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CCP 06-15-1992
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CCP 06-15-1992
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5/8/2007 1:09:07 PM
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<br /> --- <br /> L Section 5,4. Failure to Pay Real Estate Taxes. The City is. <br /> only obligated to make payments under this Article if and when the <br /> real estate taxes are paid and Ramsey County delivers the captured <br /> tax increment to the City. If. no captured tax increment is <br /> received by the City it is under no obligation to make any <br /> paymen ts, <br /> Section 5.5. Sale or Transfer of Tax Increment. Tax <br /> increments shall only be paid to the owner or owners of the Minimum <br /> Improvements, except that upon written instructions, approved by <br /> all parties, the tax increments may be paid by the city directly <br /> into the debt service fund for the Revenue Bonds, as noted in <br /> Section 6.3 of this Agreement. If a default is made on payments <br /> on the Revenue Bonds, the city shall have the sole option to pay <br /> any or all of the 90% of the tax increments directly into the debt <br /> service fund for those bonds. <br /> i . <br /> "--- <br /> - <br /> I <br /> . <br /> , <br /> \ <br /> . 13 <br />
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