Ord 2014-070/Approving a petition submitted by Metcalfe, Wolfe, Stuart & Williams, LLP on behalf of Walton Texas, LP granting the consent of the City of San Marcos, Texas, to the creation of Cotton Center Municipal Utility District No. 1

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The Owner hereby makes a partial assignment of its reimbursement rights to the City as evidenced by Exhibit "E" attached hereto and made a part hereof for all purposes. No assignment of Owner's reimbursement rights shall be effective unless and until the City receives notice of such assignment accompanied by a fully executed Partial Assignment of Reimbursement Rights pursuant to which the city has a right to receive the Master Development Fee payable out of owner reimbursements as bonds are issued in accordance with this Agreement. Section 2.08 Records. a. The District or Sub - District shall submit its annual audit to the City when such audit is required by the Commission. b. All public information of the District and Sub - District shall be available to the public in accordance with the Texas Public Information Act. Section 2.09 Authority of Consent Agreement. a. The City and Owner acknowledge that this Agreement is authorized under state law and Chapter 70 of the City's Code of Ordinances. The City and Owner further agree; however, that certain provisions of Chapter 70 shall be adjusted as provided below with respect to the District: i. 70.053 (a) -- The provisions in Texas Administrative Code, Title 30, Chapter 293.47 and any other applicable rule allowing for exceptions to the requirement that the Developer pay a portion of the costs associated with the construction of the District improvements shall be applicable to the Owner and District. ii. 70.053(b) — The City agrees to allow reimbursement of soft costs up to fifteen (15 %) percent of total construction costs per bond issuance. iii. 70.053(c) and (d) — The provisions of 6.01(b) of this Agreement will apply with respect to the amenities and/or road improvements that may be constructed with bonds. iv. 70.054(3) -- The City agrees that the Owner may be required to comply with the specifications and standards of the service provider for water service. v. 70.054(7) — The City agrees that compliance with Section 6.03 of this Agreement will meet this requirement. vi. 70.054(14) — The City agrees that Owner will dedicate easements and /or improvements to both public and private entities subject to the nature and purpose of such easements and improvements. b. The City and Owner acknowledge that to the extent that there is any conflict between this Agreement and Chapter 70, the terms of this Agreement shall prevail. Further, in the event of any conflict between this Agreement or Chapter 70 and TCEQ Rules, the TCEQ Rules will prevail. Section 2.10 Deferred Submittal of Required Materials under Chapter 70. Notwithstanding the terms of Chapter 70, the Owner will provide the information listed below prior to the Bond election for each Sub - District: a. Market Study;