RES 88262 - Laserfiche WebLink

10. Section 4 of the Agreement is amended to read as follows: In the event all or part of the Expanded Site is developed for purposes other than the purposes described in Section 2 hereof, the owner of the subject site shall pay to the City within thirty (30) days of receipt of City discretionary land use approval for such use an amount equivalent to that described in Section 3 hereof. 11. A new Section 9 shall be added to the Agreement to read as follows: 9. Certificates of Participation. (a) In the event VMH in its sole discretion chooses to finance any of the additional medical facilities covered by this Agreement using certificates of participation, VMH shall offer the City the opportunity to be the issuing agency. (b) The City agrees that it will accept said offer to be the issuing agency subject to reasonable terms and conditions necessary to protect and preserve the credit, the administrative efficiency and the police powers of the City. The City will cooperate to achieve expeditious processing of necessary documents. (c) VMH shall pay all costs of issuance of any Certificates of Participation. In addition, VMH shall pay a one time administrative fee to the City of Pleasanton as full and complete compensation for its services as issuing agency. Said administrative fee shall be 3/4 of 1% of the total amount of the Certificates and shall be paid at closing, (i.e., if $10,000,000 were financed, the administrative fee would be .0075 X $10,000,000 = $75,000). Said administrative fee shall be retained by the City and, in the sole discretion of the City Council, may be applied to NPID projects or related off-site projects in mitigation of the medical facilities being financed by the Certificates of Participation. 12. A new section 10 shall be added to the Agreement to read as follows: