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stated herein and State law, to issue PID Bonds within four (4) to six (6) months after receiving a <br />Bond Issuance Request from Owner and the completion of the applicable Public Improvements <br />contemplated to be paid for by the PID Bonds to be issued, provided that Owner can reasonably <br />demonstrate to the City and its financial advisors that (i) the applicable Future PID Bond Test has <br />been satisfied and (ii) there is sufficient security for the PID Bonds, based upon the bond market <br />conditions existing at the time of such proposed sale. The planning and documentation of a PID <br />Bond issuance shall begin no later than 120 days in advance of the expected completion date of <br />the construction of the Public Improvements to be reimbursed by such PID Bond issuance, as <br />evidenced by a Bond Issuance Request. <br />(b) The aggregate principal amount of PID Bonds required to be issued hereunder shall <br />not exceed an amount sufficient to fund: (i) the Actual Costs of the Public Improvements, (ii) <br />required reserves and capitalized interest of not more than 12 months after the completion of <br />construction of the applicable Public Improvements funded by the PID Bond issue in question and <br />in no event for a period greater than 12 months from the date of the initial delivery of the applicable <br />PID Bonds and (iii) Bond Issuance Costs. Provided, however that to the extent the law(s) which <br />limit the period of capitalized interest to 12 months after completion of construction change, the <br />foregoing limitation may be adjusted to reflect the law(s) in effect at the time of future PID Bond <br />issuances. <br />(c) The final maturity for each series of PID Bonds shall occur no later than 30 years <br />from the issuance date of said PID Bonds. <br />(d) It is the intent of the Owner to request the issuance of at least three but no more <br />than four PID Bonds, with each bond issue permitted to include more than one series of PID Bonds <br />as allocated to a separate components of the Project, to provide the agreed upon reimbursements. <br />However, the Owner retains the right to request the agreed upon reimbursements through <br />additional PID Bond issues subject to the condition that the maximum cost of Public Improvements <br />to be reimbursed shall not exceed $15,500,000. <br />(e) The maximum annual PID installment equivalent tax rate shall be $0.50. Special <br />assessments on any given portion of the Property may be adjusted in connection with subsequent <br />PID Bond issues, as long as the maximum annual PID annual installment equivalent tax rate, as <br />described in the foregoing sentence, is not exceeded, and the Special Assessments are determined <br />in accordance with the Service and Assessment Plan. Special Assessments on any portion of the <br />Property shall bear a direct proportionate relationship to the special benefit of the Public <br />Improvements to that portion of the Property. <br />(f) The minimum value to lien ratio at the issuance date of each series of PID Bonds <br />shall be 3 to 1. <br />(g) The maximum annual permitted increase in PID annual installments shall be 2 %. <br />(h) In addition to any other requirements of this Agreement, including but not limited <br />to City Council approval, PID Bonds are not required to be issued under this Article V unless (i) <br />the statutory requirements set forth in Chapter 372 of the Texas Local Government Code have <br />13 <br />