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05-22-2017 Packet
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05-22-2017 Packet
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5/18/2017 3:17:10 PM
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Section 11.12. Holidays. If any date for the payment of principal or interest on the <br /> Bonds is not a Business Day then such payment shall be due on the first Business Day thereafter. <br /> Section 1 1.13. Section 118 Nonshareholder Contribution. The Developer shall treat and <br /> report the TIF Revenues paid by the Issuer in the aggregate amount of $3,500,000 as a non- <br /> shareholder contribution from the Issuer to the Developer under Code Section 118 <br /> ("Nonshareholder Contribution"). <br /> Section 11.14. Section 118 Tax Accounting. The Developer shall cause the tax balance <br /> sheet of the Developer to reflect a reduction in basis attributed to the exclusion of the <br /> Nonshareholder Contribution from taxable income under Code Section l l8 as required under <br /> Code Section 362. In no event shall the Developer take any depreciation deductions attributable <br /> to the Nonshareholder Contribution at any time. <br /> (End of Article XI) <br /> -46 - <br /> 1\11860514.2 <br />
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