Res 2017-139/Whisper finance agreement

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bond issue permitted to include more than one series of PID Bonds as allocated to separate components of the Project, to provide the agreed upon reimbursements. However, the Owners retain the right to request the agreed upon reimbursements through additional PID Bond issues subject to the condition that the maximum Actual Cost of Public Improvements to be reimbursed shall not exceed $10,399,030.00, and the maximum amount of total indebtedness shall not exceed $14,125,000.00. (e) Subject to the annual permitted increases allowed in Section 5.01(g) below, the initial PID Annual Installment equivalent tax rate shall not exceed (i) $0.17 for any single-family detached residential Parcels, and (ii) $0.22 with respect to any other individual Parcel. In the event that an initial PID Annual Installment equivalent tax rate on any individual Parcel is determined upon subdivision of such Parcel to exceed $0.22 (subject to the annual permitted increases allowed in Section 5.01(g) below), then the owner of such Parcel shall make a mandatory partial prepayment of the special assessment in an amount sufficient to bring the equivalent tax rate for such Parcel to $0.22 before any subsequent Special Assessments for such Parcel are levied and collected. Special Assessments on any given portion of the Property may be adjusted in connection with subsequent PID Bond issues, as long as the maximum annual PID Annual Installment equivalent tax rate, as described in the foregoing sentence, 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 Public Improvements to that portion of the Property. (0 The minimum value to lien ratio at the issuance date of each series of PID Bonds shall be (i) 3 to 1 on an overall basis considering all Parcels, and (ii) 2.5 to 1 with respect to any individual Parcel. (g) The maximum annual permitted increase in PID Annual Installments shall be 2%. (h) In addition to any other requirements of this Agreement, including but not limited to City Council approval, PID Bonds are not required to be issued under this Article V unless (i) the statutory requirements set forth in Chapter 372 of the Texas Local Government Code have been. satisfied; (ii) the City receives at the time of issuance of such PID Bonds an opinion of counsel selected by the City stating in effect that the PID Bonds are legal and valid obligations under Texas law and that all preconditions to their issuance under State law have been satisfied; and (iii) the Attorney General of the State of Texas has issued an opinion approving issuance of the bonds as required by the PID Act and the PID bonds have been registered by the Texas Comptroller. (i) The City will deliver a certificate relating to any PID Bonds authorized by the City Council (such certificate being referred to herein as the "Tax Certificate") containing covenants and agreements designed to satisfy the requirements of the Tax Code related to the issuance of debt whose interest is exempt from Federal Income Taxation and the income tax regulations issued thereunder relating to the use of the proceeds of the PID Bonds or of any monies, securities or other obligations on deposit to the credit of any of the funds and accounts created by the Indenture or this Agreement or otherwise that may be deemed to be proceeds of the Bonds within the meaning of the Tax Code (collectively, "Bond Proceeds"). 12 WHISPER PID FINANCING AGREEMENT