Res 2017-139/Whisper finance agreement

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Section I PLAN DESCRIPTION AND DEFINED TERMS A. Introduction On October 6, 2014, (the "Creation Date"), the City Council (the "City Council") of the City of San Marcos, Texas (the "Eft") approved Resolution No. 2014-143R, which authorized the creation of the Whisper Public Improvement District (the "PID") to finance the Actual Costs of the Public Improvements for the benefit of certain property in the PID, all of which is located within the city limits of the City of San Marcos, Texas (the Chapter 372 of the Texas Local Government Code (as amended, the "PID Act"), governs the creation and operation of public improvement districts within the State of Texas. This Service and Assessment Plan (the "SAP") was prepared pursuant to the PID Act. The PID Act requires that a service plan "cover a period of at least five years and must also define the annual indebtedness and the projected costs for improvements." The PID Act also requires a service plan "be reviewed and updated annually for the purpose of determining the annual budget for improvements." The service plan for the PID is described in more detail in Section V herein. The Assessment Roll for the PID is attached hereto as Appendix A.A. and is addressed in Section VII of this SAP. The Special Assessments as shown on the Assessment Roll are based on the method for establishing and levying the Special Assessment described in Sections IV and VI of this SAP. B. Definitions Capitalized terms shall have the meanings ascribed to them as follows: "Acquisition and Reimbursement Agreement" means (whether one or more) an agreement that provides for construction and dedication of a Public Improvement to the City prior to the Landowners being paid out of the applicable PID Bonds proceeds, whereby all or a portion of the Actual Costs will be paid to Landowners initially from Special Assessments and/or PID Bond proceeds Revenues (and ultimately from the applicable PID Bonds) to reimburse the Landowners for Actual Costs paid by the Landowners that are eligible to be paid with Special Assessments and/or PID Bond proceeds. It is intended that Acquisition and Reimbursement Agreements will be used in connection with the Public Improvements. "Actual Cost(s)" means, with respect to the Public Improvements, the Landowner's demonstrated, reasonable, allocable, and allowable costs of constructing such Public Improvement in an amount not to exceed the amount for each Public Improvements as set forth in this SAP. Actual Costs may include (a) the costs incurred by or on behalf of the Landowners (either directly or through affiliates) for the design, planning, financing, administration/management, acquisition, installation, construction and/or implementation 2