My WebLink
|
Help
|
About
|
Sign Out
Home
Browse
Search
2014-001 SAFA
Clerk
>
Resolutions
>
SANTA ANA FINANCING AUTHORITY
>
2014
>
2014-001 SAFA
Metadata
Thumbnails
Annotations
Entry Properties
Last modified
6/11/2014 11:47:57 AM
Creation date
6/11/2014 11:19:15 AM
Metadata
Fields
Template:
City Clerk
Doc Type
Resolution
Doc #
2014-001
Date
6/3/2014
Destruction Year
P
There are no annotations on this page.
Document management portal powered by Laserfiche WebLink 9 © 1998-2015
Laserfiche.
All rights reserved.
/
156
PDF
Print
Pages to print
Enter page numbers and/or page ranges separated by commas. For example, 1,3,5-12.
After downloading, print the document using a PDF reader (e.g. Adobe Reader).
View images
View plain text
(assuming tax at the actual marginal corporate rate) that it would have realized had the tax <br />exemption not been lost. Furthermore, the City agrees that upon the occurrence of such an <br />event, it shall pay additional amounts to the Assignees on each succeeding Lease Payment Date <br />as will maintain such after -tax yield to the Assignees. <br />(b) Additional Payments. In addition to the Lease Payments set forth herein, the City <br />agrees to pay as Additional Payments all of the following: <br />(i) all taxes and assessments of any nature whatsoever, including but not limited <br />to excise taxes, ad valorem taxes, ad valorem and specific lien special assessments and <br />gross receipts taxes, if any, levied upon the Property or upon any interest of the <br />Authority therein or in this Lease Agreement; provided, however, the City may, at the <br />City's expense and in its name, in good faith contest any such taxes and assessments <br />and, in the event of such contest, may permit such taxes and assessments to remain <br />unpaid during the period of such contest and appeal therefrom unless the Authority <br />shall notify the City that, in the opinion of Bond Counsel, by nonpayment of any such <br />items, the interest of the Authority in the Property will be materially endangered or the <br />Property, or any portion thereof, will be subject to loss or forfeiture, in which event the <br />City shall promptly pay such taxes and assessments or provide the Authority with full <br />security against any loss which may result from nonpayment, in form satisfactory to the <br />Authority; <br />(ii) insurance premiums, if any, on all insurance required under the provisions of <br />Article V hereof; <br />(iii) any other reasonable fees, costs or expenses incurred by the Authority in <br />connection with the execution, performance or enforcement of this Lease Agreement or <br />any of the transactions contemplated hereby or related to the Property, including, <br />without limitation, any amounts which may become due; provided, however, the City <br />shall not be responsible for any costs incurred by the Authority associated with any <br />assignment made by the Assignees; and <br />(iv) any amounts required to be paid as rebate to the United States pursuant to <br />the Tax Certificate. <br />Amounts constituting Additional Payments payable hereunder shall be paid by the City <br />directly to the person or persons to whom such amounts shall be payable. The City shall pay all <br />such amounts when due or at such later time as such amounts may be paid without penalty or, <br />in any other case, within 60 days after notice in writing from the Authority to the City stating <br />the amount of Additional Payments then due and payable and the purpose thereof. <br />(c) Effect of Prepayment. If the City prepays all Lease Payments in full under Sections 9.2 <br />or 9.3, the City's obligations under this Section will thereupon cease and terminate. If the City <br />prepays the Lease Payments in part but not in whole under Section 9.3, the principal <br />components of the remaining Lease Payments will be reduced on a pro rata basis; and the <br />interest component of each remaining Lease Payment will be reduced on a pro rata basis. <br />(d) Rate on Overdue Payments. If the City fails to make any of the payments required in <br />this Section 4.3 for more than ten days after the due date for payment, the payment in default <br />will continue as an obligation of the City until the amount in default has been fully paid, and <br />the City agrees to pay rate gq_ual to the rates specified in paragrrah (a) above plus 5% from <br />the date of default to the date of payment. <br />_12_ <br />
The URL can be used to link to this page
Your browser does not support the video tag.