Agenda - Council - 08/25/1998 - Laserfiche WebLink

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Financing in excess of $3,000,000 will be financed as follows: The parties acknowledge that the City is within the taxing jurisdiction of the ACHRA and that the ACHRA intends to make an annual levy within its taxing jurisdiction to fund ACHRA activities, and that the ACHRA will pledge a portion of its annual levy payable as revenue to be used for the Project. Commencing in 1999, the ACHRA covenants to make available for payment of debt service on the Project Bonds an amount of money equal to the lesser off (i) the actual proceeds of the ACHRA levy within the City for such year, net of the ACHRA's general operating expenses allocated to the City for the year, or (ii) the amount by which actual or projected Project Revenues for such year less actual or projected Operating Costs for such year is less than 105% of regularly scheduled debt service on the Project Bonds in such year. For purposes of the preceding sentence, the following terms shall have the following meanings: (1) _Operating Costs: with respect to a specific period, costs incurred by the ACHRA for the operation, repair ~md maintenance of the Project during such per/od including: (a) current maintenance and repairs necessary to maintain the Project in adequate operating condition; (b) labor and costs of materials, services, and supplies used for such current operation, maintenance and repairs; (c) costs of insurance of the Project incurred in the period, whether or not actually paid in such period; (d) management fees and financing fees payable by the ACHRA with respect to the Project; (e) special assessments, taxes and payments in lieu of taxes incurred in the period, whether or not actually paid in such period; (f) current utility charges; and (g) the ACHRA's annual management fee in an amount not to exceed $15,000 per year, as adjusted annually in accordance with the Consumer Price Index. (2) Project Revenues: all revenues and receipts derived from the ACHRA from the operati.on of the Project, including tenant rentals and all other moneys as may be paid 4 I I I ! I I I I I 1 I I I I ! I I