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(a) As additional consideration for this Agreement, the Developer shall pay the <br />City an Administrative Fee and a Master Development Fee, which amounts will be full payment <br />to the City of all fees due to the City in connection with the approval of this Agreement, but <br />which is in addition to any other applicable City fees and sums due under the Development <br />Agreement. <br />(b) Administrative Fee. An Administrative Fee of $10,000.00 shall be paid to the <br />City by the Developer on or before the Effective Date of this Agreement. This fee shall be <br />for the sole use and benefit of the City for any purpose as the City in its discretion may <br />decide. <br />(c) Master Development Fee. A Master Development Fee of one million dollars <br />($1,000,000) shall be paid to the City out of the net Developer reimbursement from the <br />proceeds from the issuance of bonds by the District and any resulting district at the rate of 5% <br />of each net bond reimbursement received by the Developer from the District and any <br />resulting district, if any, in accordance with the formula attached hereto as Exhibit D. <br />The City, the Developer and the District and any resulting district agree that the payment of <br />the Master Development Fee is to be paid from the net Developer reimbursement from the <br />proceeds of bonds issued by the District and any resulting district in conjunction with the <br />closing of each such series of bonds but in any event not later than 30 days from the date of <br />closing on a series of bonds. To the extent the full amount of the Master Development Fee is <br />not paid by the 10th anniversary of the Effective Date of this Agreement, the percentage of <br />net Developer reimbursement from each series of bonds is subject to increase as the City may <br />determine. <br />(d) Assignment. The Developer hereby makes a partial assignment of its <br />reimbursement rights to the City, as evidenced by ExhibitD attached hereto and made a part <br />hereof for all purposes. No assignment of Developer's reimbursement rights shall be <br />effective unless and until the City receives notice of such assignment accompanied by a fully <br />executed Partial Assignment of Reimbursement Rights pursuant to which the City has a right <br />to receive the Master Development Fee payable out of developer reimbursements as bonds <br />are issued in accordance with this Agreement <br />Section 2.07. Bonds. The Districts shall have authority to issue bonds for its water, <br />wastewater, drainage and roadway projects, as well as parks and recreational facilities, and <br />other matters such as organizational costs, operation and maintenance, interest during <br />construction, etc., subject to, and allowed by, the Commission rules. Bonding of land or <br />easements necessary for Districts' projects shall be subject to the limitations set forth in the <br />San Marcos Code as of the date of this Agreement. The Districts, including resulting <br />districts, shall not issue bonds to provide services to land or projects outside the boundaries of <br />the Districts. Bonds issued for one purpose shall not be used for another purpose except for <br />surplus funds in a bond issue which surplus funds result from lower interest rate costs or <br />lower project costs and as approved in accordance with Commission rules for the use of <br />surplus bond funds; or TCEQ approved change in scope of authorized bond funds. <br />ARTICLE III <br />5 <br />