CID Fund definition
Examples of CID Fund in a sentence
Developer shall submit a separate Certificate of Expenditure each month, but no more than one time per month, for each of the STAR Bond Revenue Fund, CID Bond Revenue Fund 1, CID Bond Revenue Fund 2, and (if applicable) the Pay/Go CID Fund.
Project Costs may only be identified as reimbursed from the UG Contribution or CID Fund, but not both.
All CID Sales Tax generated and collected within a CID shall be deposited into a CID Fund for that particular CID, which shall be established and administered by the UG in compliance with the laws of the State and the provisions contained in this Agreement.
During the existence of the CID, all CID Proceeds generated within the CID shall be deposited into a separate fund (the "CID Fund"), established and administered by the UG in compliance with this Agreement and all Applicable Laws and Requirements.
In no event will Developer be reimbursed from the CID Fund in an amount in excess of the CID Costs Cap.
To the extent that the Developer has certified CID Eligible Project Costs that remain unreimbursed, and CID Sales Tax Revenues are available in the CID Fund, disbursements from the CID Fund will be made no more than quarterly of each year during the CID Term; provided, no disbursements will be made to Developer from the CID Fund until a Certificate of Full Completion is executed by the City.
All disbursements from the CID Fund will be made only to pay CID Eligible Project Costs.
Each Eligible Project Cost submitted for reimbursement by the Developer will be reimbursed by the City from only one funding source hereunder; in no event will Developer be reimbursed for the same Eligible Project Cost from both the Tax Increment Fund and the CID Fund.
Developer may submit a separate Certificate of Expenditures each month, but no more than one time per month, for the Project Area 1 TIF Fund and CID Fund.
Following the payment of the CID Administrative Fee (as defined below), the proceeds of CID Sales Tax in the CID Fund (the “CID Proceeds”) shall be used to pay or reimburse Developer for the CID Eligible Expenses, subject to the limitations in the CID Act.