be deemed to be sufficient plans to serve as the <br /> basis for the issuance of a building permit if the <br /> 334455.6 3-3 <br />
The URL can be used to link to this page
Your browser does not support the video tag.