Common use of Project-Related Agreements Clause in Contracts

Project-Related Agreements. (A) The City has entered into the Financing Agreement to finance costs of the Project and to pay costs of issuance. (B) The City and the Agency agree that the proceeds of the Financing Agreement to finance the Project should be deposited directly with the Agency and the City’s lender will make that deposit on April 4, 2019. (C) The Project is properly described as Urban Renewal Project in the Plan. (D) The Agency is authorized to spend Tax Increment Revenues to pay for the costs of the Project. (E) The Project will assist the Agency in carrying out its Plan. (F) The Agency will only spend the proceeds on the Project. (G) Unless the City and Agency receive a written opinion from bond counsel that a sale is permitted, so long as the Financing Agreement is outstanding, the Project will remain owned by the City or Agency. (H) This is the Agency’s first expenditure against the $67,000,000 maximum indebtedness limit in the Plan.