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   (A)   The applicant shall independently provide at least $0.25 in additional infrastructure or community improvements for each $1.00 of debt to be issued by a PID to finance public infrastructure. The City may in its discretion impose additional financing requirements, including the deposit of cash or a letter of credit (or similar credit facility) as security for completion of the infrastructure development. If agreed to by the PID Board, in its sole and absolute discretion, prior infrastructure and community improvements constructed or acquired by the applicant or the developer/landowner may be included in calculating the applicant's or developer's/landowner's compliance with this § 6-9-6(A).
   (B)   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 PID Board.
   (C)   The applicant or the developer/landowner (or such other third party acceptable to the City and the PID), shall indemnify the City and the PID and their agents and employees and shall hold the City and the PID 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 PID, the offer and sale of PID bonds, the levying by the PID of any tax, assessment, special levy or charge and the operation and maintenance of public infrastructure financed or owned by the PID.
   (D)   Unless otherwise provided to the City pursuant to other requirements prior to PID financing and acquisition by the PID or City, the PID 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 PID and a proposed form of indemnity agreement with respect to all environmental liability.
   (E)   Refinancings and refundings of bonds issued on behalf of a PID shall be considered utilizing the same criteria set forth in this Ordinance and in particular § 6-9-5(D), (E) and (F). 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. Any refinancing or refunding shall be subject to the final review and approval of the City Council and the PID Board.
   (F)   Developers shall be responsible for all costs and expenses incurred in any special levy or property tax modifications resulting from changes to the development not anticipated in the application.
(Ord. 12-2003)