Laserfiche WebLink
Fund in the form attached hereto as Schedule I (each a"Payment Request")to disburse <br /> a portion of the Repayment Amount to pay for the Actual Cost of constructing the <br /> applicable Public Improvements not previously reimbursed. Each Payment Request <br /> shall designate the Public Improvements (or portion thereof) to which the Payment <br /> Request pertains. This process will continue until the Unpaid Balance is paid in full, <br /> whether through the issuance of Major Improvement PID Bonds or not, subject to the <br /> Repayment Amount authorized in Section 3. <br /> 7. Issuance of Major Improvement PID Bonds. The City intends to issue Major <br /> Improvement PID Bonds to reimburse the Developer for the Unpaid Balance. If the <br /> outstanding Major Improvement PID Bonds are less than the outstanding Special <br /> Assessments,then,in addition to receiving the net proceeds of the Major Improvement <br /> PID Bonds,the Owner may continue to receive Special Assessments Revenue up to the <br /> Unpaid Balance, subject to the Repayment Amount authorized in Section 3. <br /> 8. Termination. Subject to the Repayment Amount authorized in Section 3, once all <br /> payments paid to the Owner under this Reimbursement Agreement (including net <br /> proceeds of the Major Improvement PID Bonds) equal the Unpaid Balance, this <br /> Reimbursement Agreement shall terminate; provided,however that if on the Maturity <br /> Date,after application of the net proceeds of any Major Improvement PID Bonds, any <br /> portion of the Unpaid Balance remains unpaid, such Unpaid Balance shall be canceled <br /> and for all purposes of this Reimbursement Agreement shall be deemed to have been <br /> conclusively and irrevocably PAID IN FULL;provided further that if any Assessment <br /> Revenue remain due and payable and are uncollected on the Maturity Date, such <br /> Assessment Revenue, when, as, and if collected after the Maturity Date, shall be <br /> applied to any amounts due in connection with outstanding Major Improvement PID <br /> Bonds,and then paid to the Owner and applied to the Unpaid Balance. <br /> 9. Non-Recourse Obligation. The obligations of the City under this Reimbursement <br /> Agreement are non-recourse and payable only from(i) Special Assessments,or(ii)net <br /> proceeds of Major Improvement PID Bonds; and such obligations do not create a debt <br /> or other obligation payable from any other City revenues, taxes, income, or property. <br /> None of the City or any of its elected or appointed officials or any of its employees <br /> shall incur any liability hereunder to the Owner or any other party in their individual <br /> capacities by reason of this Reimbursement Agreement or their acts or omission under <br /> this Reimbursement Agreement. <br /> 10.No Defense. Following the City's inspection and approval of the Public Improvements, <br /> there will be no conditions or defenses to the obligation of the City to use the proceeds <br /> of the Major Improvement BID Bonds to pay the Unpaid Balance and to pledge the <br /> Special Assessment Revenues as security for such bonds,other than the City's right to <br /> pay costs of issuance of such bonds and/or other costs incurred by the City relating to <br />