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5843
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1992
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5843
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Last modified
12/6/2004 2:48:07 PM
Creation date
11/5/2014 12:19:54 PM
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City Ordinances
Passed
2/10/1992
Ordinance Number
5843
Bill Number
8054
Introdate
1/27/1992
Description
Adopting TIF funding for financing redevelopment actrivities w/i Olive Central TIF district, approving funding, authorizing a subaccount to finance, authorizing city to enter a loan agreement,
Introduced By
Schoomer
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shown on Exhibit B, but in no event shall such excess deposit of <br />PILOTs exceed the aggregate amount of any shortfalls in deposits <br />from earlier years which have not been deposited into the <br />Acquisition Loan Subaccount. The PILOTs so deposited into the <br />Acquisition Loan Subaccount shall be segregated by the Collector <br />of Revenue from the total amount of PILOTs collected for other <br />real property in the Area. The Finance Director shall deposit <br />such segregated payments in the Acquisition Loan Subaccount from <br />which disbursements shall be made to repay a loan to the City to <br />be evidenced by a Tax Increment Anticipation Note in the amount <br />of Four Hundred Twelve Thousand Five Hundred and 00/100 Dollars <br />($412,500.00) (the "Project Funds**) incurred in connection with <br />the Plan as set forth in (i) that certain Loan Agreement by and <br />among City, Commission and Royal Banks of Missouri ("Bank") in <br />substantially the form attached hereto as Exhibit ~ and <br />incorporated herein by this reference (the "Loan Agreement"); <br />(ii) that certain Pledge Agreement by and between City and Bank <br />in substantially the form attached hereto as Rxhibit ~ and <br />incorporated herein by this reference (the "Pledge Agreement") <br />and the Note executed by City, as maker, in favor of Bank, in <br />substantially the form attached hereto as Rxhibit = and <br />incorporated herein by this reference (the "Note"). The City~s <br />obligations under the Loan Agreement, the Pledge Agreement and <br />the Note shall not be general obligations of the City, but shall <br />be payable solely from the Acquisition Loan Subaccount. The <br />Finance Director and the City Manager are further authorized and <br />directed to enter into agreements (i) for collection of moneys to <br />be deposited in the Acquisition Loan Subaccount, and (ii) for <br />disbursements from the Acquisition Loan Subaccount for purposes <br />of repaying the loan evidenced by the Note as they shall deem <br />necessary, desirable, convenient or proper. <br /> <br /> Section 4. Moneys held in the Acquisition Loan Subaccount <br />of the Special Allocation Fund shall be invested by the Finance <br />Director in direct obligations of, or obligations the principal <br />of and interest on which are unconditionally guaranteed by, the <br />United States of America, or in such other obligations as may be <br />permitted by law; provided, however, that no such investment <br />shall be made for a period extending longer than to the date when <br />the moneys invested may be needed for the purpose for which the <br />Acquisition Loan Subaccount of the Special Allocation Fund was <br />created. All interest on any investments held in the Acquisition <br />Loan Subaccount of the Special Allocation Fund shall accrue to <br />and become a part of such Subaccount. <br /> <br /> Section 5. The City shall use the proceeds of the Note as <br />soon as practicable and with all reasonable dispatch for the <br />purpose for which the Note is issued, and no part of the proceeds <br />of the Note shall be invested in any securities or obligations, <br />nor used, at any time, directly or indirectly, in a manner which, <br />if such use had been reasonably anticipated on the date of <br />issuance of the Note, would have caused the Note to be or become <br />an "arbitrage bond" within the meaning of Section 148(a) of the <br /> <br />STL-79015 <br /> <br />- 3 - <br /> <br /> <br />
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