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RES 19-093 APPROVING CONTRACT FOR PRIVATE REDEVELOPMENT WITH DORAN SLV, LLC.
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RES 19-093 APPROVING CONTRACT FOR PRIVATE REDEVELOPMENT WITH DORAN SLV, LLC.
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When the Note has been so executed, it shall be delivered by the Executive Director to the Owner <br />thereof in accordance with the Agreement. <br />Section 4. Security Provisions. <br />4.01. Pledge. The Authority hereby pledges to the payment of the principal of and interest <br />on the Notes all Available Tax Increment attributable to relevant Phase of the Minimum <br />Improvements as defined in the Notes. Available Tax Increment shall be applied to payment of the <br />principal of and interest on the Notes in accordance with the terms of the form of Note set forth in <br />Exhibit A to this resolution. <br />4.02. Bond Fund. Until the date the Notes are no longer outstanding and no principal <br />thereof or interest thereon (to the extent required to be paid pursuant to this resolution) remains <br />unpaid, the Authority shall maintain separate and special "Bond Funds" to be used for no purpose <br />other than the payment of the principal of and interest on the Notes. The Authority irrevocably <br />agrees to appropriate to each Bond Fund on or before each Payment Date the Available Tax <br />Increment in an amount equal to the Payment then due, or the actual Available Tax Increment, <br />whichever is less. Any Available Tax Increment remaining in the Bond Funds shall be transferred <br />to the Authority's account for the TIF District upon the termination of the Notes in accordance with <br />their terms. <br />4.03. Additional Obligations. The Authority will issue no other obligations secured in <br />whole or in part by Available Tax Increment unless such pledge is on a subordinate basis to the <br />pledge on the Notes. <br />Section 5. Certification of Proceedings. <br />5.01. Certification of Proceedings. The officers of the Authority are hereby authorized and <br />directed to prepare and furnish to the Owner of the Notes certified copies of all proceedings and <br />records of the Authority, and such other affidavits, certificates, and information as may be required <br />to show the facts relating to the legality and marketability of the Notes as the same appear from the <br />books and records under their custody and control or as otherwise known to them, and all such <br />certified copies, certificates, and affidavits, including any heretofore furnished, shall be deemed <br />representations of the Authority as to the facts recited therein. <br />Section 6. Effective Date. This resolution shall be effective upon approval. <br />B-4 <br />623340v3SA730-2 <br />
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