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iii. The Annual Installments shall be reduced to equal the actual costs of <br />repaying the related series of PID Bonds and actual Administrative Expenses <br />(as provided for in the definition of such term), taking into consideration any <br />other available funds for these costs, such as interest income on account <br />balances. <br />iv. The City reserves and shall have the right and option to refund PID Bonds in <br />accordance with Section 372.027 of the PID Act (Section 1207, of the Texas <br />Government Code) and the Indenture related to such PID Bonds. In the event <br />of issuance of refunding bonds, the Administrator shall recalculate the <br />Annual Installments, and if necessary, may adjust, or decrease, the amount, of <br />the Annual Installment so that total Annual Installments of Special <br />Assessments will be produced in annual amounts that are required to pay the <br />debt service on the refunding bonds when due and payable as required by <br />and established in the ordinance and/or the indenture authorizing and <br />securing the refunding bonds, and such refunding bonds shall constitute "PID <br />Bonds" for purposes of this SAP. <br />F. Collection of Annual Installments <br />The Administrator shall, no less frequently than annually, prepare and submit to the City <br />for its approval, an Annual Service Plan Update to allow for the billing and collection of <br />Annual Installments. Each Annual Service PIan Update shall include an updated <br />Assessment Roll and a calculation of the Annual Installment for each Assessed Property. <br />Administrative Expenses shall be allocated among Assessed Properties in proportion to the <br />amount of the Annual Installments for the Assessed Property. Each Annual Installment <br />shall be reduced by any credits applied under the applicable Indenture, such as capitalized <br />interest, interest earnings on any account balances, and any other funds available to the <br />Trustee for such purpose, and existing deposits for a Prepayment Reserve. <br />Annual Installments may be collected by the City (or such entity to whom the City directs) <br />in the same manner and at the same time as ad valorem taxes. Annual Installments shall be <br />subject to the penalties, procedures, and foreclosure sale in case of delinquencies as set <br />forth in the PID Act. The City may provide for other means of collecting the Annual <br />Installments to the extent permitted under the -PID Act. The Assessments shall have lien <br />priority as specified in the PID Act. <br />Any sale of Assessed Property for nonpayment of the delinquent Annual Installments shall <br />be subject to the lien established for the remaining unpaid Annual Installments against <br />such Assessed Property and such Assessed Property may again be sold at a judicial <br />foreclosure sale if the purchaser thereof fails to make timely payment of the non - <br />delinquent Annual Installments against such Assessed Property as they become due and <br />payable. <br />22 <br />