Res 2015-116/(PH) making findings as to the advisability of the improvements proposed in the Trace Public Improvement District in accordance with Chapter 372 of the Texas Local Government Code.

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TERM SHEET SAN MARCOS, TX TRACE TRACE PUBLIC IMPROVEMENT DISTRICT 8/18/2015 The following limitations and performance standards shall apply to the Trace Public Improvement District ( "PID ") as agreed to by Highpointe Communities ( "the Developer ") and the City of San Marcos, Texas ( "the City "): FINANCING CRITERIA 1. Maximum total indebtedness: $19,500,000 2. Maximum Authorized Improvements to be funded: $15,500,000 3. Maximum PID annual installment equivalent tax rate: $0.50 4. Minimum appraised value to lien ratio at date of each bond issue: 3:1 5. Maximum annual permitted increase in annual installments: 2.0% 6. Maximum years of capitalized interest for each bond issue : 7. Maturity for each series of bonds (to extent allowed by law): 30 years 8. The aggregate principal amount of bonds required to be issued shall not exceed an amount sufficient to fund: (i) the actual costs of the qualified public improvements (ii) required reserves and capitalized interest of not more than 12 months after the completion of construction and (iii) any costs of issuance. Provided, however that to the extent the law(s) which limit the period of capitalized interest to 12 months after completion of construction change, the foregoing limitation may be adjusted to reflect the law(s) in effect at the time of future Bond issuances. PROJECT TIMETABLE 1. Construction Plans for the Public Improvements for the Residential Phase 1 Parcels (Planning Area 1 and portions of Planning Area 2, as shown on Exhibit B) of the Authorized Improvements shall be submitted to the City for review within nine months after City Council approval of the formation of the PID, subject to force majeure.