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01-04-1999 WS & CC
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01-04-1999 WS & CC
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6/14/2018 6:20:25 AM
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MV City Council
City Council Document Type
City Council Packets
Date
1/4/1999
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BRIGGS&MORGAN Fax:6512236645 Dec 11 '98 17:01 P.22 <br /> AM <br /> ARTICLE VII <br /> TAX INCREMENT SHORTFALL GUARANTY <br /> • <br /> Section 7.1. Developer's Agreement to Pa3 Tex Increment <br /> Deficiency.. If as of any January 1 or July 1, commencing <br /> --July 1, 2000 to and including January 1 <br /> , the Tax Increments received by the City in the prior 6' <br /> months is less than a amour necessa to a the <br /> semiannual principal and interest on the Tax Iacr _eat Boads <br /> after takin into accountca italzzed 'interest included in the <br /> ri.uci al amount of the Tax Increment Bonds and the a eat in <br /> lieu of taxes., the Developer will upon fifteen (15) days written <br /> notice from the City to the Developer pay to the City an amount <br /> equal to the deficiency. <br /> As security for the guaranty under this Section 7.1 and as <br /> security for the performance of the obligations of the Developer. <br /> contained in this Agreement, the Developer shall simultaneously <br /> with the execution of this Agreement, deliver to the City an <br /> irrevocable letter of credit issued by a financial institution <br /> and in a form satisfactory to the City in the amount of <br /> $ $ ].8,500. The letter of credit shall expire on <br /> aid en no earlier than February 1. 2000 <br /> and no earlier than Februar 1, 2000 and no earlier than Februa.. <br /> 1 of each year thereafter and the Developer must replace or renew <br /> the letter of credit in a form satisfactory to the City not less <br /> than 30 days prior to its expiration. The obligation to maintain <br /> the letter of credit pursuant to this Section -74. 7 .1 shall be in <br /> effect until the Maturity Date. <br /> insert Persona arty_ of princi is of <br /> the Developer?1 <br /> 965316.Red <br /> V2 to v1: 12/11/99 18 <br />
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