Agenda - Council - 10/24/2023 - Laserfiche WebLink

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(b) Allocation. The aggregate principal amount of$6,915,000 maturing in each of the years and amounts hereinafter set forth are issued to finance the TIF Project (the "Tax Increment Portion" of the Bonds); and the aggregate principal amount of$1,400,000 maturing in each of the years and amounts hereinafter set forth are issued to finance the Equipment (the "Equipment Portion" of the Bonds): Tax Increment Equipment Year Portion Portion Total 2024 $3001000 $1051000 $405M00 2025 3401000 1151000 4551000 2026 3551000 125,000 480,000 2027 3751000 130,000 505,000 2028 3951000 1351000 53000 2029 4151000 14500 56000 2030 4351000 15000 585,000 2031 4551000 1551000 610,000 2032 4801000 1651000 645,000 2033 5001000 1751000 6751000 2034 5301000 --- 5301000 2035 5501000 --- 5501000 2036 5701000 --- 57000 2037 5951000 --- 59500 2038 6201000 --- 62000 If Bonds are prepaid,the prepayments shall be allocated to the portions of debt service(and hence allocated to the payment of Bonds treated as relating to a particular portion of debt service) as provided in this paragraph. If the source of prepayment moneys is the general fund of the City, or other generally available source, including the levy of taxes, the prepayment may be allocated to either or both of the portions of debt service in such amounts as the City shall determine. (c) Book Entry Only System. The Depository Trust Company, a limited purpose trust company organized under the laws of the State of New York or any of its successors or its successors to its functions hereunder (the "Depository") will act as securities depository for the Bonds, and to this end: (1) The Bonds shall be initially issued and, so long as they remain in book entry form only(the "Book Entry Only Period"), shall at all times be in the form of a separate single fully registered Bond for each maturity of the Bonds; and for purposes of complying with this requirement under paragraphs 5 and 10 Authorized Denominations for any Bond shall be deemed to be limited during the Book Entry Only Period to the outstanding principal amount of that Bond. (ii) Upon initial issuance, ownership of the Bonds shall be registered in a bond register maintained by the Bond Registrar(as hereinafter defined) in the name of CEDE & CO., as the nominee (it or any nominee of the existing or a successor Depository, the "Nominee"). 3 129376828v1