2001-58 PROVIDING FOR THE ISSUANCE OF A TAXABLE SUBORDINANTE LIEN PROMISSORY NOTE

Home Browse Search

, , , . . hereinafter created Limited Incremental Sales Tax Subaccount, all as provided hereunder. No NOTEHOLDER SHALL HAVE T'HE RIGHT TO COMPEL THE EXERCISE OF ANY TAXING POWER OF THE CITY FOR PAYMENT OF PRINCIPAL THEREOF OR INTEREST OR PREMIUM, IF ANY, THEREON. THE NOTE DOES NOT CONSTITUTE AN INDEBTEDNESS OF THE CITY OR A LOAN OF CREDIT THEREOF WITHIN THE MEANING OF ANY STATUTORY OR CONSTITUTIONAL LIMITATION. B. Special Tax Allocation Fund. There is hereby continued the heretofore created special fund of the City, to be held by the City except as hereinafter expressly provided, which fund shall be held separate and apart from all other funds and accounts of the City and shall be known as the "Southeast Plaza Redevelopment Project Area Special Tax Allocation Fund" (the "Special Tax Allocation Fund"). All of the Incremental Property Taxes and any other revenues, from any source whatsoever designated to pay principal of, interest on and premium, if any, on the Note, other than the Limited Incremental Sales Taxes (which shall be held as hereinafter provided), shall be set aside as collected and be remitted by the City Treasurer for deposit in the Special Tax Allocation Fund, which is a trust fund established for the purpose of carrying out the covenants, terms and conditions imposed upon the City by this Ordinance. The Note is secured by a pledge of all of the moneys on deposit in the hereinafter created Principal and Interest Account of the Special Tax Allocation Fund, and such pledge is inevocable until the obligations i char ed under this Ordinance. of the City are d s g As provided in the Act the Incremental Property Taxes are to be paid to the City Treasurer by the officers who collect or receive the Incremental Property Taxes. Whenever the City Treasurer receives any of the Incremental Property Taxes,he or she shall promptly remit the -16-