5.2. SR 04-05-1993 - Laserfiche WebLink

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. . . 235883 prompt and full payment of the interest which accrues on the 1985B Refunding Bonds prior to February 1, 1994; (4) any balance remaining on February 1, 1994, in the Debt Service Account created for the 1985A Bonds pursuant to Section 4.01 of the Council's Resolution No. 85-39, adopted on August 12, 1985, in connection with the issuance of the 1985A Bonds, provided that all of the principal of and interest due on the 1985A Bonds shall have been paid on or before said date; (5) any balance remaining on February 1, 1994, in the Debt Service Account created for the 1985B Bonds pursuant to section 4.01 of the Council's Resolution No. 85-40, adopted on August 12, 1985, in connection with the issuance of the 1985B Bonds, provided that all of the principal and interest due on the 1985B Bonds shall have been paid on or before said date; (6) the "Available Tax Increments" (as hereinafter defined), provided that the amounts thereof so pledged to the payment of the Bonds shall not exceed amounts necessary, when combined with other funds available for such purposes in the Debt Service Account, to pay the principal of and interest on the Bonds, when due; (7) all collections of any ad valorem taxes hereafter levied for the payment of the Bonds; (8) all investment earnings on funds held in the Debt Service Account; and (9) any amounts received by the City upon termination of the Escrow Account. The foregoing funds are hereby pledged to the Debt Service Account, but only in such amounts and at such times as may be necessary, together with other available funds therein (and the same shall be used solely), to pay the principal of and interest on the Bonds, when due. As used in this paragraph 15 (ii), the term "Available Tax Increments" means those tax increments that are derived by the City from its Tax Increment Financing District Nos. 1, 2 and 3, all within the City's Development District NO.1, subject, however, to the following stipulations: (1) tax increments from Tax Increment Financing District Nos. 1 and 3 shall be used to pay debt service on the 1985A Refunding Bonds and shall not be used to pay debt service on the 1985B Refunding Bonds; (2) tax increments from Tax Increment Financing District No. 2 shall be used to pay debt service on the 1985B Refunding Bonds and shall not be used to pay debt service on the 1985A Refunding Bonds; (3) in discharging its obligations with respect to the application of any of such tax increments pursuant to this Resolution, the City expressly reserves the right to pledge or otherwise dedicate the Available Tax Increments to purposes other than the discharge of the obligations described herein upon a finding by the City that the estimated Available Tax Increments then remaining will be sufficient from year to year for such purposes; and {4} the pledge of Available Tax Increments made in this Resolution is in all cases subject and junior in lien to all unpaid pledges or other outstanding commitments heretofore made by the City wi th respect to the expenditure or dedication of such tax increments. 16