RES 78081 - Laserfiche WebLink

1. Formation of Special Fund. City will cause a Special Fund to be created for the purposes of reimbursement of cost and expenses of the improvements ("Special Fund"). Such Special Fund shall consist of one-half (1/2) of the City's shares of sales and use tax revenues from retail sales and uses by businesses located in the Shopping Center. 2. Contributions from the Special Fund. The City agrees that from the receipts accumulated in the Special Fund, City shall on June 1st of each year deliver to the redemption funds of Assessment Districts No. 1974-2 and 1974-4 formed pursuant to Section II above an amount in the aggregate equivalent to one-half of all sales and use tax revenues received by the City during the preceding calendar year with respect to retail sales and uses by businesses located in the Shopping Center. The funds shall be delivered to the redemption funds of said Assessment Dis- tricts for credit to the payment of the assessments levied against the Shopping Center. The respective redemption funds for Assessment Dis- tricts No. 1974-2 and No. 1974-4 shall receive annually from the Special Fund that percentage of the total payment from the Special Fund that the City's obligation to such District bears to the then total obligatioD of the City to both Districts. Subject to the provisions of Paragraph V-A, with respect to Assessment District No. 1974-2, the entire amount of principal and interest on the bonds issued by said district; and, with respect to Assessment District No. 1974-4, one-half of that percentage of the principal and interest payments on bonds allocable to the acquisition of rights-of-way for Stoneridge Drive east of 1-680, the cost of improve- ment of such portion of Stoneridge Drive, and the requisite assessment -9-