Agenda Packets - 1987/12/14 - Laserfiche WebLink

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hereunder or at law Including the right to sue to collect the payment not made when due, tie right to declare immediately due and payable by the Redeveloper an amount equal to the amount which, In the reasonable judgment of the City's fiscal consultant, to necessary to defense the bonds at their . ext earliest redemption date. The City shall not have the riglt: to so a:c:i s 1:1: r :ue under this Section 6.1 unlass the following conditions hhve been sstisfls- (i) The Guarantee Letter of Credit Is r:= ,er available in an amount sufficient to pay the next principal: and interest payment on the Bonds; and (li) The Redeveloper ment undersSectted to l n 8.1 ofe its failure to make a thispay required deficiency payment Agreement by a data ninety (90) days after the date that the City provided notice of the deficiency to the Redeveloper. Section 6.2. Tax increment Certification. The City has established a tax increment district within the Development District which encompaves the Redevelopment Property and has requested that the county auditor of the County certify the Assessed Market Value of the Redevelopment Property pursuant to Minnesota Statutes, Section 273.76. The City shall pledge and appropriate to the extent necessary the Tax Increment generated by such real property to the payment of the principal of, premium, if any, and intereat on the Bonds due in any year until the Maturity Date. In the event that the City receives in any year Tax Increment from the Redevelopment Property in excess of the amounts necessary to make debt service payments on the Bonds in such year, the City agrees that It will create a reserve fund and pledge the proce-Js thereof to the payment of debt service on the Bonds. Such reserve fund will be used to vav any def let mey in Tax .. L mnfl} 11,1I;Pr Section 6.3. Real Property Texas. (a) The Redeveloper shall pay when due all real property taxes payable with respect to the Redevelopment Property subsequent to execution of the Redevelopment Property Deed. (b) The Redeveloper agrees that prior to the Maturity Date it will not take any of the following actions to the extent tY._t such actions would result in a reduction in the taxes generated from the Redevelopment Property below the amounts specified In Section 6.1: (1) it will not seek administrative review or judicial review of the applicability of any tax statute determined by any Tax Official to be applicable to the Project or the Redeveloper or raise the Inapplicability of any such tax statute as a defense In any proceedings, including delinquent tax proceedings; (2) It will not seek administrative review or judicial review of the constitutionality of any tax statute determined by any Tax Official to be applicable to the Project or the Redeveloper or raise the unconstitutionality of any such tax statute as a defense in any proceedings, including delinquent tax proceedings; (3) it will not cause a reduction in the real property taxes paid in respect of the Redevelopment Property below the amount sufficient to pay the principal and Interest due on the Bonds through: (A) willful destruction of the Redevelopment Property or :ny part thereof; (B) willful refusal to reconstruct damaged or destroyed n. :.. pursuant to Section 5.1 of this Agreement; (C) a request to i the the county tile County to reduce the tAsse sedhe city sMarketses r oValue of all ror any portion sofof theRedevelopment 27