Common use of CFD Limitations Clause in Contracts

CFD Limitations. (a) The Agency and Developer agree that each CFD will be formed so that the proceeds of CFD Bonds and Remainder Taxes may be applied to accomplish both of the following goals: (i) first, to finance Qualified Project Costs; and (ii) second, to finance Additional Community Facilities. To accomplish these goals in the priority order set forth in the previous sentence, and subject to the limitations set forth in this Section 2.8, and in light of the 2% Limitation and the CFD Goals: (i) each CFD will be authorized to finance both the Qualified Project Costs and the Additional Community Facilities; (ii) for each CFD, the term for levying Project Special Taxes will be established at no less than seventy-five (75) years from the first issuance of CFD Bonds in such CFD; and (iii) for each CFD, the amount of authorized bonded indebtedness will be established to allow the issuance of First Tranche CFD Bonds to finance Qualified Project Costs and Second Tranche CFD Bonds to finance Additional Community Facilities. (b) The CFD Conversion Date shall be calculated separately for each CFD. (c) For each CFD, until the applicable CFD Conversion Date, the applicable First Tranche CFD Bonds will be issued, and the applicable Remainder Taxes will be levied and used, exclusively to finance Qualified Project Costs unless Developer, in its sole discretion, consents otherwise in writing. (d) For each CFD, after the applicable CFD Conversion Date: (i) the Agency may issue the applicable Second Tranche CFD Bonds and levy and use the applicable Remainder Taxes to finance Additional Community Facilities or for any other purpose authorized under the CFD Act; (ii) the Agency in its sole discretion will determine the timing, amounts, main financing terms, and use of proceeds of the applicable Second Tranche CFD Bonds; and (iii) any constraints on the Agency’s discretion under Sections 2.1(c) and 2.3 with respect to the applicable CFD will be terminated. (e) For each CFD, the Agency and Developer agree that the Agency is not obligated to issue First Tranche CFD Bonds (including refunding bonds) within the applicable CFD with a final maturity date that is more than thirty-seven (37) years after the issuance of the first series of First Tranche CFD Bonds in such CFD without the Approval of the Agency Commission in its sole discretion. Unless the Agency and Developer agree otherwise, any CFD Bonds issued to refund First Tranche CFD Bonds shall comply with applicable provisions of the CFD Act pursuant to which refunding bonds will not result in a reduction of the total authorized amount of the bonded indebtedness of a CFD and, in any event, the final maturity date of the refunding bonds shall not exceed the latest maturity date of the First Tranche CFD Bonds being refunded. The previous sentence shall not prevent the issuance of a series of First Tranche CFD Bonds for new money and refunding purposes, so long as the portion of the First Tranche CFD Bonds attributable to the refunding purpose meets the requirements of the previous sentence. (f) The Additional Community Facilities to be authorized within each CFD include future improvements necessary to ensure that the shoreline, public facilities, and public access improvements will be protected should sea level rise exceed sixteen (16) inches at the perimeter of the Project Site as set forth in the Mitigation Measures (the “Mitigation Measures Improvements”). If required to be constructed or installed pursuant to the Mitigation Measures, the Agency agrees to finance the Mitigation Measures Improvements through the proceeds of Second Tranche CFD Bonds and the Remainder Taxes that become available to the Agency pursuant to this Section 2.8, all in the manner required by the Mitigation Measures. (g) Pursuant to the definition contained in Section 5.2, the term “CFD” means an Improvement Area if one has been so designated. Accordingly, wherever the word “CFD” appears in this Section 2.8, including Section 2.8(b), it also means Improvement Area (with the result that the CFD Conversion Date shall be calculated separately for each Improvement Area).

CFD Limitations. (a) The Agency City and Developer agree that each CFD will be formed so that the proceeds of CFD Bonds and Remainder Taxes may be applied to accomplish both of the following goalsgoals in the manner set forth in this Financing Plan: (i) first, to finance Qualified Project Costs; and (ii) second, to finance Additional Community Facilities; and (iii) to finance Ongoing Park Maintenance. To accomplish these goals in the priority order set forth in the previous sentencegoals, and subject to the limitations set forth in this Section 2.8, and in light of the 2% Limitation and the CFD Goals: (i) each CFD will be authorized to finance both the Qualified Project Costs and Costs, the Additional Community Facilities, and the Ongoing Park Maintenance; (ii) for each CFD, the term for levying Project Special Taxes will be established at no less than seventy-five (75) 999 years from the first issuance of CFD Bonds in such CFD; and (iii) for each CFD, the amount of authorized bonded indebtedness will be established to allow the issuance of the First Tranche CFD Bonds to finance Qualified Project Costs and the Second Tranche CFD Bonds to finance Additional Community Facilities. (b) The CFD Conversion Date shall be calculated separately for each CFD. (c) For each CFD, until Until the applicable CFD Conversion Date, the applicable First Tranche in a CFD, CFD Bonds will be issued, and the applicable Remainder Taxes will be levied and used, issued exclusively to finance Qualified Project Costs unless Developer, in its sole discretion, consents otherwise in writing. (d) For each writing to the issuance of CFD Bonds for such CFD to finance Additional Community Facilities. After the CFD Conversion Date in such CFD, after the applicable CFD Conversion Date: (i) the Agency City may issue the applicable Second Tranche CFD Bonds and levy and use the applicable Remainder Taxes to finance Additional Community Facilities or for any other purpose authorized under the CFD Act; (ii) the Agency in its sole discretion will determine the timing, amounts, main financing terms, and use of proceeds of the applicable Second Tranche CFD Bonds; and (iii) any constraints on the Agency’s discretion under Sections 2.1(c) and 2.3 with respect to the applicable CFD will be terminated. (ed) For each CFD, the Agency City and Developer agree that the Agency is that, within a CFD, City shall not be obligated to issue First Tranche CFD Bonds (including refunding bonds) within the applicable CFD with a final maturity of later than the date that is more than thirtyforty-seven two (3742) years after the issuance of the first series of First Tranche CFD Bonds in such CFD without the Approval of the Agency Commission Board of Supervisors in its sole discretion. Unless the Agency City and Developer agree otherwise, any CFD Bonds issued to refund First Tranche CFD Bonds shall comply with applicable provisions of the CFD Act pursuant to which refunding bonds will not result in a reduction of the total authorized amount of the bonded indebtedness of a CFD and, in any event, the final maturity date of the refunding bonds shall not exceed the latest maturity date of the First Tranche CFD Bonds being refunded. The previous sentence shall not prevent the issuance of a series of First Tranche CFD Bonds for new money and refunding purposes, so long as the portion of the First Tranche CFD Bonds attributable to the refunding purpose meets the requirements of the previous sentence. (fe) The City intends to include open space improvements, transportation facilities, renewable energy and other sustainability projects, and other public infrastructure within the authorized list of Additional Community Facilities to be authorized within for each CFD include CFD, including, but not limited to, future improvements necessary to ensure that the shoreline, public facilities, and public access improvements will be protected should sea level rise exceed sixteen (16) inches at the perimeter of the Project Site as set forth in the Mitigation Measures Infrastructure Plan (the “Mitigation Measures Future Sea Level Rise Improvements”). If required to be constructed or installed pursuant to the Mitigation Measuresappropriate regulating authorities, the Agency City agrees to finance the Mitigation Measures Future Sea Level Rise Improvements through the proceeds of the Second Tranche CFD Bonds and the any Remainder Taxes that become available to City after the Agency CFD Conversion Date pursuant to this Section 2.8Financing Plan, all in the manner required by the Mitigation Measuresappropriate regulating authorities. However, notwithstanding the discretion vested in Developer with respect to the decision to fund Additional Community Facilities from CFD Bonds prior to the CFD Conversion Date for each CFD pursuant to Section 2.8(c), if, prior to the CFD Conversion Date for a CFD, sea levels in the waters at the perimeter of the Project Site rise by more than sixteen (16) inches from the levels in existence on the Reference Date, as defined in the Infrastructure Plan, Developer and City will finance Future Sea Level Rise Improvements from First Tranche CFD Bonds for the CFD. (gf) Pursuant to the definition contained in Section 5.27.2, the term “CFD” means an Improvement Area if one has been so designated. Accordingly, wherever the word “CFD” appears in this Section 2.8, including Section 2.8(b), it also means Improvement Area (with the result being that the CFD Conversion Date shall be calculated separately for each Improvement Area).

CFD Limitations. (a) The Agency and Developer agree that each CFD will be formed so that the proceeds of CFD Bonds and Remainder Taxes may be applied to accomplish both of the following goals: (i) first, to finance Qualified Project Costs; and (ii) second, to finance Additional Community Facilities. To accomplish these goals in the priority order set forth in the previous sentence, and subject to the limitations set forth in this Section 2.8, and in light of the 2% Limitation and the CFD Goals: (i) each CFD will be authorized to finance both the Qualified Project Costs and the Additional Community Facilities; (ii) for each CFD, the term for levying Project Special Taxes will be established at no less than seventyeighty-five (7585) years from the first issuance of CFD Bonds in such CFD; and (iii) for each CFD, the amount of authorized bonded indebtedness will be established to allow the issuance of First Tranche CFD Bonds to finance Qualified Project Costs and Second Tranche CFD Bonds to finance Additional Community Facilities. (b) The CFD Conversion Date shall be calculated separately for each CFD. (c) For each CFD, until the applicable CFD Conversion Date, the applicable First Tranche CFD Bonds will be issued, and the applicable Remainder Taxes will be levied and used, exclusively to finance Qualified Project Costs unless Developer, in its sole discretion, consents otherwise in writing. (d) For each CFD, after the applicable CFD Conversion Date: (i) the Agency may issue the applicable Second Tranche CFD Bonds and levy and use the applicable Remainder Taxes to finance Additional Community Facilities or for any other purpose authorized under the CFD Act; (ii) the Agency in its sole discretion will determine the timing, amounts, main financing terms, and use of proceeds of the applicable Second Tranche CFD Bonds; and (iii) any constraints on the Agency’s discretion under Sections 2.1(c) and 2.3 with respect to the applicable CFD will be terminated. (e) For each CFD, the Agency and Developer agree that the Agency is not obligated to issue First Tranche CFD Bonds (including refunding bonds) within the applicable CFD with a final maturity date that is more than thirtyforty-seven two (3742) years after the issuance of the first series of First Tranche CFD Bonds in such CFD without the Approval of the Agency Commission in its sole discretion. Unless the Agency and Developer agree otherwise, any CFD Bonds issued to refund First Tranche CFD Bonds shall comply with applicable provisions of the CFD Act pursuant to which refunding bonds will not result in a reduction of the total authorized amount of the bonded indebtedness of a CFD and, in any event, the final maturity date of the refunding bonds shall not exceed the latest maturity date of the First Tranche CFD Bonds being refunded. The previous sentence shall not prevent the issuance of a series of First Tranche CFD Bonds for new money and refunding purposes, so long as the portion of the First Tranche CFD Bonds attributable to the refunding purpose meets the requirements of the previous sentence. (f) The Additional Community Facilities to be authorized within each CFD include future improvements necessary to ensure that the shoreline, public facilities, and public access improvements will be protected should sea level rise exceed sixteen (16) inches at the perimeter of the Project Site as set forth in the Mitigation Measures (the “Mitigation Measures Improvements”). If required to be constructed or installed pursuant to the Mitigation Measures, the Agency agrees to finance the Mitigation Measures Improvements through the proceeds of Second Tranche CFD Bonds and the Remainder Taxes that become available to the Agency pursuant to this Section 2.8, all in the manner required by the Mitigation Measures. (g) Pursuant to the definition contained in Section 5.2, the term “CFD” means an Improvement Area if one has been so designated. Accordingly, wherever the word “CFD” appears in this Section 2.8, including Section 2.8(b), it also means Improvement Area (with the result that the CFD Conversion Date shall be calculated separately for each Improvement Area).

CFD Limitations. (a) The Agency Authority and Developer agree that each CFD will be formed so that the proceeds of CFD Bonds and Remainder Taxes may be applied to accomplish both of the following goalsgoals in the manner set forth in this Financing Plan: (i) first, to finance Qualified Project Costs; and (ii) second, to finance Additional Community Facilities; and (iii) to finance Ongoing Park Maintenance. To accomplish these goals in the priority order set forth in the previous sentencegoals, and subject to the limitations set forth in this Section 2.8, and in light of the 2% Limitation and the CFD Goals: (i) each CFD will be authorized to finance both the Qualified Project Costs and Costs, the Additional Community Facilities, and the Ongoing Park Maintenance; (ii) for each CFD, the term for levying Project Special Taxes will be established at no less than seventy-five (75) 100 years from the first issuance of CFD Bonds in such CFD; and (iii) for each CFD, the amount of authorized bonded indebtedness will be established to allow the issuance of the First Tranche CFD Bonds to finance Qualified Project Costs and the Second Tranche CFD Bonds to finance Additional Community Facilities. (b) The CFD Conversion Date shall be calculated separately for each CFD. (c) For each CFD, until Until the applicable CFD Conversion Date, the applicable First Tranche in a CFD, CFD Bonds will be issued, and the applicable Remainder Taxes will be levied and used, issued exclusively to finance Qualified Project Costs unless Developer, in its sole discretion, consents otherwise in writing. (d) For each writing to the issuance of CFD Bonds for such CFD to finance Additional Community Facilities. After the CFD Conversion Date in such CFD, after the applicable CFD Conversion Date: (i) the Agency Authority may issue the applicable Second Tranche CFD Bonds and levy and use the applicable Remainder Taxes to finance Additional Community Facilities or for any other purpose authorized under the CFD Act; (ii) the Agency in its sole discretion will determine the timing, amounts, main financing terms, and use of proceeds of the applicable Second Tranche CFD Bonds; and (iii) any constraints on the Agency’s discretion under Sections 2.1(c) and 2.3 with respect to the applicable CFD will be terminated. (ed) For each Authority and the Developer agree that, within a CFD, the Agency and Developer agree that the Agency is Authority shall not be obligated to issue First Tranche CFD Bonds (including refunding bonds) within the applicable CFD with a final maturity of later than the date that is more than thirtyforty-seven two (3742) years after the issuance of the first series of First Tranche CFD Bonds in such CFD without the Approval of the Agency Commission Authority Board in its sole discretion. Unless the Agency Authority and Developer agree otherwise, any CFD Bonds issued to refund First Tranche CFD Bonds shall comply with applicable provisions of the CFD Act pursuant to which refunding bonds will not result in a reduction of the total authorized amount of the bonded indebtedness of a CFD and, in any event, the final maturity date of the refunding bonds shall not exceed the latest maturity date of the First Tranche CFD Bonds being refunded. The previous sentence shall not prevent the issuance of a series of First Tranche CFD Bonds for new money and refunding purposes, so long as the portion of the First Tranche CFD Bonds attributable to the refunding purpose meets the requirements of the previous sentence. (fe) The Authority intends to include open space improvements, transportation facilities, renewable energy and other sustainability projects, and other public infrastructure within the authorized list of Additional Community Facilities for each CFD. In addition, Additional Community Facilities to be authorized within each CFD include shall include, but are not limited to, future improvements necessary to ensure that the shoreline, public facilities, and public access improvements will be protected should sea level rise exceed sixteen (16) inches at the perimeter of the Project Site Redevelopment Plan Area as set forth in the Mitigation Measures Infrastructure Plan (the “Mitigation Measures Future Sea Level Rise Improvements”). If required to be constructed or installed pursuant to the Mitigation Measuresappropriate regulating authorities, the Agency Authority agrees to finance the Mitigation Measures Future Sea Level Rise Improvements through the proceeds of the Second Tranche CFD Bonds and the any Remainder Taxes that become available to Authority after the Agency CFD Conversion Date pursuant to this Section 2.8Financing Plan, all in the manner required by the Mitigation Measuresappropriate regulating authorities. (gf) Pursuant to the definition contained in Section 5.27.2, the term “CFD” means an Improvement Area if one has been so designated. Accordingly, wherever the word “CFD” appears in this Section 2.8, including Section 2.8(b), it also means Improvement Area (with the result being that the CFD Conversion Date shall be calculated separately for each Improvement Area).

CFD Limitations. (a) The Agency and Developer agree that each CFD will be formed so that the proceeds of CFD Bonds and Remainder Taxes may be applied to accomplish both of the following goals: (i) first, to finance Qualified Project Costs; and (ii) second, to finance Additional Community Facilities. To accomplish these goals in the priority order set forth in the previous sentence, and subject to the limitations set forth in this Section 2.8, and in light of the 2% Limitation and the CFD Goals: (i) each CFD will be authorized to finance both the Qualified Project Costs and the Additional Community Facilities; (ii) for each CFD, the term for levying Project Special Taxes will be established at no less than seventyseventyeighty-five (757585) years from the first issuance of CFD Bonds in such CFD; and (iii) for each CFD, the amount of authorized bonded indebtedness will be established to allow the issuance of First Tranche CFD Bonds to finance Qualified Project Costs and Second Tranche CFD Bonds to finance Additional Community Facilities. (b) The CFD Conversion Date shall be calculated separately for each CFD. (c) For each CFD, until the applicable CFD Conversion Date, the applicable First Tranche CFD Bonds will be issued, and the applicable Remainder Taxes will be levied and used, exclusively to finance Qualified Project Costs unless Developer, in its sole discretion, consents otherwise in writing. (d) For each CFD, after the applicable CFD Conversion Date: (i) the Agency may issue the applicable Second Tranche CFD Bonds and levy and use the applicable Remainder Taxes to finance Additional Community Facilities or for any other purpose authorized under the CFD Act; (ii) the Agency in its sole discretion will determine the timing, amounts, main financing terms, and use of proceeds of the applicable Second Tranche CFD Bonds; and (iii) any constraints on the Agency’s discretion under Sections 2.1(c) and 2.3 with respect to the applicable CFD will be terminated. (e) For each CFD, the Agency and Developer agree that the Agency is not obligated to issue First Tranche CFD Bonds (including refunding bonds) within the applicable CFD with a final maturity date that is more than thirtythiforty-seven seven-two (373742) years after the issuance of the first series of First Tranche CFD Bonds in such CFD without the Approval of the Agency Commission in its sole discretion. Unless the Agency and Developer agree otherwise, any CFD Bonds issued to refund First Tranche CFD Bonds shall comply with applicable provisions of the CFD Act pursuant to which refunding bonds will not result in a reduction of the total authorized amount of the bonded indebtedness of a CFD and, in any event, the final maturity date of the refunding bonds shall not exceed the latest maturity date of the First Tranche CFD Bonds being refunded. The previous sentence shall not prevent the issuance of a series of First Tranche CFD Bonds for new money and refunding purposes, so long as the portion of the First Tranche CFD Bonds attributable to the refunding purpose meets the requirements of the previous sentence. (f) The Additional Community Facilities to be authorized within each CFD include future improvements necessary to ensure that the shoreline, public facilities, and public access improvements will be protected should sea level rise exceed sixteen (16) inches at the perimeter of the Project Site as set forth in the Mitigation Measures (the “Mitigation Measures Improvements”). If required to be constructed or installed pursuant to the Mitigation Measures, the Agency agrees to finance the Mitigation Measures Improvements through the proceeds of Second Tranche CFD Bonds and the Remainder Taxes that become available to the Agency pursuant to this Section 2.8, all in the manner required by the Mitigation Measures. (g) Pursuant to the definition contained in Section 5.2, the term “CFD” means an Improvement Area if one has been so designated. Accordingly, wherever the word “CFD” appears in this Section 2.8, including Section 2.8(b), it also means Improvement Area (with the result that the CFD Conversion Date shall be calculated separately for each Improvement Area).