5.1. SR 10-17-2005 - Laserfiche WebLink

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interest on the Refundinf! Bonds. the Citv will. to the extent authorized under the documents for the Refundinf! Bonds. nav such excess to the Develoner until the sum of such navments and the navments under the Refundinf! Bonds eaual the amount which would have been navable under the Tax Increment Revenue Note if it had not been refunded bv the Refundinf! Bonds. un fet- The terms and conditions of the Refunding Bonds will be set forth in a resolution to be adopted by the City Council of the City (the "Bond Resolution"). In the event of a conflict between the terms and conditions hereof and the terms and conditions of the Bond Resolution, the terms and conditions of the Bond Resolution shall prevail. SeetioB 5.9 IssaaBee of Parkin!! Lot Note. (a) '.\'hen requested by the Developer, but not prior to the Closing on the Jackson Block Property and the closing on the Construction Loan for the Bluff Block DC'/elopment, the City shall commence construction ofthe King /...yenue purking lot proyided that: (i) /.. contract for the construction of Purking Lot has been a\varded and the Purking Lot Cost has been determined; and (ii) The Developer has deposited cash '.vith the City in the amount of the Purking Lot Cost. (b) The City shall reimburse the Developer for the Purking Lot Cost actually paid by the Deyeloper as further proyided in Section 5.9(c). (c) The City shall reimburse for the costs identified in Section 5.9(b) through the issuance of the City's Parking Lot Note in substantially the form attached to this /.I.greement as Exhibit F, subject to the following conditions: (i) The Note shall be dated, issued and deli'/ered '.vhen the conditions set forth in Section 5.9(a) haye been satisfied. The principal amount is not subject to reduction pursuant to Section 5.3. (ii) The unpaid principal amount of the Purking Lot Note shall bear simple non compounding interest the date of issuance of the Note at 6.50% per annum. Interest shall be computed on the basis of a 360 day year consisting of nvelye (12) 30 day months. (iii) The principal amount of the Note and the interest thereon shall be payable solely from the Parking Lot Pledged Tax Increment '.vhich is hereby pledged to the payment ofthe Parking Lot Note. (iv) On each Payment Date and subject to the proyisions of the Parking Lot Note, the City shall pay, against the principal and interest outstanding on the Parking Lot Note, the amount of the Purking Lot Pledged Tax Increment received by the City during the preceding 6 months. ,^..ll such payments shall be applied first to accrued interest and then to reduce the principal of the Note. 1824344vRED V2 to VI; 10/12/05 35