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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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11/6/2006 2:39:46 PM
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<br />-- <br /> <br />, <br /> <br /> <br /> <br />C Section 5.4. Failure to Pav 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 />rece i ved by the City it is under no obligation to make any <br />payments. <br /> <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'tnis 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 /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br />~- . <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br />; <br /> <br /> <br /> <br />. <br /> <br />13 <br />
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