Common use of Collection of Assessments Clause in Contracts

Collection of Assessments. (a) The City covenants and agrees that it will, as authorized by the PID Act and other applicable law, continuously collect or cause to be collected Assessments levied pursuant to the Service and Assessment Plan during the term of this Agreement in the manner and to the maximum extent permitted by applicable law. The City covenants and agrees that to the extent permitted by applicable law, it will not permit a reduction, abatement, or exemption in the Assessments due on any portion of the Property until the PID Bonds related to that particular portion of the Property are no longer outstanding, whether as a result of payment in full, defeasance, or otherwise. The City shall use best efforts to collect the Assessments consistent with the City’s policies and standard practices applicable to the collection of City ad valorem taxes and assessments. (b) Notwithstanding anything to the contrary contained herein or in the Service and Assessment Plan, once PID Bonds are issued, the Assessment Revenues collected annually from the Property will be deposited in the Pledged Revenue Fund and transferred in the priority set forth in the Indenture. (c) Owner will be reimbursed for Actual Costs associated with the Authorized Improvements from Assessments collected by the City and held by the City pursuant to the Reimbursement Agreement. Any reimbursement obligation to Owner under the Reimbursement Agreement will be subordinate to payment of the applicable PID Bonds. (d) Further, notwithstanding anything to the contrary herein, the City covenants and agrees to use best efforts to contract with Travis County Tax Collector for the collection of the Assessments such that the Assessments will be included on the ad valorem tax bill(s) for the Assessed Properties and will be collected as part of and in the same manner as ad valorem taxes.

Collection of Assessments. (a) The City covenants and agrees that it will, as authorized by the PID Act and other applicable law, continuously collect or cause to be collected Assessments levied pursuant to the Service and Assessment Plan during the term of this Agreement in the manner and to the maximum extent permitted by applicable law. The City covenants and agrees that to the extent permitted by applicable law, it will not permit a reduction, abatement, or exemption in the Assessments due on any portion of the Property until the PID Bonds bonds related to that particular portion of the Property are no longer outstanding, whether as a result of payment in full, defeasance, or otherwise. The City shall use best efforts to collect the Assessments consistent with the City’s policies and standard practices applicable to the collection of City ad valorem taxes and assessments. (b) Notwithstanding anything to the contrary contained herein or in the Service and Assessment Plan, once PID Bonds are issued, the Assessment Revenues collected annually from the Property will be deposited in the Pledged Revenue Fund and transferred in the priority set forth in the Indenture. (c) Owner will be reimbursed for Actual Costs associated with the Authorized Improvements from Assessments collected by the City and held by the City pursuant to the an applicable Acquisition and Reimbursement Agreement. Any reimbursement obligation to Owner under the an Acquisition and Reimbursement Agreement will be subordinate to payment of the applicable PID Bonds. (d) Further, notwithstanding anything to the contrary herein, the City covenants and agrees to use best efforts to contract with Travis Hays County Tax Collector for the collection of the Assessments such that the Assessments will be included on the ad valorem tax bill(s) for the Assessed Properties Parcels and will be collected as part of and in the same manner as ad valorem taxes.