Res 2006-153 - Laserfiche WebLink

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"Reimbursement" shall have the meaning provided in Section 5.01 of this Agreement. "State" means the State of Texas, "Tax Increment Fund" means the fund created and maintained by the City for the deposit of tax increments from the Zone for the purposes of implementing the projects of the Zone. Section 1.02 Singular and Plural. Words used herein in the singular, where the context so permits, also include the plural and vice versa, The definitions of words in the singular herein also apply to such words when used in the plural where the context so permits and vice versa. ARTICLE II REPRESENTATIONS Section 2.01 Representations of the City. The City hereby represents to the Developer: (A) The City is a duly created and existing municipal corporation and home rule municipality of the State of Texas under the laws of the State of Texas and is duly qualified and authorized to carryon the governmental functions and operations as contemplated by this Agreement. (B) The City has the power, authority and legal right to enter into and perform this Agreement and the execution, delivery and performance hereof (i) have been duly authorized, will not violate any applicable judgment, order, law or regulation, and (ii) do not constitute a default under, or result in the creation of, any lien, charge, encumbrance or security interest upon any assets of the City under any agreement or instrument to which the City is a party or by which the City or its assets may be bound or affected. (C) This Agreement has been duly authorized, executed and delivered by the City and, constitutes a legal, valid and binding obligation of the City, enforceable in accordance with its terms except to the extent that (i) the enforceability of such instruments may be limited by bankruptcy, reorganization, insolvency, moratorium or other similar laws of general application in effect from time to time relating to or affecting the enforcement of creditors' rights and (ii) certain equitable remedies including specific performance may be unavailable. (D) The execution, delivery and performance of this Agreement by the City does not require the consent or approval of any person which has not been obtained. (E) The City understands and commits that it will use Available Tax Increment Funds to pay the obligations of the Zone related to this Agreement, but the obligation of the Zone and the City to make payments to the Developer is subject to the limitations described in this Agreement. -3-