RES 84303 - Laserfiche WebLink

issued under Assessment District No. 1974-2, as well as a mortion of the annual payments of mrincipal and interest assessed against the Shopping Center tO service bonds issued by Assessment District No. 1974-4, all as more particularly provided in Section III-E of the 1978 Agreement. Monies payable from the SDecial Fund as aforesaid are to be equal to the equivalent of 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 City has been funding monies from the Special Fund to the redemotion funds under the aforesaid Assessment Districts in an amount and at a rate which, as presently projected, would cause full funding, within the next several years, of all monies reasonably determined to be necessary to discharge fully the City's obligations in respect of such Assessment Districts on the bonds issued thereunder through their maturity date in fiscal year 2002-3. Continued funding by the City under the 1978 Agreement at the current rate through such maturity ~ou!d result in a substantial overfunding to such redemotion funds; although the City would be entitled to return of such overfunding upon the stated maturity of the subject bonds, the City will have been denied in the interim the ability to expend such monies for other municipal burDoses. In view of the fore%oing, ProPerties agrees to enter into an amendment of the 1978 Agreement, as to that portion of the Shopping Center remaining in the ownership of Properties, which will relieve the City of funding excess monies from the Special Fund Uo the redemption funds under the above- referenced Assessment Districts, while at the same time assuring -5-