Ord 2015-018/Lasalle MUD amendements

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Section 2.03. General a. The Developer shall submit to the City a satisfactory review of the Developer's financial position, certified by a third -party financial analyst. This requirement is satisfied by submitting a copy of the District's annual audit to the City when the audit is required by TCEQ rule. b. All records, files, books, information, etc., of the District shall be a matter of public record and available for city inspection at all times. Section 2.04. Expiration; Dissolution. The City's consent to the creation of the District shall be deemed withdrawn if: (a) formal approval of the District is not granted by the state within 24 months after the date of the ordinance granting the City's consent; (b) developer fails to commence substantial construction of improvements within the District within five (5) years after the date of the ordinance granting the City's consent; The City's consent shall be deemed withdrawn and the District shall be dissolved if: (a) The District has not held a confirmation election within four (4) years from the date of its creation by legislature; or (b) upon the expiration of ten (10) years from the date of its creation if the District has been inactive for five consecutive years which means that the District has not performed any of the functions for which it was created, and the District has no outstanding bonded indebtedness. Section 2.05. Annexation by the District. The District may not annex any additional land into its boundaries without the prior written consent of the City. Provided, however, that a district created pursuant to this Agreement or a resulting district may annex property that is within the boundaries of the Land. Any land annexed into the District must be located entirely within the city's ETJ. The District and any resulting District and the Developer, on behalf of itself and respective successors and assignees, covenant and agree that, except upon written consent of the City, neither the District and any resulting district nor the Developer will: (1) seek or support any effort to incorporate the Land or any part thereof; or (2) sign, join in, associate with, or direct to be signed any petition seeking to incorporate the Land or seeking to include the Land within the boundaries of any other special district, assessment jurisdiction, other municipality, or any other incorporated entity other than the City. Section 2.06. Administrative Fee and Master Development Fee. C9