AG 2010 11 15 - Laserfiche WebLink

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County or the City, or special district, as if there were no Development Financing District in existence. (A) With respect to taxes levied by the City, the net proceeds of the remaining amount shall, when paid by the taxpayer, be turned over to the Finance Director of the City (the "Finance Director "), who shall transmit this amount to the Trustee for deposit in the Issuer Contribution Account of the Incremental Revenue Fund. (B) With respect to taxes levied and collected by the County, the lesser of (y) 100% of the net proceeds of the remaining amount or (z) 50% of the net aggregate annual principal and interest requirements for the Financing (the "Maximum County Contribution Amount ") shall be transmitted by the County to the Trustee for deposit in the County Contribution Account of the Incremental Revenue Fund on each [February 15 and August 15] beginning [August 15, 201_]. The net aggregate annual principal and interest requirements for the Financing shall be the principal and interest requirements for the Financing less any amount of capitalized 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 Financing, if the amount of Financing 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 the Financing outstanding, or (ii) to pay annual principal or interest payments on the Financing 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 Financing is 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: -4- G -3 Page 191