Res 2015-146/Trace PID Finance Agreement

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pledged for the payment of the Initial Bonds. If the total Special Assessments levied on a particular Parcel within the Project consist of Special Assessments stemming from two or more different types of PID Bonds and an owner of an Assessed Parcel pays only a portion of the Annual Installment due for such Special Assessments, then such payment will be allocated pro -rata to the payment of the Annual Installment based on the portions of each Special Assessment as it relates to the total Special Assessments. For example, assume that a parcel has Special Assessments totaling $20,000, $12,000 of which is for the Major Public Improvement Bonds and $8,000 of which is for a Additional Improvement Area Bond. Further assume that the Annual Installment for such Parcel is $1,000 which consists of a $550 annual installment from the Major Public Improvement PID Bonds and a $450 annual installment from the Additional Improvement PID Bonds and an owner of an Assessed Parcel pays $600, then the $600 will be allocated as follows: $360 (60% of $600) will go towards the Special Assessment for the Major Public Improvement PID Bonds; and $240 (40% of $600) will go towards the Special Assessment for the Additional Improvement PID Bonds Total: $600 Further detail regarding partial payments of the Annual Installments will be contained in the Indenture relating to Future Major Improvement PID Bonds or Additional Improvement PID Bonds. Section 5.08. Acquisition and Reimbursement Agreements The costs of all Public Improvements will be initially financed through Acquisition and Reimbursement Agreements. As provided in Section 4.02 above, concurrently with letting the construction contract of any Public Improvements, the Owner and the City will enter into an Acquisition and Reimbursement Agreement, which will provide for Special Assessments (to be levied and collected after completion of the applicable Public Improvements, as provided in Section 2.03(b) above) that will reimburse the Owner for Actual Costs incurred in connection with the Public Improvements until PID Bonds are issued in amount necessary to reimburse Owner for the Actual Costs of the Public Improvements less any amounts already reimbursed to Owner pursuant to the Acquisition and Reimbursement Agreement. Section 5.09 Dissolution Upon Non - Issuance Owner or its Designated Successor and Assign shall petition the City to dissolve the District if no PID Bonds have been issued within seven (7) years from the Effective Date. 16