RES 78081 - Laserfiche WebLink

district costs. If bond principal and interest payments which are proFerly the obligation of the City pursuant to this agreement are made by the Developer or its successors because of insufficiency at any time of pavements from the Special Fund to the redemption fund of the respective district, Stoneridge Properties or its successor shall be reimbursed for such Fayments (plus interest at seven percent per annum) from the respec- tive redemption fund; such reimbursement shall be made when the redemption fund has monies in excess of tions of the City and to the ments have been reimbursed. 3. Limitations on Obligations of the one year's principal and interest obliga- extent of such excess until all such pay- City. The obligations of the City under this agreement to form and maintain the Special Fund and the obligation to contribute from such Special Fund to the redemption funds of Assessment Districts No. 1974-2 and 1974-4 shall in no way be general obligations or indebtedness of the City .nor shall they in any way constitute a pledge of the credit or assets of the City, or other sales or use taxes generated elsewhere in the City. Said obligations shall be satisfied solely from the Special Fund created by one-half of the City's share of the sales and use tax revenues generated by retail sales or uses by businesses located in the Shopping Center. 4. Ordinance of City Council. In connection with formation of Assessment Districts No. 1974-2 and 1974-4, the City by ordinance Of its Council shall provide, pursuant to Streets and Highways Code Sec- tion 10205, that the City shall make the contribution set forth in Paragraph III-E-2 above. Such ordinance shall in form and content satisfy the condition of Section 10205 of the Streets and Highways Code. -10-