AG 2007 11 19 - Laserfiche WebLink

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and will not proceed with such issuance until the County, through its officers, has accepted the terms of the proposed offering. The County will not unreasonably withhold or delay acceptance. SECTION 1.4. Relationship to Other Documents; Defined Terms. The Bonds are expected to be issued under an Indenture of Trust (the "Indenture") between the City and a corporate trustee (the "Trustee"). Terms used in this 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 Bonds and the Development Financing District. ARTICLE II INCREMENTAL REVENUES SECTION 2.1. Incremental Revenue Fund. Upon the issuance of an order by the Local Government Commission approving the Development Financing District and the issuance of the Bonds or any portion thereof, there shall be established an Incremental Revenue Fund (the "incremental Revenue Fund") by the City. Upon the issuance of any portion of the Bonds, the Incremental Revenue Fund will be held by the Trustee for the Bonds to be applied as provided in the Indenture of Trust (the "Indenture") relating to the issuance of the Bonds: 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 City with respect to property subject to the Minimum Assessed Value Agreement. (b) From and after the date that the County's Tax Assessor shall determine that the current assessed value of taxable property located in the Development Financing District 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 the Development Financing District. (c) In any year in which Minimum Assessment Property (as defined in the Minimum Assessed Value Agreement) is subject to the- payment of taxes to the City on such property at the Minimum Assessment Increase, Incremental Revenues shall include all payments received by the City on the Minimum Assessment Increase. (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 shalt 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 District. The City and the County acknowledge that as a result of the operation of the Minimum Assessed Value Agreement, the City and the County may have different tax valuations for the r-3 I C/~)