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TI Revenue Notes <br />Bond proceeds may only be used to reimburse Eligible Costs <br />incurred by the Redeveloper and certified by the City. <br />Bonds may be issued without additional security in the fourth <br />quarter of each year (subject to underwriting criteria) with respect <br />to Minimum Improvements completed by December 31 of the <br />prior year and assessed on January 2 of the current year. Issuance <br />of the TI Revenue Bonds earlier wi11 require security as <br />determined by the underwriters of the Bonds. TI Revenue Bonds <br />payable from tax increment generated by the hazardous substance <br />subdistrict proposed to the created wi11 be issued as early as <br />possible consistent with underwriting standards. <br />The 5% City administration fee wi11 be subordinated to provide <br />additional coverage for issuance of the TI Revenue Bonds. <br />The TI Revenue Bonds wi11 be issued on a panty basis, will be <br />payable only from tax increment and wi11 not be a general <br />obligation of the City, County, State or any other political <br />subdivision. <br />The following terms wi11 be applicable to the TI Revenue Note(s): <br />+ Principal amount wi11 be determined and Notes issued upon <br />— certification of Eligible Costs in accordance with a schedule set <br />forth in the Redevelopment Agreement to reimburse Eligible <br />Costs incurred by the Redeveloper. <br />� Term wi11 be coterminous with duration of the TIF district. <br />� Interest rate initially set at 7%, except that on the Reconciliation <br />Date the rate sha11 be reset to the yield of 10-year Treas�ay Notes <br />plus 2.8% (subject to a maximum of 9.5%). <br />i 95% of available tax increment wi11 be pledged. <br />� The pledge of tax increment for the TI Revenue Notes wi11 be <br />subordinated to the pledge of tax increment for any City Bonds, <br />the TI Revenue Bonds and tlie City's admin. fee. <br />+ Any amounts unpaid at the maturity date of the TI Revenue Notes <br />wi11 be deemed paid in fu11. <br />Priority of Application of <br />Tax Increment: Available tax increment wi11 be applied in the following priority: <br />2. <br />3. <br />'�' <br />Any public improvement or special assessment bonds Whie�3 the <br />City has elected to issue <br />TI Revenue Bonds <br />City's administrative fee (5% or as agreed upon following <br />consultation with City staff and Finance Director) <br />TI Revenue Notes <br />