14-Deliberate and act on a Resolution approving a PEDC Resolution

Home Browse Search

maintained as a separate fund at the Depository, and no other moneys of the City shall be commingled with the Sales Tax Fund. The City shall also maintain separate investment accounts into which all deposits shall be transferred when funds are received. Section 1.2. Deposits to Fund. The revenues received by the City from the Comptroller from the charge and levy of the Economic Development Sales Tax shall be deposited as received, or transmitted by the Comptroller directly, to the credit of the Sales Tax Fund, for the benefit of the Corporation, and shall be made available to the Corporation from time to time as hereinafter provided in this Agreement. Section 1.3. Securitv for Fund. The City hereby agrees that moneys on deposit in the Sales Tax Fund shall at all times be collateralized in the manner and with the collateral required by the City for its own funds. Section 1.4. Chan ein DepositorX. The City reserves the right from time to time to change its official depository bank, and hereby agrees to give the Corporation thirty (30) days prior written notice of any such change in its official depository bank. ARTICLE II TRANSFER OF FUNDS Section 2.1. Collection of Economic Development Sales Tax. (a) Until the Comptroller is able to determine and report the amount of the Economic Development Sales Tax levied for the benefit of the Corporation and any rebate, charge-back or adjustment thereof on a point of collection basis, the City will allocate a portion of the undivided sales and use tax receipts to the Corporation on the basis of the total sales and use taxes collected, multiplied by the pro rata portion of the Economic Development Sales Tax and divided by all other sales and use taxes received from the Comptroller by the City. In addition, the City will allocate the costs of any rebate or charge-back applicable to the undivided sales and use tax receipts between the City and the Corporation on a pro rata basis. (b) The President of the Board of Directors of the Corporation and the chief financial officer of the City shall take such actions as are required to cause the Economic Development Sales Tax to be delivered and transferred by the Texas State Treasurer and the Comptroller to the City for use by the Corporation by the fastest and most economically feasible means available. Section 2.2. Sales Tax Fund. By resolution adopted by the Corporation approving this Agreement on March 22, 2010 (the "Resolution"), the Corporation confirmed the City's depository bank as the depository bank for the Sales Tax Fund all as provided herein. Section 2.3. Transfers to Sales Tax Fund. On or before the 25th day of each month, the City shall direct the Depository to transfer funds on deposit in the Sales Tax Fund to the credit of the Revenue Fund of the Corporation. The City shall cause the Depository to make such transfers 2