Laserfiche WebLink
submit to the other party upon such termination an itemized statement of such out -of- pocket <br /> expenses and appropriate reimbursement shall promptly be made (with set -off, as appropriate). <br /> B. Financing. ACHRA shall obtain all interim and permanent financing to enable <br /> construction of the Project, and shall use its best efforts to issue bonds pursuant to Minnesota <br /> Statutes, Section 469.034, which bonds shall be backed by the general obligation of the City, as <br /> permitted by law. The parties acknowledge that pursuant to statutory authority, ACHRA intends <br /> to make an annual levy in the jurisdiction of the City to fund ACHRA activities, and that the <br /> amount of the net levy payable in 1997 of $7,434 will be pledged by ACHRA as revenue to be <br /> used for the Project. Commencing with the ACHRA net levy payable in 1999, the ACHRA <br /> covenants that it will dedicate that amount of the actual net levy proceeds from the City, net of <br /> the ACHRA's general operating expenses allocated to the City for the year, which is equal to the <br /> amount needed for regularly scheduled debt service on the Project financing after application of <br /> Project revenues in excess of Project operating expenses to such regularly scheduled debt <br /> service, subject to the (imitations on increasing such revenues expressed in Section 4, clause 4 <br /> hereof. <br /> The City shall pledge a combination of one or more enterprise funds and/or tax increment <br /> funds in such amount or amounts as necessary in each year to cause pledged revenues of the <br /> Project to equal at least 110% of debt service on the bonds. <br /> C. Reimbursement of Expenses. Upon closing of the financing for the Project, <br /> Bond proceeds shall be applied to reimburse each party for all of such party's costs and expenses <br /> in implementing the Project, including, without limitation, the following: <br /> 1) All fees of Architect which were actually paid by such party. <br /> 2) All of such party's out -of- pocket expenses incurred in the planning and <br /> implementation of the Project, including, without limitation, attorneys' fees, engineers' <br /> fees, consultants' fees, pennit fees, publication costs and taxes, as documented by such <br /> party, up to a maximum of $5,000. but such maximums shall not apply to costs directly <br /> related to the financing, such as fees of development consultant, market study, bond <br /> counsel and fiscal advisor. <br /> 3 <br />