(A) If allowed by law (including any applicable federal laws relating to the tax free status of bonds), all bond issues shall include a debt service reserve fund in an amount acceptable to the TIDD Board.
(B) Until the improvements are accepted by the city and all warranty periods have expired, the developer/landowner shall be solely responsible for maintaining the premises upon which the improvements are being constructed in a safe condition. The applicant or the developer/landowner (or such other third party acceptable to the city and the TIDD), shall indemnify the city and the TIDD and their agents and employees and shall hold the city and the TIDD and their agents, officers and employees harmless for, from and against any and all liabilities, claims, costs and expenses, including attorneys' fees, incurred in any challenge or proceeding relevant to the formation, operation, administration of the TIDD, the offer and sale of TIDD bonds, the levying by the TIDD of any property tax or charge and the operation and maintenance of public infrastructure owned by the TIDD.
(C) Unless otherwise provided to the city pursuant to other requirements prior to TIDD financing and acquisition by the TIDD or city, the TIDD and city shall require an independent environmental report or assessment of any real property which shall be dedicated to or otherwise owned, leased or operated by the city or the TIDD and a proposed form of indemnity agreement with respect to all environmental liability.
(D) Refinancings and refundings of bonds issued on behalf of a TIDD shall be considered utilizing the same criteria set forth in this article and in particular §4-10-7(D) and (E), ROA 1994. Refinancings and refundings shall be expected to either (i) generate industry accepted interest rate savings; (ii) restructure payment of principal or (iii) eliminate burdensome covenants. If the refinancing or refunding is intended to address a material adverse change affecting the financial stability of the bonds or the intent of the original Development Agreement, the refinancings and refundings shall be submitted to the City Council for approval. Any refinancing or refunding shall be subject to the final review and approval of the TIDD Board.
(E) The applicant shall be responsible for all costs and expenses incurred in connection with proposed changes to a TIDD application after the city has begun its review process pursuant to this article.
(Ord. 36-2006)