The moneys credited to the project fund and on hand therein, from time to time, shall be used annually in the following manner and following order of priority:
(A) To pay into the debt retirement fund, or funds, for all outstanding series of bonds issued pursuant to the plan, an amount equal to the interest and principal coming due (in the case of principal, whether by maturity or mandatory redemption) prior to the next collection of taxes, less any credit for sums on hand in the debt retirement fund.
(B) To establish a reserve account for payment of principal of and interest on bonds issued pursuant to the plan, to the extent required by any resolution authorizing bonds.
(C) To pay the administrative, auditing and operating costs of the Authority and the village pertaining to the Downtown District, including planning and promotion, to the extent provided in the annual budget of the Authority.
(D) To repay amounts advanced by the village for project costs, including costs of preliminary plans and fees for other professional services.
(E) To pay the cost of completing the remaining public improvements, if any, as set forth in the plan, to the extent those costs are not financed from other sources.
(F) To pay the cost of any additional improvements to the plan that are determined necessary by the Authority and approved by the Village Council in accordance with Public Act 197 of 1975, being M.C.L.A. §§ 125.1651 - 125.1681.
(Ord. 259, passed 5-18-2006)