AG 2010 11 15 - Laserfiche WebLink

Home Browse Search

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 Financing. ARTICLE II INCREMENTAL REVENUES SECTION 2.1. Incremental Revenue Fund. The City will establish an Incremental Revenue Fund (the "Incremental Revenue Fund ") as contemplated by NCGS § 159- 107(c). Upon the issuance of any portion of the Financing, the Incremental Revenue Fund will be held by the Trustee to be applied as provided in the Indenture. 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 the City with respect to property subject to a minimum valuation agreement entered into pursuant to NCGS § 159 -108 (a "Minimum Valuation Agreement "), if any. (b) From and after [January 1, 2011], in each year that the County's Tax Assessor shall determine pursuant to NGCS § 159- 107(d) that the current assessed value of taxable property located in that portion of the Development Financing District that is located in the County exceeds the base valuation of property in the Development Financing District in accordance with the Bond Act, the difference shall be the incremental valuation of that portion of the Development Financing District located in the County for such year. (c) In any year in which property in the Development Financing District is subject to the payment of taxes to the City pursuant to a Minimum Valuation Agreement, Incremental Revenues shall include all payments received by the City pursuant to any Minimum Valuation Agreement. (d) Revenues from ad valorem taxation of property in the Development Financing District shall be applied as follows: (i) The net proceeds of the following taxes shall be paid to each unit of local government with taxing power in the Development Financing District: (i) taxes separately stated and levied solely to service and repay debt secured by a pledge of the faith and credit of the unit; (ii) nonschool taxes levied by such unit pursuant to a vote of the people; (iii) taxes levied for a municipal or county service district, if any; and (iv) taxes levied by any taxing unit other than the City or the County. (ii) The net proceeds of all other ad valorem taxes levied by the County and the City in any year shall be multiplied by a fraction, the numerator of which is the base valuation for the Development Financing District and the denominator of which is the current valuation for the Development Financing District. The City and the County acknowledge that as a result of the operation of one or more Minimum Valuation Agreements, the City and the County may have different tax valuations for the Development Financing District, and that the computation described in the preceding sentence will use the City's valuation for purposes of this determination as it pertains to the City's ad valorem taxes, and will use the County's valuation for purposes of this determination as it pertains to the County's ad valorem taxes. The amount shown as the product of this multiplication shall, when paid by the taxpayer, be retained by the -3- G -3 Page 190