Resolution 2015-25 - Laserfiche WebLink

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The City shall meet its obligations under this Agreement only after the City has satisfied all other obligations with respect to the use of sales tax revenues for bond repayment purposes. For the purposes of this Agreement, the terms "bonded indebtedness," "bonds," and similar terms describing the possible forms of indebtedness include all forms of indebtedness that may be incurred by the City, including, but not limited to, general obligation bonds, revenue bonds, revenue anticipation notes, tax increment notes, tax increment bonds, and all other forms of contractual indebtedness of whatsoever nature that is in any way secured or collateralized by sales and use tax revenues of the City. 13.Annual Appropriation. Nothing in this Agreement shall be deemed or construed as creating a multiple fiscal year obligation on the part of the City wjijn the peening polerado Constitution Article X, Section 20 or any other constitutional or statutory provision, and the City's obligations hereunder are expressly conditional upon annual appropriation by the City Council, in its sole discretion. Company understands and agrees that any decision of City Council to not appropriate funds for payment shall be without penalty or liability to the City and, further, .shall not affect, impair, or invalidate any of the remaining terms or provisions of this Agreement. 14. Governing Law: Venue. This Agreement shall be governed and construed in accordance with the laws of the. State of Colorado. This Agreement shall be subject to, and construed in strict accordance with, the Louisville City Charter and the Louisville Municipal Code. In the event of a dispute concerning any provision of this Agreement, the parties agree that prior to commencing any litigation, they shall first engage in good faith the services of a :m :tr ally acceptabje,: q.gJCfied, and experlienoe FrWr4iPtgr, ar panel of mediators for the purpose of resolving such dispute. In the event such dispute is not fully resolved by mediation or otherwise within 60 days a request for mediation by either party, then either party, as their exclusive remedy, may commence binding arbitration regarding the dispute. through Judicial Arbiter Group. Judgment on any arbitration award may be enforced in any court of competent jurisdiction. 15. Legal Challenge; Escrow.. The City shall have no obligation to make any rebate payment hereunder during the pendency of any legal challenge to this Agreement The parties covenant that neither will initiate any legal challenge to the validity or enforceability of this Agreement, and the parties will cooperate in defending the validity or enforceability of this Agreement against any challenge by any third party. Any funds appropriated for PaymentMder this Agreem..erit Xli IV ascr'owed In separate City account in the event there is a legal challenge to this Agreement. 16.Assionment. Company may assign this Agreement to any lender of a loan secured by the Project Location without the consent or authorization of the City Counsel of the City, provided such assignment is limited to a (00174494.DOC:4) Page 4 of 6