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Res 2015-094/approving a Chapter 380 Economic Development Incentive Agreement with Amazon.com.kydc, LLC, providing incentives in the form of annual refunds of 85 percent of ad valorem taxes generated from personal property over fifteen years, 40 percent
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Res 2015-094/approving a Chapter 380 Economic Development Incentive Agreement with Amazon.com.kydc, LLC, providing incentives in the form of annual refunds of 85 percent of ad valorem taxes generated from personal property over fifteen years, 40 percent
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Resolutions
City Clerk - Type
Approving
Number
2015-94
Date
7/21/2015
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as limited by applicable relief, liquidation, conservatorship, bankruptcy, moratorium, <br />rearrangement, insolvency, reorganization or similar laws affecting the rights or remedies of <br />creditors generally, as in effect from time to time. <br />Section 6.04. No Defaults. To the actual knowledge of the individual signing this <br />Agreement, the persons authorizing this Agreement, and the Amazon representatives that <br />negotiated this Agreement, Amazon is not in default in the performance, observance or <br />fulfillment of any of the obligations, covenants or conditions contained in any agreement or <br />instrument to which Amazon is a party or by which Amazon or any of its property is bound that <br />would have any material adverse effect on Amazon's ability to perform under this Agreement. <br />ARTICLE VII <br />PERSONAL LIABILITY OF PUBLIC OFFICIALS <br />AND LIMITATIONS ON CITY OBLIGATIONS <br />Section 7.01. Personal Liability of Public Officials. No employee or elected official of <br />the City shall be personally responsible for any liability arising under or growing out of this <br />Agreement. <br />Section 7.02. Limitations on City Obligations. The Chapter 380 Payments made and <br />any other financial obligation of the City hereunder shall be paid solely from lawfully available <br />funds that have been budgeted and appropriated each year during the Term by the City as <br />provided in this Agreement. Under no circumstances shall the City's obligations hereunder be <br />deemed to create any debt within the meaning of any constitutional or statutory provision. <br />Consequently, notwithstanding any other provision of this Agreement, the City shall have no <br />obligation or liability to pay any Chapter 380 Payments unless the City budgets and appropriates <br />funds to make such payments during the City's fiscal year in which such payments are due. If <br />the City fails to appropriate funds to make any Chapter 380 Payment(s), it shall immediately <br />II <br />
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