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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4. The Appraiser preparing the appraisal required in connection with the PID Bonds shall be selected by the City in consultation with the Developer and all reasonable fees shall be paid by the Developer. 5. It is the intent of the Developer to request the issuance of at least three but no more than four PID bonds, with each bond issue permitted to include more than one series of bonds as allocated to a separate component of the Project, to provide the agreed upon reimbursements. However, the Developer retains the right to request the agreed upon reimbursements through additional PID Bond issues subject to the condition that the maximum cost of Authorized Improvements to be reimbursed shall not exceed the amount described in Financing Criteria #2. 6. The Developer and the City agree that each PID Bond issue shall be subject to approval by the City Council but that the terms outlined in this term sheet shall apply. 7. Special assessments on any given portion of the property may be adjusted in connection with subsequent bond issues as long as the maximum annual PID annual installment equivalent tax rate, as described in Financing Criteria #3, is not exceeded, and the special assessments are determined in accordance with the Service and Assessment Plan. Special assessments on any portion of the property shall bear a direct proportionate relationship to the special benefit of the Authorized Improvements to that improvement area. 8. The City shall not be obligated to provide funds for any Authorized Improvements except from the proceeds of the bonds; however, the City and the Developer may enter into an Oversize Participation Agreement under which the City will agree to fund the costs of additional public infrastructure. 9. Each PID Bond Indenture shall contain language precluding the City from making any debt service payments for the PID Bonds other than from available special assessment revenues. 10. The PID shall be responsible for payment of all of the City's reasonable and customary costs and expenses including, but not limited to, administration, collection services and legal representation as necessary. 11. The Developer consents to the annexation to the City that portion of the Project currently located within the extraterritorial jurisdiction of the City. 12. It is agreed that the PID shall be exempt from any public bidding or other purchasing and procurement policies per Texas Local Government Code Section 252.022(a) (9) which states that a project is exempt from such policies if "paving drainage, street widening, and other public improvements, or related matters, if at least one -third of the cost is to be paid by or through special assessments levied on property that will benefit from the improvements."