Laserfiche WebLink
2018 Bond Resolution means Resolution No. of the Board of the District authorizing <br /> the 2018 Bonds. <br /> 2018 Bond Revenue Sources mean District Revenues, and moneys in the 2018 Bond <br /> Account,the 2018 Reserve Account and the General Revenue Fund. <br /> 2018 Reserve Account means the account of that name created by the District pursuant to <br /> the 2018 Bond Resolution and funded also in accordance with the terms of Section 3.01 of this <br /> Agreement. <br /> Treasurer means the Treasurer of the District. <br /> ARTICLE II <br /> Obligations of the District; Obligations of the City <br /> Section 2.01. Obligations of the City. <br /> (a) Payment of Annual Contribution. In continuation of the Annual Contribution <br /> Interlocal, the City shall transfer to the District Five Hundred Thousand Dollars ($500,000.00) <br /> (the "Annual Contribution") no later than February 15 of each year to the earlier of February 15, <br /> 2041, or the date on which the 2014 PFD Refunding Bonds, the 2018 Bonds and all Additional <br /> Bonds are paid in full, whichever occurs first. <br /> (b) Payment of City Hotel/Motel Tax Contribution. In continuation of the <br /> Hotel/Motel Tax Interlocal Agreement, the City shall transfer to the District One Hundred <br /> Thousand Dollars ($100,000.00) from Hotel/Motel Tax funds (the "City Hotel/Motel Tax <br /> Contribution") no later than February 15 of each year to the earlier of February 15, 2041, or the <br /> date on which the 2014 PFD Refunding Bonds, the 2018 Bonds and all Additional Bonds are <br /> paid in full, whichever occurs first. <br /> (c) Repayment Deficiency Loans with respect to the 2014 PFD Refunding Bonds. <br /> The City has issued the 2014 Bonds, a portion of which was used to refund the 2007 Bonds, <br /> which portion is referred to as the "2014 PFD Refunding Bonds." The 2014 PFD Refunding <br /> Bonds are identified on Exhibit A attached hereto and incorporated herein by this reference. The <br /> 2014 Bonds were issued in accordance with the terms of the 2014 Bond Ordinance. Pursuant to <br /> the 2014 Refunding Ordinance, the City pays the debt service on the 2014 Bonds, including the <br /> debt service on the 2014 PFD Refunding Bonds. If and to the extent that the District fails to pay <br /> to the City the amount of principal and/or interest coming due on the 2014 PFD Refunding <br /> Bonds on or before the date due, the amount of each such deficiency constitutes a "Repayment <br /> Deficiency Loan." As of this date, all payments of debt service on the 2014 PFD Refunding <br /> Bonds have become Repayment Deficiency Loans. <br /> -8- 501534419 v3 <br />