AG 2010 11 15 - Laserfiche WebLink

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NOW, THEREFORE, in consideration of the premises, the City and the County desire to provide in this Interlocal Agreement for the basis on which the County Contribution will be made for the benefit of the holders of the Bonds to be issued by the City, the City and the County do hereby covenant, promise, agree and represent as follows: ARTICLE I GENERAL PROVISIONS SECTION 1.1. Purpose of the Interlocal Agreement. This Interlocal Agreement is being entered into as a means for the County to provide assistance to the Public Improvements to be funded through the Financing by making periodic payments to the City from the County's Incremental Revenues actually received by the County from the Development Financing District, subject to the restrictions and limitations set forth in this Agreement. The County's payment obligations under this Agreement are solely contractual in nature. The County's Incremental Revenues may not be pledged, and are not pledged, to support the Financing; and nothing in this Agreement shall be construed as a pledge of any of the County's Incremental Revenues or other funds. The terms of this Interlocal Agreement shall provide support solely for the Financing and shall not provide support for any other obligations. The taxing power of the County is not and may not be pledged directly or indirectly to secure any amounts payable by the County under this Interlocal Agreement, and neither this Interlocal Agreement nor the Financing constitutes a pledge of the faith and credit of the County. No deficiency judgment may be rendered against the County for any amounts that may be owed by the County under this Interlocal Agreement. SECTION 1.2. Duration of the Interlocal Agreement. This Interlocal Agreement shall be effective on the date of issuance of the Financing and shall remain in effect until the Financing has been paid in full or fully defeased or this Agreement is terminated in accordance with the provisions hereof. The City and the County agree that the provisions of this Interlocal Agreement shall not apply to any Bonds or any installment contract financing or other indebtedness of the City other than the Financing without the prior written consent of the County. Notwithstanding any other provision of this Agreement, if the City defaults in the timely payment of principal or interest on the Financing or any portion thereof when due, the County's obligation to make any payments under this Agreement shall immediately terminate and the County shall have no further obligations under this Agreement. 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 Financing or the City's other legally available funds. 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 prior approval of the Local Government Commission, the City will arrange for the issuance of the Financing. If the Financing is issued in more than one series and at separate times, subsequent to the initial issue of a portion of the Financing, no additional portion of the Financing may be issued unless the City shall provide the County and any advisors designated by the County with the details of the proposed additional Financing and will not proceed with such issuance of additional Financing until the County, through its officers, has accepted the terms of the proposed additional Financing. The County will not unreasonably withhold or delay such acceptance. SECTION 1.4. Relationship to Other Documents; Defcned Terms. The certificates of participation or limited obligation bonds will be issued under an Indenture of Trust dated as of [month] 1, 2010 (the "Indenture ") between the City and , as trustee (the "Trustee "). Terms used in this -2- G -3 Page 189