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7/17/2007 8:38:27 AM
Creation date
12/2/2004 9:19:29 AM
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Roseville City Council
Document Type
Council Resolutions
Resolution #
9433
Resolution Title
Authorizing a $567,660 Taxable Tax Increment Revenue Note of 1997 (Fairview H. A. Associates, L.L.C. Project) and providing for its issuance (7/28/97).
Resolution Date Passed
7/28/1997
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<br />may be signed by the manual or facsimile signature of that <br />officer who may act on behalf of such absent or disabled officer. <br />In case either such officer whose signature or facsimile of whose <br />signature shall appear on the Note shall cease to be such officer <br />before the delivery of the Note, such signature or facsimile <br />shall nevertheless be valid and sufficient for all purposes, the <br />same as if he or she had remained in office until delivery. <br /> <br />10. Treatment of Reqistered Owner. The City may treat <br />the person in whose name the Note is registered as the owner of <br />the Note for the purpose of receiving payment of principal of the <br />Note and for all other purposes whatsoever whether or not the <br />Note shall be overdue, and the City shall not be affected by <br />notice to the contrary. <br /> <br />11. Delivery. The Note when so prepared and executed <br />shall be delivered by the City Manager to the Developer at the <br />time set forth in Section 3.3(1) of the Development Agreement. <br /> <br />12. Fund and Accounts. The increments from the Tax <br />Increment District are first deposited in the City's General <br />Obligation Tax Increment Bonds, Series 1994, Debt Service Fund, <br />and General Obligation Tax Increment Bonds, Series 1995, Debt <br />Service Fund, and shall be transferred as and to the extent <br />provided in this paragraph. There is hereby created a special <br />fund to be designated the "Fairview H.A. Associates Taxable Tax <br />Increment Revenue Note of 1997 Debt Service Fund" (the "Fund") to <br />be administered and maintained by the Treasurer as a bookkeeping <br />account separate and apart from all other funds maintained in the <br />official financial records of the City. The Fund shall be <br />maintained in the manner herein specified until the Note has been <br />fully paid or will not be paid after February 1f 2011. <br /> <br />There are hereby irrevocably appropriated and pledged <br />to, and there shall be credited to the Fund: (a) ninety percent <br />(90%) of Project Tax Increments (as defined in the Development <br />Agreement), being the Pledged Project Tax Increments (as defined <br />in the Development Agreement) i (b) all investment earnings on <br />funds held in the Fund¡ and (c) any and all other moneys which <br />are properly available and are appropriated by the governing body <br />of the City to the Fund. The Fund shall be used solely to pay <br />the principal of, and interest on, the Note¡ provided, however, <br />that tax increments in excess of amounts needed to pay the <br />principal of the Note may be devoted to any other use permitted <br />by law. <br /> <br />13. Tax Increments. The portion of the tax increments <br />derived from the Tax Increment District which are represented by <br />ninety percent (90%) of Project Tax Increments (as defined in the <br />Development Agreement) is hereby pledged to the payment of the <br /> <br />357542.2 <br /> <br />4 <br />
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