Note Book: R.C - Laserfiche WebLink

Home Browse Search

~ 1 (D~ COVENANT TO INCLUDE FINANCING PAYMENTS IN PROPOSED BUD ET; FINANCING ~ PAYMENTS IN EXCESS OF RENTAL INTERRUPTION INSURANCE PROCEEDS. Th County hereby 3 covenants and agrees that it will include in its Proposed Budget for each Fiscal Ye r a line item that 4 budgets and appropriates funds sufficient to pay when due the Financing Payme s coming due in 5 such Fiscal Year. Nothing herein is intended, nor shall it be construed, to re uire the County 6 Commissioners to approve or adopt any Proposed Budget that includes a line item that budgets and 7 appropriates funds sufficient to pay when due the Financing Payments coming d e in such Fiscal 8 Year. The County Commissioners may, in their sole and absolute discretion, elimin te such line item 9 from any Proposed Budget priar to the approval and adoption thereof by the Coun Commissioners, 10 in which event the provisions of Section 202(C) of this Agreement shall apply. ! 11 I~ 12 In addition; the Coun.ty hereby covenants and agrees that in the.event the ounty Facilities 13 are damaged or destroyed~ or the County's use and occupancy of the County Faci 'ties is otherwise ~4 interrupted, with the result that the Trustee receives payments,under the rental irite ption insurance 15 policy the County is required to maintain „pursuant to Section 306(B)(2) hereof,',t en if such rental 16 interruption insurance proceeds are insufficient to pay in full all 1998 Financing P yments accruing ~ 7 or corning due during the period of time the County is so deprived`of its use and ccupancy of the 1 s County Facilities, the~hereby covenants and agrees to include as a separate iine ite in its Proposed 19 Budget for each.~iscal Year in tivhich such period of interruption occurs an am unt equal to the 2o difference between the arnount af fhe 1998 Financing Payments so coming due d the amount of 21 rental interrii~tiori insurance proceeds available to the Trustee to pay such 1998 Fin cing Payments. 22 The Coitnty;:Commissioners may, in their sole and absolute discretion, eliminate s ch line item from ~,;3 any Proposed Budget prior .to the approval and adoption thereof by the County mmissioners, in 24 which event the provisioris of Section 202(C) of this Agreement shali apply. , 25 '' 26 ~E~ THE 199H FINANCING PAYMENTS. The Financing Payments shall c nsist of principal 27 components together with interest accruing thereon. The principal components of t e 1998 Financing 28 Payments shall be in the amounts, be due and payable on the dates, and bear inte est from the date 29 of this Agreement until paid at the rates of interest per annum, all as set forth in th following table: 30 I 31 ~~ ~