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3 <br />The Authority shall own all capital irprovements <br />to the extent and in the same percentage as the percentage <br />of local matching funds, financing, or cost reimbursement for <br />such capital improvements that it has paid or provided to or <br />on behalf of the City. <br />During the first year of this Agreement, the Au- <br />thority shall purchase or provide financing for at least <br />nineteen buses, which shall be leased to the City as pro- <br />vided in subsection (D)(2) hereunder. The Authority shall <br />own all of such nineteen buses, unless prohibited by Iaw or <br />by the terms of any Federal grant the City may have therefor. <br />In the event that the Authority is dissolved, the City shall <br />have the right to purchase such nineteen buses from the Au- <br />thority at a price equal to the purchase price, or portion <br />thereof, paid by the Authority, unless such sale is prohibited <br />by .law or by the terms of any Federal grant to the Authority. <br />D. Debt Service. <br />(1) Existi~ Debt. <br />The°Authority shall pay to the City such portion <br />of the debt service on the City`s presently outstanding <br />general obligation bonds issued for transit equipment and <br />facilities as is allocable in whole or in part to the Sched- <br />uled Service, such allocation to be determined as provided <br />in Schedule F. Such payments shall be made to the City at <br />least five calendar days prior to the due date of semi- <br />annual interest payments and annual- pa;-l~ents of principal on <br />such presently outstanding bonds. Such payments shall be <br />made to the City only for debt service and interest pa;r,!ents <br />which come due and payable during the period of this Agree- <br />ment, all as set forth in Schedule G, appended hereto and <br />made. a part hc~rc~of . <br />-8- <br /> <br />