AG 2010 11 15 - Laserfiche WebLink

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interest to be credited in accordance with the Indenture and less any amounts previously credited to the Debt Service Fund or the County Contribution Account of the Incremental Revenue Fund as provided in the Indenture. Any net proceeds with respect to taxes levied by the County that exceed the Maximum County Contribution Amount, as such excess is calculated by the County, shall be retained by the County as if there were no Development Financing District in existence. (C) In the event a reserve fund is established from the proceeds of the Bonds, if the amount of Bond proceeds on deposit in such reserve fund is reduced for any reason, the amount of such reduction shall be applied (i) to reduce the principal amount of Bonds Outstanding, or (ii) to pay annual principal or interest payments on the Bonds or (iii) to the payment of Project Costs as the City elects; provided, however, that no more than one half of such reduction may be applied to the payment of Project Costs without the prior written consent of the County and the amount not applied to Project Costs with the consent of the County shall be applied as a credit to the amounts required under (B) above. The City and the County acknowledge that there is an agreement relating to the remittance by the County of taxes collected on behalf of the City with respect to property located in the County including that portion of the Development Financing District located in the County. The provisions of that agreement or any subsequent amendment or replacement shall control the remittance of collections of taxes collected for the City. Also, the City and the County recognize that the payment of taxes for motor vehicles is on a different schedule from the payment of taxes for real property. The provisions relating to semiannual payment of the County Contribution may be modified with respect to taxes collected for motor vehicles so that such collections are transmitted other than semiannually. All calculations to be made hereunder shall be made by the City or the County, as the case may be, and the Trustee shall have no obligation regarding such calculations. SECTION 2.3. Use of Moneys in Incremental Revenue Fund. So long as any portion of the Bonds or Alternative Financing are outstanding, amounts in the Incremental Revenue Fund shall be applied as provided in the Indenture. Any amounts in the Incremental Revenue Fund that are released under the Indenture shall be applied as follows: (a) To pay capital expenditures incurred in connection with Public Improvements by the City or the County in the Development Financing District pursuant to the Development Financing Plan; provided that no withdrawals may be made from the County Contribution Account without the consent of the County. (b) With respect to amounts in the Issuer Contribution Account, to repay the appropriate fund of the City for any moneys actually expended on debt service on the Bonds from any sources other than the Incremental Revenues. (c) To the extent permitted under the Indenture or upon the discharge of the Indenture, any balance in the accounts of the Incremental Revenue Fund shall be withdrawn and paid to the City or County, as the case may be, for deposit to the general fund of the City or the County. -5- Attachment number 4 Page 138 G -3