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2. Upon Consolidation <br />Upon the consolidation of two or more Assessed Properties, the Special Assessment for the <br />consolidated Assessed Property shall be the sum of the Special Assessments for the <br />Assessed Properties prior to consolidation. The reallocation of a Special Assessment for an <br />Assessed Property that is a homestead under Texas law may not exceed the Special <br />Assessment prior to the reallocation. Any reallocation pursuant to this section shall be <br />calculated by the Administrator and reflected in an update to this SAP approved by the City <br />Council. The consolidation of any Assessed Property as described herein shall be <br />considered an administrative action and will not require any notice or public hearing (as <br />defined in the PID Act) by the City Council. <br />C. Mandatory Prepayment of Assessments <br />If Assessed Property or a portion thereof is transferred to a party that is exempt from the <br />payment of the Special Assessment under applicable law, or if an owner causes a Parcel, <br />Lot, or portion thereof to become Non -Benefited Property, the owner of such Parcel, Lot, or <br />portion thereof shall pay to the City the full amount of the Special Assessment, plus all <br />Prepayment Costs, for such Parcel, Lot or portion thereof prior to any such transfer or act. <br />D. Reduction of Special Assessments <br />If after all Public Improvements to be funded with PID Bonds have been completed and the <br />Actual Costs for the Public Improvements are less than the Public Improvement Costs used <br />to calculate the Special Assessments securing such PID Bonds, resulting in excess PID Bond <br />proceeds, then the City may, at its discretion and in accordance with the Indenture related <br />to such PID Bonds, reduce the Special Assessment securing the series of PID Bonds for each <br />Assessed Property pro rata such that the sum of the resulting reduced Special Assessments <br />for all Assessed Properties equals the reduced Actual Costs and such excess PID Bond <br />proceeds shall be applied to redeem PID Bonds. Additionally, the City may, at its discretion <br />and in accordance with the Indenture related to such PID Bonds, use such excess bond <br />proceeds to fund additional Public Improvements in the PID. The Special Assessments <br />shall not be reduced to an amount less than the principal amount of the related outstanding <br />PID Bonds. <br />Similarly, if the City does not undertake some of the Public Improvements to be funded <br />with a series of PID Bonds resulting in excess PID Bond proceeds then the City may, at its <br />discretion and in accordance with the related Indenture related to such PID Bonds, reduce <br />the Special Assessment securing the PID Bonds for each. Assessed Property pro -rata to <br />reflect only the Actual Costs that were expended and apply such excess PID Bond proceeds <br />as described in the paragraph immediately above. The Special Assessments shall not be <br />reduced to an amount less than the principal amount of the related outstanding PID Bonds. <br />20 <br />