2006-09-27 CC Packet - Laserfiche WebLink

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on the G.O. Bonds and debt for which the Public Entity has no financial liability, must be paid by the Public Entity to the Commissioner of Finance. The portion of such excess monies that the Public Entity shall pay to the Commissioner of Finance shall be determined by the Commissioner of Finance and absent circumstances which would' indicate otherwise such portion shall be determined by multiplying such excess amount by a fraction the numerator of which is the amount of G.O. Bonds and the denominator of which is the total principal amount of all public debt financing incurred with respect to the Real Property and, if applicable, the Facility other than public debt issued by a public entity for which it has no financial liability. Section 3.03 Sale. The Public Entity shall not sell its interest in the Real Property or, if applicable, the Facility unless all of the following provisions have been complied with fully. A. The Public Entity determines, by official action, that it is no longer usable of needed. B. The sale is made as authorized by law. C. The sale is for Fair Market Value. D. The written consent of the Commissioner of Finance has been obtained. E. The written consent of the Commissioner of Natural Resources has been obtained and all requirements under Section 6.30. The acquisition of the Public Entity's interest in the Real Property and, if applicable, the Facility at a foreclosure sale, by acceptance of a deed-in-lieu of foreclosure, or enforcement of a security interest in personal property used in the operation of thereof, by a lender that has provided monies for the acquisition of the Public Entity's interest in or betterment of the Real Property and, if applicable, the Facility shall not be considered a sale for the purposes of this Agreement if after such acquisition the lender operates the Real Property and, if applicable, the Facility in a manner which is not inconsistent with the program specified in Section 2.03 and the lender uses its best effOlis to sell such acquired interest to a third party for Fair Market Value. The lender's ultimate sale or disposition of the acquired interest in the Real Property and, if applicable, the Facility shall be deemed to be a sale for the purposes of this Agreement, and the proceeds thereof shall be disbursed in accordance with the provisions contained in Section 3.04. Section 3.04 Proceeds of a Sale. Upon the sale of the Public Entity's interest in the Real Property and, if applicable, the Facility the net proceeds thereof shall be disbursed in the following manner and order. A. The first distribution shall be to the Commissioner of Finance in an amount equal to the amount of the Grant actually disbursed, and if the amount of such net proceeds shall be less than the amount of the Grant actually disbursed then all of such net proceeds shall be distributed to the Commissioner of Finance. B. The remaining portion, after the distribution specified in Section 3.04.A, shall be distributed to pay in full any outstanding public or private debt incurred to acquire the Public Entity's interest in or for the betterment of the Real Property and, if applicable, the Facility in the order of priority of such debt. City of CentervilIe City Park 9/11/2006 13 33