AG 2010 11 15 - Laserfiche WebLink

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(a) To pay capital expenditures incurred in connection with Public Improvements by the City or the County; 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 Financing or 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Indenture or upon the discharge of the Indenture, any balance in the accounts of the Incremental Revenue Fund shall be withdrawn and paid to the City or County, as the case may be, for deposit to the general fund of the City or the County. ARTICLE III THE PUBLIC IMPROVEMENTS SECTION 3.1. Public Improvement List. The City and the County acknowledge that the County Contribution is intended to assist in the funding of the Public Improvements shown on Schedule A. Each of the City and the County may change or alter the priority of funding, the scope, the design or the plan for a project identified as its Improvement, but may not alter the priority of funding, the scope, the design or the plan for the other's Improvement. All other changes to the Public Improvements shall be approved by both the City and the County. SECTION 3.2. Ownership of Public Improvements. All Public Improvements shall be owned by the State, one of its agencies or political subdivisions or some other governmental entity or instrumentality. SECTION 3.3. Health Alliance Facility. The City acknowledges that provision of funding for the Health Alliance Facility is a primary concern of the County. Accordingly, the City agrees that it will set aside the sum of $15 million from the Financing to provide funds for the Health Alliance Facility. The City also agrees that it will submit promptly for payment by the Trustee any requisition for costs for the Health Alliance Facility provided by the [Cabarrus Health Authority] and take all action under the Indenture necessary to process any such request. The City and the County agree that the City will have no authority or responsibility for the design and construction of the Health Alliance Facility unless the County requests it to do so. Legal title to the Health Alliance Facility and the site thereof will be conveyed to the County promptly after the Financing has been paid in full or fully defeased or this Agreement is terminated in accordance with the provisions hereof. ARTICLE IV MISCELLANEOUS SECTION 4.1. Tax Collections. The County acknowledges that its Department of Tax Administration is responsible for assessment of all property for purposes of taxation and for collection of taxes imposed by the County and the City with respect to property within the boundaries of the City that is located in the County and serves as the Tax Assessor and the Tax Collector. The County agrees to proceed diligently to collect all taxes due including amounts due under any Minimum Valuation Agreement and to provide for the performance of the duties of the Tax Assessor thereunder with respect to that portion of the Development Financing District located in the County. The County further agrees to provide the City's Chief Financial Officer with the assessed value of all property located in that portion of the Development Financing District within the County not later than June 15 of each year. No provision -5- G -3 Page 192