Res 2015-146/Trace PID Finance Agreement

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documentation and preparation for sale of the Major Public Improvement PID Bonds based on written notice by the Owner of the anticipated completion date of the Major Public Improvements within 120 days. (b) To receive funds from the proceeds of the Major Public Improvement PID Bonds to pay the Actual Cost of a given Major Public Improvement, the Owner shall deliver to the City and the Project Engineer (i) documentation evidencing the Actual Cost, (ii) documentation evidencing the acceptance of the Major Public Improvement by the City or Owner's execution of an easement granting the City and the public the right of access to and use of such Major Public Improvement (as set forth in the PDD), and (iii) an assignment of the warranties and guaranties, if applicable, for such Public Improvement, in form reasonably acceptable to the City. Nothing herein shall prohibit Owner from being reimbursed for design costs associated with a Major Public Improvement. (c) At the time of the closing of the Major Public Improvement PID Bonds, Owner shall, concurrently with the initial draw from the proceeds of the Major PID Bonds submit to the City a Closing Disbursement Request to the City and the Trustee to be reimbursed for (i) the Unpaid Balance under the applicable Acquisition and Reimbursement Agreement and (ii) any other qualified and permitted costs approved by the City (collectively, the "Initial Owner Expended Funds "). The total amount of Initial Owner Expended Funds approved by the City pursuant to this Section shall be referred to herein as the "Initial Reimbursement Payment." Prior to disbursement of proceeds of the Major Public Improvement PID Bonds, the City will sign the Closing Disbursement Request and deliver said Closing Disbursement Request to the Trustee. At the closing of the Major Public Improvement PID Bonds, Owner shall be reimbursed an amount equal to the Initial Reimbursement Payment and such amount shall be transferred to the Trustee for distribution to the Owner or the Owner's designee. (d) Additional Public Improvements (Additional Public Improvements No. 1 and Additional Public Improvements No. 2) (1) The Owner and the City intend to enter into one or more Acquisition and Reimbursement Agreements to finance the Additional Public Improvements required for that particular Additional Improvement Area, which will provide for Special Assessments (to be levied and collected after completion of the Additional Public Improvements) that will reimburse the Owner for Actual Costs incurred in connection with the Additional Public Improvements until Additional Improvement PID Bonds are issued in amount necessary to reimburse Owner for the Actual Costs of the Additional Public Improvements less any amounts already reimbursed to Owner pursuant to the Acquisition and Reimbursement Agreement, as set forth in Section 2.03(b). Concurrently with letting the construction contract for the applicable Additional Public Improvements, the City and Owner will execute an Acquisition and Reimbursement Agreement. (1 a) Simultaneously, the Service and Assessment Plan will be amended to reflect the Special Assessments and the Additional Public Improvements associated with the Additional Improvement Area in question, and as contemplated by the Acquisition and Reimbursement Agreement. The City will levy and collect the Special Assessment for the associated Additional Improvement Area. 11