STATION DIST DDA WITH CRA - Laserfiche WebLink

Home Browse Search

other revenues of whatever kind or nature from the Phase - of the Project, except that .security deposits (until applied) , interest on security deposits and required reserves, sales proceeds, and the proceeds of loans, refinancings, c and emn ation, insurance claims, and partner capital contributions, shall not be considered Annual Project Revenue. As used herein, "Applicable Federal Rate" mms the interest rate set by the United States Treasury from time to time for the purpose of determining applicable Low Income Housing Tax Credit interest rates published by the Internal Revenue a ervice in monthly reserve rulings. As used herein, "Debt Service'' means regularly sch du 1 d payments of principal and interest made in a calendar year pursuant to the financing obtained for the development and ownership of Phase F which has been approved by the Agency pursuant to the Agreement, and which is senior in lien priority to the Agency Loan, but excluding payments made pursuant to the Promissory Note. As used herein} "Capital Replacement Reserve ", dull mean a reasonably required reserve not to exceed o per unit per year or such greater amount as may be required by lenders or investors for Phase R-_), , to be used for the purpose f replacing capital items. On or before one hundred twenty (1 20) days after the end of the Borrower's fiscal year, of each year commencing in the year after the issuance of the Release f Construction Covenants for Phase 1 - , the Borrower shall annually provide the Agency an audited financial statement for Phase 1 and a Residual Receipts Report, i rl the form attached to the Agreement as Attachment Igo. 10, which shall describe in detail the Annual Project Revenue, Debt Service, Operating Expenses, Capital Replacement Deserve inclu d1 ng deposits therein and expenditures therefrom), and residual Receipts for that year for Phase - The Borrower shall also submit to the Agency, on or before one hundred twenty (1 days after the end of the Borrower's fiscal year, of each year commencing in the year of the issuance of the Release of Construction Covenants for t Phase - * annual audited financial statements with respect to the Project that have been reviewed by n independent certified public accountant, together with an expressed written opinion of the certified public accountant that such financial statements present the financial position} results of operations, and cash flows fairly and in accordance with generally accepted accounting principles. "Operating Budget's and "'Annual Budget's shall mean the annual operating budget for each Phase of the Project that sets forth the projected Operating Expenses for the upcoming year that is subject to and shall be submitted for review and approval by Executive Director, in his/her reasonable discretion, each year during the Affordability Period pursuant to Section 401.9 of the Agreement. "'Operating er n " shall mean actual, reasonable and customary fo r comparable high quality rental housing developments in Orange cunt costs, fees and expenses directly incurred, paid, and attributable to the operation, maintenance and management of each Phase of the Rental Portion of the Project in a calendar year, and which is reasonably consistent with the annual Operating Budget for each Phase approved by genc pursuant to 401.9 of the Aigreement, including: painting, cleaning, regain, alterations, landscaping, utilities, ATTACHMENT NO. B- Ioo 1 40067 3 v ! 4!200272 -O 1