Financing the District Project Clause Samples

Financing the District Project. (a) Upon execution of this Agreement, the Developer agrees to advance to the City the sum of $25,000 to pay (1) the City’s reasonable planning, legal, financial and other consultants, and (2) administrative costs and expenses that are incurred in connection with the review of the Petition, the negotiation and administration of this Agreement (including, without limitation, the review of Certificates of Reimbursable Project Costs and the Certificates of Substantial Completion), and the creation of the District; provided, however, that administrative costs and expenses shall not include any portion of salary and benefit costs related to City staff. The City shall obtain the Developer’s approval before entering into any engagements with any third party and (ii) the City shall provide the Developer with a monthly statement showing each agreement executed, amounts paid pursuant to each agreement, and amounts remaining due with respect to each agreement. The sum advanced to the City under this subsection shall constitute Reimbursable Project Costs and may be reimbursed to the Developer solely as provided for in this Agreement. The Developer shall not be liable for any costs incurred by the City in excess of $25,000, and any funds not spent by the City at the completion of the District Project shall be returned to the Developer. (b) The Developer agrees to advance all costs of design, construction and installation of the District Project. All such funds so advanced shall be subject to reimbursement as a Reimbursable Project Cost solely as provided for in this Agreement. (c) Reimbursable Project Costs shall not exceed the total amount set forth on Exhibit A, attached hereto and incorporated herein by reference, plus Costs of Issuance, plus the sum advanced by the Developer pursuant to subsection (a) above and plus the sum advanced by the Developer to pay Operating Costs pursuant to Section 3.3 of this Agreement.

Financing the District Project. 9 Section 4.2. Developer to Complete or Cause Completion of the District Project 9 Section 4.3. Application of Prevailing Wage, Public Bidding and Federal Work Authorization 9 Section 4.4. Financing the District Project 10 Section 4.5. Reimbursements Limited to Reimbursable Project Costs; Developer’s Right to Substitute 10 Section 4.6. Certificate of Substantial Completion 11 Section 4.7. Insurance 11 Section 4.8. Annual Budget; Annual Financial Statements 12

Financing the District Project. The Parties wish to implement a new plan of financing and refinancing for Project Improvements (the “Plan”), as set forth herein, subject to such qualifications as also are set forth herein. Also, attached hereto as Appendix E is the schedule of financings as currently anticipated by the Parties. (a) As the first component of the Plan, the Board and the Department will designate, allocate, and program the Highway Funds, subject to annual appropriation by the General Assembly, to pay a portion of the Cost of Phase II Project Improvements. The Board agrees to use its best efforts to have the Governor and the General Assembly of Virginia take such actions as are necessary to annually appropriate such funds in amounts needed in each such Fiscal Year to continue with the construction of the Phase II Project Improvements in a timely fashion. (b) As the second component of the Plan, the Board will issue State Refunding Bonds in an amount sufficient, together with other available funds, to defease the outstanding State Bonds of 1992. The State Refunding Bonds will have a final maturity in 2018, will be structured as current interest bonds only, and will be structured to provide substantially level annual savings. The proceeds of the sale of the State Refunding Bonds will be applied to refund, defease, and redeem in full the outstanding State Bonds of 1992. (c) As the third component of the Plan, the Board also will issue State New Money Bonds which will have a final maturity in 2032 and will be structured as capital appreciation bonds maturing in the years 2019 through 2032. The proceeds of the State New Money Bonds will be sufficient to pay at least $ 36,395,000 of the Cost of the Phase II Project Improvements and to pay the issuance costs of the State Bonds of 2002, and will be used only for those purposes. The State New Money Bonds will be structured to produce debt service that is substantially level during the years 2019 to 2032. (1) The Board will issue the State Bonds of 2002 pursuant to a Master Agreement of Trust between the Board and a trustee, which may be the same bank or trust company that serves as Fiscal Agent under this District Contract, which agreement will not provide for the establishment of any debt service reserve, repair and replacement or similar funds to be funded or maintained with the proceeds of the State Bonds of 2002 or Special Tax Revenues, except for the refunding escrow fund for the State Bonds of 1992, a debt service fund, and a p...