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

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reimbursed to the City for such costs pursuant to Section 2.C. (the "Initial Development Obligations"); and (ii) to the extent not previously paid, any and all amounts that the City may pay pursuant to its general obligation pledge (the "Payment Obligation"). Annual project operating revenues, if any, in excess of debt service and other operating costs of the Project, shall be accumulated in an operating reserve in an amount not in excess of six month's operating costs, and thereafter shall be distributed at the end of each bond year equally between the City and the ACHRA, after f~rst reimbursing the City for any outstanding Payment Obligations. Amounts on deposit in such operating reserve may be applied, at the discretion of the ACHRA, to costs of any nature related to the maintenance, development, operation, or debt service w{th respect to the Project. G. Indemnification Agreement. The City does hereby agree to indemnify, save, defend and hold the ACHRA, its employees, agents, directors, trustees and servants, harmless from any and all claims, demands, liabilities and costs, including without limitation attorney's or other professionals' fees and the costs of investigation and remediation, arising from (a) any release of, or threat of a release of, oil or hazardous materials or substances or of any environmental hazards or potential hazards, actual or alleged, upon or about the property deschbed in Exhibit A (hereinafter "Project Site") or respecting any products or materials previously or now located upon, delivered to or in transit to or from the Project Site occurring prior to the period of ownership by the ACHRA, regardless of whether such release or threat of a release or alleged release or threat of release has occurred prior to the date hereof or hereafter occurs and regardless of whether such release or threat of a release or alleged release or threat of release occurs as the result of the negligence or misconduct of the City or any third party or otherwise, or (b) any violation, actual or alleged, of or any other liability under or in connection with any law, statute, ordinance, rule or regulation of any governmental or quasi-governmental authority, specifically including without limitation the Resource Conservation and Recovery Act and the Comprehensive Environmental Response, Compensation and Liability Act, both as amended, or any other environmental protection or toxic waste or hazardous substance handling, treatment, storage or disposal laws, statutes, ordinances, rules or regulations upon or about the Project Site or respecting any products or materials previously or now located upon, delivered to 10 I I I I I I I I i I I I I' I I