Res10 15047 - Laserfiche WebLink

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08/09/2010 shall at all times maintain records as to the expenditure of the Deposit. The parties hereto acknowledge that the amount previously deposited by the Property Owner with the City to pay costs associated with the appraisal will be treated in the same manner as the remaining Deposit. The Property Owner hereby agrees to advance any additional amounts necessary to pay any Initial Costs incurred by the City, in excess of the amount of the Deposit, promptly upon written demand therefore by the Finance Director; provided that the amount of the Deposit, plus any such additional amounts (the "Additional Deposits" and, collectively with the Deposit, the "Deposits "), shall not exceed $150,000 without the prior written consent of the Property Owner. Notwithstanding the foregoing, the Finance Director may direct City staff and consultants to cease all work related to the issuance of the Bonds and /or the formation of the CFD until any additional amount so demanded has been received by the City. Additionally, the Property Owner may direct the Finance Director to cease all work related to the issuance of the Bonds and /or the formation of the CFD, and to not incur any additional costs payable from the Deposit. Section 2. Use of Funds The Deposits shall be administered as follows: (a) The City may draw upon the Deposits from time to time to pay the Initial Costs, including but not limited to: (i) the fees and expenses of any consultants to the City employed in connection with the issuance of the Bonds and the proposed expenditure of the proceeds thereof (such as engineering, legal counsel, including the City Attorney, Bond Counsel, Disclosure Counsel, Special Tax Consultant and the City's Financial Advisor); (ii) the costs of appraisals, market absorption and feasibility studies and other reports necessary or deemed advisable by City staff or consultants in connection with the Bonds; (iii) costs of publication of notices, preparation and mailing of ballots and other costs related to any election with respect to the CFD, the rate and method of apportionment of the special taxes to be levied therein and any bonded indebtedness thereof; (iv) a charge for City staff time in analyzing the CFD, the Bonds and the expenditure of the proceeds thereof, including a reasonable allocation of City overhead expense related thereto; and (v) any and all other actual costs and expenses incurred by the City with respect to the CFD or the Bonds. The Property Owner hereby acknowledges that any and all costs and expenses of the City described herein are related to the CFD. (b) If the Bonds are issued under the Act by the City secured by special taxes levied upon the-land within the CFD, the City shall provide for reimbursement to the Property Owner, without interest, of all amounts charged against the Deposits, said reimbursement to be made solely from the proceeds of the Bonds and only to the extent otherwise permitted under the Act. On or within twenty (20) business days after the date of issuance and delivery of the Bonds, the City shall return the then unexpended Deposits to the Property Owner, without interest, less an amount equal to any costs incurred by the City or that the City is otherwise committed to pay, which costs would be subject to payment under Section 2(a) above, but have not yet been so paid. 2 #15047 MUFF # 506