Common use of TDD Sales Tax Clause in Contracts

TDD Sales Tax. The City has delivered a copy of the TDD Resolution to the Kansas Department of Revenue (“DOR”) imposing the TDD Sales Tax effective April 1, 2012. The Developer agrees to provide to the DOR a list of tenants within the District no later than January 1, 2012, so that the DOR can notify tenants within the District of the requirement of the tenant to impose a TDD Sales Tax beginning on April 1, 2012. At the time the list of tenants is provided to the DOR, the Developer shall also provide a copy to the City. Except as otherwise set forth herein, all TDD Sales Tax shall be available for and dedicated to pay Eligible Expenses until sufficient TDD Sales Tax has been received to pay for the cost of Eligible Expenses or not later than the date the TDD Bonds issued to finance the Project or refunding bonds issued therefor shall mature and shall be utilized according to the procedures set forth herein in the following order of priorities: 1. First, to pay the principal and interest on any TDD Bonds issued to finance the TDD Improvements; 2. Second, to pay or reimburse the City for all City Expenses including the City TDD Annual Administrative Fee; and 3. Third, to the extent permitted by the TDD Act, to reimburse the Developer for remaining Eligible Expenses. Notwithstanding the foregoing, the Parties acknowledge that the effective date of the TDD Sales Tax may be delayed to a later date or expedited to an earlier date if either such action is requested in writing at least one hundred eighty (180) days prior to April 1, 2012 or the effective date of the TDD Sales Tax by all owners of record within the District and approved by the Governing Body of the City.

TDD Sales Tax. The City has delivered a copy of the TDD Resolution to the Kansas Department of Revenue (“DOR”) imposing the TDD Sales Tax effective April 1, 2012. The Developer agrees to provide to the DOR a list of tenants within the District no later than January 1, 2012, so that the DOR can notify tenants within the District of the requirement of the tenant to impose a TDD Sales Tax beginning on April 1, 2012. At the time the list of tenants is provided to the DOR, the Developer shall also provide a copy to the City. Except as otherwise set forth herein, all TDD Sales Tax shall be available for and dedicated to pay Eligible Expenses until sufficient TDD Sales Tax has been received to pay for the cost of Eligible Expenses or not later than the date the TDD Bonds issued to finance the Project or refunding bonds issued therefor shall mature and shall be utilized according to the procedures set forth herein in the following order of priorities: 1. First, to pay the principal and interest on any TDD Bonds issued to finance the TDD Improvements; 2. Second, to pay or reimburse the City for all City Expenses including the City TDD Annual Administrative Fee; and 3. Third, to the extent permitted by the TDD Act, to reimburse the Developer for remaining Eligible Expenses. Notwithstanding the foregoing, the Parties acknowledge that the effective date of the TDD Sales Tax may be delayed to a later date or expedited to an earlier date if either such action is requested in writing at least one hundred eighty (180) days prior to April 1, 2012 or the effective date of the TDD Sales Tax by all owners of record within the District and approved by the Governing Body governing body of the City.