Bond Purchaser definition
Examples of Bond Purchaser in a sentence
Any excess TIF Tax Revenues resulting from the Tax Increment Provision on the Project Site not needed or required to pay the TIF Bond Purchaser for the TIF Indebtedness or for the repayment of Redeveloper’s Aggregate Deficiency Payments shall be used to reimburse the City for eligible public expenditures.
Any shortfall in anticipated TIF Tax Revenues from the Tax Increment Provision for any reason whatsoever, specifically including a decline in the taxable valuation of the Project Site, shall be borne entirely by the Redeveloper and TIF Bond Purchaser without any recourse of any kind against the City.
In the event Redeveloper fails for any reason to restore the Private Improvements as provided in A and/or B above, Redeveloper shall either forgive any remaining TIF Indebtedness and interest thereon if the Redeveloper was the TIF Bond Purchaser, or pay to the City the necessary amount of to retire the TIF Indebtedness in full (including interest) if the TIF Bond was purchased by the Redeveloper’s Lender.
In the event Redeveloper fails for any reason to restore the Redeveloper Improvements as provided in A and/or B above, Redeveloper shall either forgive any remaining TIF Indebtedness and interest thereon if the Redeveloper was the TIF Bond Purchaser, or pay to the City the necessary amount to retire the TIF Indebtedness in full (including interest) if the TIF Bond was purchased by Redeveloper’s lender.
Any excess TIF Tax Revenues resulting from the Tax Increment Provision on the Redeveloper Property not needed or required to pay the TIF Bond Purchaser for the TIF Indebtedness shall be expended by the City or returned to the applicable taxing authorities as provided in the Community Development Law.