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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15. "Period of Limited Purpose Annexation" means that period commencing on the effective date of the limited purpose annexation of the Limited Purpose Tracts, and ending upon the effective date of the full purpose annexation by the City in accordance with the terms of this Agreement, the Consent Agreement and the Development Agreement. 16. "Project" means the Cotton Center master - planned mixed- use community that includes the District. 17. "Sales and Use Tax Revenues" means those revenues received by the City from the sales and use tax authorized to be imposed by the City on sales consummated at locations within the Limited Purpose Tracts pursuant to the Act and Chapter 321 of the Tax Code, and to the extent not otherwise controlled or regulated, in whole or in part, by another governmental entity, authority, or applicable law, ordinance, rule, or regulation. 18. "State" shall mean the State of Texas. 19. "Tax Code" means the Texas Tax Code, as amended. Section 1.02 Purpose of the Agreement. The purposes of this Agreement are to: i) define and clarify, through contractual agreement, the terms and conditions of Limited Purpose Annexation by the City of certain Limited Purpose Tracts comprising the community commercial portion of land in the District and the relationship between City and the District, including matters related to the collection of sales and use taxes by City, and ii) postpone City's annexation of the District to provide for the construction and financing of water, wastewater, drainage and road projects of the District which benefit residents of the District and the City. Section 1.03 General Location and Description of the District. The District is a municipal utility district created pursuant to the Enabling Act and State law and operating pursuant to Chapters 49 and 54 of the Texas Water Code. All of the territory within the District is located within the extraterritorial jurisdiction of the City in Caldwell County, Texas. The District encompasses approximately 2,358 acres, more or less, within the District Boundaries. ARTICLE II ADOPTION OF THE AGREEMENT AND ANNEXATION OF THE DISTRICT Section 2.01 Conduct of Public Hearings. District and City acknowledge and agree that prior to the execution of this Agreement, District and City have conducted public hearings for the purpose of considering the adoption of this Agreement and the annexation of the District in accordance with the terms of this Agreement, and applicable law. Section 2.02 Effective Date of Agreement. Under the provisions of Section 43.0751(c) of the Local Government Code, this Agreement shall become effective when adopted and fully executed by the City and the District. Upon adoption, the Agreement shall be filed by City in the Real Property Records of Caldwell County, Texas, if applicable.