Examples of Ad valorem tax in a sentence
If Redeveloper is required to defer any such payments, the City shall reimburse Redeveloper for all sums deferred if and when TIF Tax Revenues do become available from the Ad Valorem Tax Provision to meet current debt service.
Specifically, in the event of and to the extent of any deficiency in TIF Tax Revenues from the Ad Valorem Tax Provision for required debt service on the TIF Bond, the Redeveloper agrees to defer payment of the same for each year that there exists a deficiency in such TIF Tax Revenues during the Tax Increment Period.
The City intends to use the Ad Valorem Tax Provision to generate tax increment financing funds which shall be used to finance the issuance of the TIF Bond and to make the grant or grants to Redeveloper in accordance with this Redevelopment Agreement.
Specifically, in the event of and to the extent of any deficiency in annual TIF Tax Revenues from the Ad Valorem Tax Provision for required debt service on the TIF Indebtedness, Redeveloper agrees to pay the City the amount of said deficiency within thirty (30) days following receipt of a written request for such payment from the City.
The TIF Bond is to be repaid with tax increment revenue generated by the Ad Valorem Tax Provision in accordance with the terms of the Redevelopment Agreement and the Nebraska Community Development Law.