Res 2017-139/Whisper finance agreement

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(b) Upon written acceptance of a Public Improvement, and subject to any applicable maintenance -bond period if a maintenance bond is required pursuant to applicable City regulations, the City shall be responsible for all operation and maintenance of such Public Improvements, including all costs thereof and relating thereto. (c) The Public Improvements are intended to be constructed pursuant to one or more Acquisition and Reimbursement Agreements and paid for by the Owners prior to the issuance of PID Bonds intended to fund such Public Improvements. Such funding of the Public Improvements will be governed by the applicable Acquisition and Reimbursement Agreement and Section 4.02 of this Agreement. Section 4.02. Payments for Completed Public Improvements The costs of all Public Improvements will be initially financed through Acquisition and Reimbursement Agreements. Pursuant to the terms of an Acquisition and Reimbursement Agreement entered into concurrently with letting the construction contract for an applicable Public Improvement, the Owners shall convey, and the City shall acquire, the given Public Improvement for the Actual Cost, after such Public Improvement is completed and has been accepted by the City. The general process for funding of Public Improvements is as follows: (a) The following provisions apply with respect to the Public Improvements: (1) Concurrently with letting a construction contract for the Public Improvements, the City and Owners will execute an Acquisition and Reimbursement Agreement for the Public Improvements which will provide for Special Assessments that will reimburse Whisper MC for Actual Costs incurred in connection with the Public Improvements until the PID Bonds, if any, are issued in amount necessary to reimburse Whisper MC for the Actual Costs of the Public Improvements less any amounts already reimbursed to Whisper MC pursuant to the Acquisition and Reimbursement Agreement, as provided in Section 2.03(b). (2) As soon as practical after the Effective Date and after the Appraisal required in Section 2.01(g) above, the City will approve the Initial Assessment Ordinance which will include the Service and Assessment Plan. The City will thereby levy (but not collect) the Special Assessment for the Public Improvements prior to construction of the Public Improvements. (3) Whisper MC will construct or cause the construction of the Public Improvements, after approval of the Initial Assessment Ordinance. (4) After the completion of all of the Public Improvements, the City will begin collecting the Special Assessments on the Property. Upon collection of such Special Assessments, the City will place such Special Assessments in a designated account separate from the City's other accounts. As set forth in Section 2.03(b), the funds within the account will be used to reimburse Whisper MC for the Actual Costs of the Public Improvements pursuant to the terms of the Acquisition and Reimbursement Agreement. 9 WHISPER PID FINANCING AGREEMENT