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TERM SHEET <br />WHISPER TEXAS PUBLIC IMPROVEMENT DISTRICT <br />9/16/14 <br />The following limitations and performance standards shall apply to the Whisper Texas Public <br />Improvement District as agreed by the City of San Marcos ( "the City ") and McDonald Development <br />Group ( "McDonald "): <br />FINANCING CRITERIA <br />1. Maximum total indebtedness: $14,630,000 <br />2. Maximum annual assessment rate as equivalent tax rate: $0.150 <br />3. Maximum construction costs to be funded: $10,398,361 <br />4. Minimum appraised value to lien ratio at date of each bond issue: 3:1 <br />5. Maximum annual permitted increase in annual assessment: 2% <br />6. Maximum years of capitalized interest for each bond issue : 2 <br />7. Maturity for each series of bonds (to extent allowed by law): 30 years <br />8. The aggregate principal amount of bonds required to be issued shall not exceed an amount <br />sufficient to fund: (i) the actual costs of the qualified public improvements (ii) required reserves <br />and capitalized interest during the period of construction and not more than 12 months after the <br />completion of construction and in no event for a period greater than 2 years from the date of the <br />initial delivery of the bonds and (iii) any costs of issuance. Provided, however that to the extent <br />the law(s) which limit the period of capitalized interest to 12 months after completion of <br />construction change, the foregoing limitation may be adjusted to reflect the law(s) in effect at the <br />time of future Bond issuances. <br />P: \_Planning Current\P &Z\2014 Staff Reports\PID\PID -14 -01 Whisper Tx North\FINAL Documents \Whisper Texas PID Term Sheet Final <br />Draft 9 16 14.doc 9/17/2014 10:15 AM <br />