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18. The Improvements to be funded by the PID are limited to those defined as Authorized <br /> Improvements under Texas Local Government Code Section 372.003 as agreed upon by <br /> the City and as referenced in the attached exhibits. <br /> 19. No additional security or surety, beyond the land and any Improvements on the land, will <br /> be provided by the Developer, or its assignees, for the PID Bonds. <br /> 20. The PID will automatically dissolve if no PID Bonds are issued within a period of five (5) <br /> years from the date of the formation of the PID by the San Marcos City Council. <br /> 21. All landowners will provide any required continuing disclosure obligations associated with <br /> the issuance of PID Bonds as required under the Indenture or any other regulatory <br /> agreement or regulatory agency. <br /> 22. PID bonds shall be issued by the City upon request by the Developer and approval by the <br /> City Council following (i) City acceptance of the Improvements, (ii) annexation of the <br /> portion of the Project currently located in the City's extra-territorial jurisdiction, and (iii) <br /> commencement of the construction of a commercial building described under Terms and <br /> Conditions #3. Proceeds from the issuance of the PID bonds will be used to reimburse the <br /> Developer for the costs to construct the Improvements. <br />