Res 2015-146/Trace PID Finance Agreement

Home Browse Search

(2) Owner will construct or cause the construction of the Additional Public Improvements for the associated Additional Improvement Area. (3) After the completion of the Additional Public Improvements contemplated by an Acquisition and Reimbursement Agreement, the City will begin collecting the Special Assessments for the associated Additional Improvement Area. Upon collection of such Special Assessments, the City will place such Special Assessments in a designated account separate from the City's other accounts. The funds within the account will be used to reimburse Owner for the Actual Costs of the Additional Improvement Area Public Improvements pursuant to the terms of the Acquisition and Reimbursement Agreement (See step 4 4 below). (4) Upon completion of the Additional Public Improvements contemplated by the Acquisition and Reimbursement Agreement and receipt of a Bond Issuance Request, the City will issue Additional Improvement PID Bonds, subject to meeting the requirements and conditions stated herein and State law, to reimburse the Owner for Actual Cost of the Additional Improvement Area Public Improvements less any amounts already reimbursed to Owner pursuant to the Acquisition and Reimbursement Agreement and the Trustee's receipt of proceeds from the Additional Improvement PID Bonds. The City shall commence the documentation and preparation for sale of the Additional Improvement PID Bonds based on written notice by the Owner of the anticipated completion date of the Additional Major Public Improvements within 120 days. (e) To receive funds from the proceeds of the Additional Improvement PID Bond to pay the Actual Cost of a given Additional 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 Additional 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 Public Improvements, 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 an Additional Public Improvement. (f) At the time of the closing of any Additional Improvement PID Bonds, Owner shall, concurrently with the initial draw from the applicable Additional Improvement PID Bonds and under substantially the same procedures as set forth above, 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 under substantially the same procedures as set forth above (collectively, the "Owner Expended Funds "). The total amount of Owner Expended Funds approved by the City pursuant to this Section shall be referred to herein as the "Reimbursement Payment." ARTICLE V. PID BONDS Section 5.01. Issuance of PID Bonds (a) Subject to the terms and conditions set forth in this Section V, the City intends to pay for the Public Improvements, by issuing PID Bonds in one or more series. The City will use diligent, reasonable and good faith efforts, subject to meeting the requirements and conditions 12