AG 2010 11 15 - Laserfiche WebLink

Home Browse Search

Bonds. For purposes hereof, the Alternative Financing shall be treated just as it were the Bonds. Each of the parties agrees, as between themselves, that the Alternative Financing will be treated the same as the Bonds would be treated and agrees to make such adjustments as become necessary in the implementation hereof. SECTION 1.2. Duration of the Interlocal Agreement. This Interlocal Agreement shall be effective on the date of issuance of the Alternative Financing and shall remain in effect until the Bonds and any Alternative Financing have been paid in full or fully defeased or terminated in accordance with the provisions hereof. Upon the issuance of any Additional Bonds under the Indenture over and above the amount of not exceeding the aggregate amount heretofore approved (which amount may be issued in one or more series) or additional Alternative Financing greater than $36,500,000 the City and the County agree that the provisions of this Interlocal Agreement shall not apply to such Additional Bonds or additional Alternative Financing unless consented to by the County. SECTION 1.3. Method of Financing the Public Improvements; Apportionment of Costs. The cost of the Public Improvements will be paid from the proceeds of the Bonds or Alternative Financing and the City's available Incremental Revenues. Under the Bond Act and the Development District Act, the cost of the Public Improvements are to be paid from Incremental Revenues. The Incremental Revenues from the City and the County will be applied as provided in Section 2.2 hereof. Contemporaneously with the execution and delivery of this Interlocal Agreement, and subject to the action of the Local Government Commission, the City will arrange for the issuance of the Bonds or Alternative Financing. If Alternative Financing or the Bonds are issued in more than one series and at separate times, subsequent to the initial issue of the Alternative Financing no additional Alternative Financing or Bonds may be issued unless the City shall provide the County and any advisors designated by the County with the details of the proposed offering and will not proceed with such issuance until the County, through its officers, has accepted the terms of the proposed offering. The County will not unreasonably withhold or delay acceptance. SECTION 1.4. Relationship to Other Documents; Defined Terms. The Bonds are expected to be issued under an Indenture of Trust dated as of [month] 1, 2010 (the "Indenture ") between the City and a corporate trustee (the "Trustee "). Terms used in this Interlocal Agreement without other definition shall have the meaning provided therefor in the Indenture unless another meaning is plainly intended. This Interlocal Agreement is intended to be interpreted consistently with the Indenture and the other documents and agreements referred to in the Indenture relating to the Bonds and the Development Financing District. In the case of Alternative Financing the documents relating thereto will be treated just as if these documents were the Indenture. ARTICLE II INCREMENTAL REVENUES SECTION 2.1. Incremental Revenue Fund. Upon the issuance of the Bonds or any portion thereof or the Alternative Financing, there shall be established an Incremental Revenue Fund (the "Incremental Revenue Fund ") by the City. Upon the issuance of any portion of the Bonds or Alternative Financing, the Incremental Revenue Fund will be held by the Trustee for the Bonds or Alternative Financing to be applied as provided in the Indenture relating to the issuance of the Bonds or the Alternative Financing as the case may be. The Incremental Revenue Fund shall have two accounts therein: the Issuer Contribution Account and the County Contribution Account. SECTION 2.2. Incremental Revenues. (a) Incremental Revenues include revenues from incremental value as set forth in (b) and from taxes imposed by City with respect to property subject to the Minimum Assessed Value Agreement. -3- G -3 Attachment number 4 Page 136