Res 2016-150/approving the Landowner Agreement and Notice of Special Assessments Agreement with Highpointe Trace, LLC for the Trace Public Improvement District (PID).

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The calculation of the estimated valuation prior to and assuming the issuance of the Additional Improvement PID Bonds, the Additional Special Assessment allocation, the sources and uses of funds, the projected debt service and administrative expenses and special benefit summary assuming the issuance of Additional Improvement PID Bonds are attached as Appendix D. The costs presented in Annendix D are estimates only and subject to adjustment. The Additional Improvement Costs are generally depicted in Annendix E-2 and A112endix E-3. E. Special Assessment and Annual Installments The Special Assessments for the Major Public Improvement PID Bonds, will be levied on each Parcel or Lot according to the Assessment Roll, as applicable. The Annual Installments for the Major Public Improvement PID Bonds will be collected on the dates and in the amounts shown on the Assessment Roll, subject to any revisions made during an Annual Service Plan Update. F. Administrative Expenses The cost of administering the PID and collecting the Annual Installments shall be paid for on a pro rata basis by each Parcel or Lot based on the amount of outstanding assessment remaining on the Parcel or Lot. The Administrative Expenses shall be collected as part of and in the same manner as Annual Installments in the amounts shown on the Assessment Roll shown on Appendix A, which is subject to revision through Annual Service Plan Updates. G. Additional Interest Pursuant to the PID Act, the interest rate for Special Assessments may exceed the actual interest rate per annum paid on bonds issued by a PID by no more than one half of one percent (0.50%) per annum, (the "Additional Interest"). For the PID, there will be forty percent (40.0%) of the funds generated by the Additional Interest (i.e. 0.20%) per annum that is dedicated to fund the Prepayment Reserve as described in Section IV.H below. The remaining sixty percent (60.0%) balance of the funds generated by the Additional Interest (i.e. 0.30%) per annum is dedicated to the Delinquency Reserve as described in Section IV.I below. 19