Summary:
The Community Venues Interlocal Agreement provides, in part, for the Agency to provide a covenant to budget and appropriate from its “Residual Capacity” amounts necessary to fund deficiencies in that certain CRA Reserve Fund created under the Indenture of Trust approved by the City in connection with its issuance of Contract TDT Bonds.
The Resolution (a) authorizes a
covenant to budget and appropriate and pay from and to the extent of its Residual Capacity, if any, each Fiscal Year amounts necessary to fund deficiencies in the CRA Reserve Fund after the application of all Contract Tourist Development Tax Revenues, any monies available in the Contract TDT Surplus Fund for such year pursuant to the terms of the Indenture, and any monies received from the County under and pursuant to the Community Venues Interlocal Agreement for purposes of curing portions of any such deficiency in the CRA Reserve Fund; (b) authorizes increment revenues so budgeted and appropriated from its Residual Capacity to be deposited and held in the CRA Reserve Fund and made available for the payment of principal of and interest on Contract TDT Bonds; and (c) approves the form of and authorizes the execution of the Interlocal Agreement attached thereto as Exhibit “A” between the City and the Agency (the “City/Agency Interlocal Agreement”) setting forth the specific terms and provisions for the Agency’s covenant, the timing of the budget and appropriation and deposit of funds to the CRA Reserve Fund, the use and investment of funds on deposit in the CRA Reserve Fund, the repayment to the Agency from Contract TDT Revenues in the manner and to the extent permitted in the Community Venues Interlocal Agreement, and the close out of the CRA Reserve Fund.
“Residual Capacity” is defined in the City/Agency Interlocal Agreement to mean the sum of all increment revenues plus all investment earnings thereon remaining or calculated to be remaining in the Redevelopment Trust Fund as of the end of a Fiscal Year beginning with that Fiscal Year ending September 30, 2015, after taking into account (i) all expenditures and encumbrances allowable under the Act and made or to be made by the City or the Agency during the Fiscal Year (including, but not limited to, those set forth in Section 163.387(6), Florida Statutes), (ii) Operational Expenses, (iii) any payments due and owing on Tax Increment Obligations during the Fiscal Year and (iv) any payments due and owing on Junior Obligations during the Fiscal Year. The term Residual Capacity expressly excludes reserves and/or fund balances of the Agency on deposit in accounts of the Agency or held on behalf of the Agency on or before September 30, 2014, which may carry over from year to year.
The first proposed series of Contract TDT Bonds to be issued by the City are the Contract Tourist Development Tax Payments Revenue Bonds, Series 2014A for the primary purpose of
financing a portion of the costs of acquiring, constructing, renovating, expanding and equipping, as the case may be, of a portion of the Performing Arts Center, the MLS Stadium, and the Citrus Bowl.
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