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(a) As additional consideration for this Agreement, the Developer shall pay the City <br />an Administrative Fee and a Master Development Fee, which amounts will be full payment to <br />the City of all fees due to the City in connection with the approval of this Agreement, but which <br />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 $1,642 shall be paid to the City <br />by the Developer on or before the Effective Date of this Agreement. This fee shall be for the <br />sole use and benefit of the City for any purpose as the City in its discretion may decide. <br />(c) Master Development Fee. A Master Development Fee of $164,231.00 shall be <br />paid to the City out of the net Developer reimbursement from the proceeds from the issuance <br />of bonds by the District and any resulting district at the rate of 5% of each net bond <br />reimbursement received by the Developer from the District, and any resulting district, if any, <br />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 the <br />Master Development Fee is to be paid from the net Developer reimbursement from the proceeds <br />of bonds issued by the District and any resulting district in conjunction with the closing of each <br />such series of bonds but in any event not later than 30 days from the date of closing on a series <br />of bonds. To the extent the full amount of the Master Development Fee is not paid by the 10th <br />anniversary of the Effective Date of this Agreement, the percentage of net Developer <br />reimbursement from each series of bonds is subject to increase as the City may determine. <br />(d) Assignment. The Developer hereby makes a partial assignment of its <br />reimbursement rights to the City, as evidenced by Exhibit D attached hereto and made a part <br />hereof for all purposes. No assignment of Developer's reimbursement rights shall be effective <br />unless and until the City receives notice of such assignment accompanied by a fully executed <br />Partial Assignment of Reimbursement Rights pursuant to which the City has a right to receive <br />the Master Development Fee payable out of developer reimbursements as bonds are issued in <br />accordance with this Agreement <br />Section 2.07. Bonds. The District 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 districts, <br />shall not issue bonds to provide services to land or projects outside the boundaries of the <br />Districts. Bonds issued for one purpose shall not be used for another purpose except for surplus <br />funds in a bond issue which surplus funds result from lower interest rate costs or lower project <br />costs and as approved in accordance with Commission rules for the use of surplus bond funds; <br />or TCEQ approved change in scope of authorized bond funds. <br />ARTICLE III <br />DEVELOPMENT PLAN, PARKS AND ROADWAYS <br />5 <br />