Res10 15047 - Laserfiche WebLink

Browse Search

08/09/2010 (c) If the Bonds are not issued, the City shall, within twenty (20) business days after adoption of the resolution stating the intent of the City to terminate proceedings under the Act with respect to the issuance of the Bonds, 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. Section 3. Reimbursement of Other Property Owner Costs Nothing contained herein shall prohibit reimbursement of other costs and expenses of the Property Owner or any successor in interest thereto with respect to the land in the CFD incurred in connection with the CFD from the proceeds of the Bonds, including, but not limited to fees and expenses of legal counsel to the Property Owner. Any such reimbursement shall be made solely from the proceeds of the Bonds and only to the extent otherwise permitted under the Act and otherwise provided for, at the reasonable discretion of the City, in the proceedings for the issuance of the Bonds. Section 4. Agreement Not Debt or Liability of the City It is hereby acknowledged and agreed that this Agreement is not a debt or liability of the City, as provided in Section 53314.9(b) of the Act. The City shall not in any event be liable hereunder other than to return the unexpended and uncommitted portions of the Deposits as provided in Section 2 above and provide an accounting under Section 7 below. The City shall not be obligated to advance any of its own funds with respect to the CFD or for any of the other purposes listed in Section 2(a) hereof. No member of the City Council of the City or officer, employee or agent of the City shall to any extent be personally liable hereunder. Section 5. No Obligation to Issue Bonds The provisions of this Agreement shall in no way obligate the City to issue any bonds, or to expend any of its own funds in connection with the CFD. Section 6. Se verabilit . If any part of this Agreement is held to be illegal or unenforceable by a court of competent jurisdiction, the remainder of this Agreement shall be given effect to the fullest extent reasonably possible. Section 7. Accounting The City shall provide the Property Owner with a written accounting of moneys expended under this Agreement, within twenty (20) business days of receipt by the Finance Director of a written request therefor submitted by an authorized officer of the Property Owner. No more than one accounting will be provided in any calendar quarter and the cost of providing the accounting shall be charged to the Deposits. Section 8. Successors and Assigns This Agreement shall be binding upon and inure to the benefit of the successors and assigns of the parties hereto, including the purchaser of the property within the CFD currently owned by the Property Owner. W #15047 MUFF # 506