Common use of Dissolution of PID Clause in Contracts

Dissolution of PID. Contemporaneously with the creation of the PID, the Parties shall enter into an agreement for the dissolution of the PID (the “Dissolution Agreement”) whereby the Owner agrees that in the event no PID Bonds have been issued in accordance to the agreed upon terms set forth in the Dissolution Agreement, the City shall dissolve the PID.

Dissolution of PID. Contemporaneously with the creation of the PID, the Parties shall enter into an agreement for the dissolution of the PID (the “Dissolution Agreement”) whereby the Owner agrees that that, in the event no Special Assessments have not been levied or PID Bonds have not been issued on or before three (3) years after the effective date of the Dissolution Agreement in accordance to the agreed upon terms set forth in the Dissolution Agreement, the City shall may dissolve the PID.