CC PACKET 04102007 - Laserfiche WebLink

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23 THE ISSUER MAKES NO REPRESENTATION OR WARRANTY THAT THE AVAILABLE TAX INCREMENT WILL BE SUFFICIENT TO PAY THE PRINCIPAL OF AND INTEREST ON ThIE BONDS.. For the protection of the Holders of the Bonds, the Authority herein covenants and agrees to and with the Holders thereof from time to time as provided in this Section: (a) The Authority shall not act or omit to act in any way that would reduce Available Tax Increment, or deprive the Authority of the right to receive Available Tax Increment or use Available Tax Increment as provided in this Resolution except to the extent required by law. (b) The Authority shall not pledge or encumber Available Tax Increment in any manner that would create a pledge, lien or encumbrance against the Available Tax Increment superior to, or on a parity with, the pledge of Available Tax Increment provided for in this Resolution. This covenant shall not be construed to preclude an expressly subordinate pledge of Available Tax Increment. (c) The Authority shall cause Ramsey County to remit all tax increment revenues from the TIF District to the Authority promptly, and the Authority shall promptly determine the amount thereof that constitutes Tax Increment and Available Tax Increment and shall promptly deposit in the Tax Increment Account of the Revenue Fund in accordance with the terms of this Resolution. (d) In the event that at any time following the issuance of the Bonds: (i) either the Tax Increment Act is amended in such a manner as to reduce Available Tax Increment revenues or Available Tax Increment revenues is reduced as a result of changes in the law regarding the levying of real property taxes; and (ii) in lieu of such reduced Available Tax Increment revenues the Issuer is authorized to receive and receives additional revenues in any form in substitution for the lost Available "Tax Increment revenues, which additional revenues the Authority is authorized to spend for the same purposes and under the same conditions that apply to Available Tax Increment revenues, then the share of such additional revenues attributable to the reduced Available Tax Increment revenues shall be deemed to be Available Tax Increment for purposes of this Resolution and paid or remitted as Available Tax Increment as provided in this Resolution, and the Resolution will use reasonable efforts to access any funds that might be available through the State for the payment of the Bonds under such circumstances. (e) The Authority will not change the method of computation of Tax Increment pursuant to Minnesota Statutes, Section 469.177, subdivision 3(c), in such a way that the amount of Tax Increment Revenues (or pledged funds in lieu of Tax Increment revenues) available to pay the Bonds will be reduced. 4.02. Establishment of Funds. The Authority hereby establishes on its books and records and creates the following funds and accounts: (a) a Cost of Issuance Fund; (b) a Revenue Fund (and in the Revenue Fund a Tax Increment Account and an Earnings Account);