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the City and held by the City pursuant to an applicable Acquisition and Reimbursement <br />Agreement; (ii) after any PID Bonds are issued with respect to any given completed Public <br />Improvements, the Special Assessments will be used first to secure such PTD Bonds and second, <br />to the extent any such Special Assessments are remaining after payments are made on the PID <br />Bonds, to reimburse Whisper MC .for any Actual Costs not reimbursed by the PID Bonds; and <br />(iii) after completion of the applicable Public Improvements, if Whisper does not submit a Bond <br />Issuance Request and no PID Bonds are issued, Whisper MC shall be reimbursed for all of the <br />Actual Costs associated with those Public Improvements only to the amount of the assessment <br />levied. Any reimbursement obligation to Whisper MC under an Acquisition and Reimbursement <br />Agreement or as provided above will be subordinate to payment of the applicable PID Bonds. <br />Owners agree to reduce the amount of PID bonds to be issued by an amount equal to the <br />reimbursements received by Whisper MC directly prior to issuance of the PID bonds, SAVE and <br />EXCEPT for any interest incurred by Owners prior to PID Bond issuance. The Interest shall be <br />calculated (x) at the maximum interest rate permitted by the PID Act prior to Bond Issuance or <br />(y) the interest rate of the Bonds after Bond Issuance, calculated from the respective dates of the <br />expenditures until the date of reimbursement therefore. Interest does not accrue until <br />improvement accepted by the City. <br />(c) Notwithstanding anything to the contrary contained herein or in the Service and <br />Assessment Plan, once PID Bonds have been issued, the Special Assessment Revenues collected <br />annually from the Property will be deposited in the Pledged Revenue Fund and thereafter <br />transferred in the priority as set forth in the applicable Indenture. <br />(d) Further, notwithstanding anything to the contrary contained herein, the City <br />covenants and agrees to use best efforts to contract with the Hays County Tax Collector for the <br />collection of the Special Assessments such that the Special Assessments will be included on the <br />ad valorem tax bill(s) for the Property and will be collected as part of and in the same manner as <br />ad valorem taxes. <br />Section 2.04. Approval and Recordation of Special Assessments through Landowner <br />Agreement <br />Concurrently with the levy of the Special Assessments for any portion of the Property, <br />the Owners shall execute (and shall cause any other owner of any of the Property that will be <br />subject to the future special assessments to execute) a Landowner Agreement (herein so called) <br />in which the Landowner shall approve and accept the apportionment of assessments in the <br />Service and Assessment Plan and the levy of the Special Assessments by the City. The <br />Landowner Agreement further shall (a) evidence the Owners' intent that the Special Assessments <br />be covenants running with the land that (i) will bind any and all current and successor owners of <br />the Property to the Special Assessments, including applicable interest thereon, as and when due <br />and payable thereunder and (ii) provide that subsequent purchasers of such land take their title <br />subject to and expressly assume the terms and provisions of the Special Assessments; and (b) <br />provide that the liens created by the levy of the Special Assessments are a first and prior lien on <br />the Property, subject only to liens for ad valorem taxes of the State, County, City, or school <br />district. <br />5 <br />WHISPER PID FINANCING AGREEMENT <br />