BC 2007 11 19 Regular - Laserfiche WebLink

Home Browse Search

November 19, 2007 (Regular Meeting) Page 616 Government Commission of an order approving the Development Financing District and the issuance of the Bonds and shall remain in effect until the Bonds have been paid in full or fully defeased or terminated in accordance with the provisions hereof. Upon the issuance of any Additional Bonds under the Indenture over and above the amount of not exceeding an aggregate of $168,900,000 (which amount may be issued in one or more series) the City and the County agree that the provisions of this Interlocal Agreement shall not apply to such Additional Bonds unless consented to by the County. 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 Bonds and the City's available Incremental Revenues. Under the Bond Act and the Development District Act, the cost of the Public Improvements are to be paid from Incremental Revenues. 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 action of the Local Government Commission, the City will arrange for the issuance of the Bonds. If the Bonds are issued in more than one series and at separate times, prior to issuing any series of the Bonds subsequent to the initial issue, the City shall provide the County and any advisors designated by the County with the details of the proposed offering 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 1.9. 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 Eund 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 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.