Laserfiche WebLink
Special Assessments totaling $20,000, $12,000 of which is for one series of PID Bonds and <br />$8,000 of which is for another series of PID Bonds. Further assume that the Annual Installment <br />for such Parcel is $1,000 which consists of a $550 annual installment from one series of PID <br />Bonds and a $450 annual installment from another series of PID Bonds and an owner of an <br />Assessed Property pays $600, then the $600 will be allocated as follows: <br />$360 (60% of $600) will go towards the Special Assessment for the first series of PID <br />Bonds; and <br />$240 (40% of $600) will go towards the Special Assessment for the second series of PID <br />Bonds <br />Total: $600 <br />Section 5.08. Acquisition and Reimbursement Agreements <br />The costs of all Public Improvements will be initially financed through Acquisition and <br />Reimbursement Agreements. As provided in Section 4.02 above, concurrently with letting the <br />construction contract of any Public Improvements, Owners and the City will enter into an <br />Acquisition and Reimbursement Agreement, which will provide for Special Assessments that <br />will reimburse Whisper MC for Actual Costs incurred in connection with the Public <br />Improvements until PID Bonds, if any, are issued in amount necessary to reimburse Whisper MC <br />for the Actual Costs of the Public Improvements less any amounts already reimbursed to <br />Whisper MC pursuant to the Acquisition and Reimbursement Agreement. <br />Section 5.09. Dissolution Upon Non -Issuance <br />Whisper MC or its Designated Successor and Assign shall petition the City to dissolve <br />the District if the Public Improvements have not been completed within five (5) years from the <br />date that the City approves the Initial Assessment Ordinance. <br />ARTICLE VI. REPRESENTATIONS, WARRANTIES, AND INDEMNIFICATION <br />Section 6.01. Representations and Warranties of City <br />The City makes the following covenant, representation and warranty for the benefit of the <br />Owners: <br />The City is a political subdivision of the State of Texas, duly incorporated, organized and <br />existing under the Constitution and general laws of the State, and has full legal right, power and <br />authority under the PID Act and other applicable law (i) to enter into, execute and deliver this <br />Agreement, (ii) to adopt the Assessment Ordinance, and (iii) to carry out and consummate the <br />transactions contemplated by this Agreement. <br />Section 6.02. Covenants, Representation, and Warranties of Owners <br />14 <br />WHISPER PID FINANCING AGREEMENT <br />