CCP 02-17-1998 - Laserfiche WebLink

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. (3) All tax increment generated from the TIF District recorded by the EDA from and after the date of this Agreement shall be deposited in a special fund (the "Project Fund") held by the EDA. The EDA hereby pledges to the payment of the principal and interest on the Bonds, tax increments from the Project Fund in an amount sufficient to pay 105% of debt service due on the Bonds. (4) Not less than three (3) business days prior to each debt service payment date for the Bonds, there shall be transferred from the Project Fund to the Debt Service Fund maintained by the City for the payment of the Bonds, an amount which when taken together with amounts already on deposit in such Debt Service Fund is equal to principal of and interest on the Bonds to become due on the following date. (5) Without regard to anything in this Agreement to the contrary, tax increment from the TIF District shall be available on a parity basis to pay principal of and interest on both the Bonds and any other obligations issued by the City, EDA or any other public body to finance public development costs paid or incurred by the EDA or City in the TIF District or the Project. (6) When the entire costs of the Project have been paid and all principal and interest on the Bonds and other obligations issued to finance the public redevelopment costs of the Project have been paid, and the City has been reimbursed from . collections of tax increment from the TIF District for collections of general ad valorem taxes used to pay principal of and interest on the Bonds, then the EDA shall report such fact to the City Council of the City and the EDA shall submit a final statement of such payments. (7) An executed copy of this Agreement shall be filed with the Director of Property Records and Revenue of Ramsey County pursuant to the requirement contained in Minnesota Statues, Section 469.178, Subdivision 2. - ," .~- . , ~.." SJB132883 .AR200-1