2016-080 - Bond Expenditure Agreement

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41 BOND SPENDING PLAN, The City shall be solely responsible for maintaining, administering, and implementing the Bond Spending Plan. The City may amend the Bond Spending Plan as the City deems reasonably necessary in its sole discretion. Any amendments to the adopted Bond Spending Plan will consider rises that advance the City's community development ,goals while maximizing fiscal and social benefits flawing to the affected, taxing entities from successful development, Notwithstanding any contrary provision hereof, unless the City expressly agrees otherwise, the City shall not be obligated to provide funding for any program or project in an amount exceeding the Excess Bond Proceeds provided to the City pursuant to this Agreement, 5, ENTIRE AG = { MENT; WAIVERS; AND AMENDMENTS 5, l This Agreement constitutes the entire understanding and agreement of the patties with respect to the transfer and use of Excess Bond Proceeds. This Agreement integrates all of the terms and conditions mcutioned herein or incidental hereto, and supersctles all negotiations or previous agreements between the parties with respect to the subject matter of this Agreement. 5.2 This Agreement is Intended solely for the benefit ofthe City and the Successor Agency. Notwithstanding any reference in this Agreement to persons or entities other than the City and the Successor Agency, there shall be no thirst party boncfieiarfes under this Agreement. 5.3 All waivers of the provisions of this Agreement and all amendments to this Agreement trust be in writing and signed by the authorised representatives of the parties. 6, SEI ERABII.ITY If any tarn, provision, covenant or condition of this Agrec cent is held by a court of coanpetent jurisdiction to be invalid, void or unenforceable, the remainder of the provisions shall continue in full force and effect unless the rights nerd obligations of the parties have been materially at tared or abridged by such invalidation, voiding or tmenCmccability. In addition, the parties shall. cooperate in good faith in an effort to wr end or modify this Agreement in a manner such that the purpose of any invalidated or voided provision, covenant, or condition can be accomplished to the maximtnn extent legally permissible. 7. DEFAULT if either party fails to adequately perform an obligation required by this Agreement within thirty (30) calendar days of receiving written notice from the non - defaulting party, the party failing to perform shop be in. default hereunder. In the event of default, the non- defaulting panty will have all, the rights and remedies available to it at law or in equity to enforce the provisions of this contract, inclrodurg without limitation the riglit to sue for damages for broach of contract or to seek speeifrc performance., The rights and remedies of the non - defaulting party enumerated in this paragraph are cumulative and shall not limit tho non - defaulting patty's rights under any other provision of this Agreement, or otherwise waive or deny any right or remedy, at law or in equity, existing as of the date of the Agroomotit or hareinatter onnoted or established, that may be available to the non - defaulting party against the defaulting party. Resolution No. 2016 -080 Page 11 of 14