Laserfiche WebLink
b) The City has issued a certificate of occupancy <br />of on-site improvements for all of the parcels; or <br /> <br /> ~) Either an assessment prepayment or a <br />certificate of occupancy applies to every parcel. <br /> <br /> 4. The parties acknowledge that the proceeds of the <br />Bonds include $37,500.00 to defray the costs of the Owner in <br />obtaining the original Letter of Credit and the renewal Letters <br />of Credit. This amount was computed on the basis of an <br />estimated fee of $7,500.00 per year (representing one and one <br />half percent (1-1/2%) of the face amount of the Letter of <br />Credit) for five years. <br /> <br /> On receipt by the City of the original Letter of <br />Credit, the City will disburse to the Owner from the proceeds of <br />the Bonds the amount of $7,500.00. On receipt of each renewal <br />Letter of Credit, the City will similarly disburse an additional <br />$7,500.00 to the Owner. If the Owner must pay more than <br />$7,500.00 to the Bank for issuance of any Letter of Credit, the <br />additional amount shall be the sole obligation of Owner and" <br />shall not be paid from the proceeds of the Bonds. <br /> <br /> The City shall be entitled to receive from the Bank <br />under the Letter of Credit the following amounts: <br /> <br /> (a) If the Owner or its successors is delinquent <br />in the payment of any assessment instalment for any parcel, the <br />city shall be entitled to receive from the Bank the amount of <br />the delinquency, but the amount paid by the Bank (and not <br />refunded to the Bank under paragraph 6) shall not exceed <br />$350,000.00 at any time. (As used herein, "delinquency" <br /> <br />4 <br /> <br /> <br />