Ord 2017-060/amending Ordinance 2016-54, which amended Ordinance 2015-18, which amended Ordinance 2014-13 consenting to the creation of LaSalle Municipal Utility District Number 1 and Ordinance 2013-18 consenting to the creation of LaSalle Municipal Util

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Section 2.03. General a. The Developer shall submit to the City a satisfactory review of the Developer's financial position, certified by a third -party financial analyst. This requirement is satisfied by submitting a copy of the District's annual audit to the City when the audit is required by TCEQ rule. b. All records, files, books, information, etc., of the District shall be a matter of public record and available for city inspection at all times. Section 2.04. Expiration; Dissolution. The City's consent to the creation of the District shall be deemed withdrawn and the District shall be dissolved if: a. The District has not held a confirmation election within six (6) years from the date of its creation by the legislature; b. Developer fails to provide proof of ongoing progress, by submitting a completed development application, within five (5) years of the date of the confirmation election. c. At any point in time, the District has been inactive for five (5) consecutive years, which means that the District has not performed any of the functions for which it was created, and the District has no outstanding bonded indebtedness. For the purpose of this provision, activity within any District shall constitute as activity within the District. Section 2.05. Annexation by the District. The District may not annex any additional land into its boundaries without the prior written consent of the City. Provided, however, that a district created pursuant to this Agreement or a resulting district may annex property that is within the boundaries of the Land. Any land annexed into the District must be located entirely within the city's ETJ. The District and any resulting District and the Developer, on behalf of itself and respective successors and assignees, covenant and agree that, except upon written consent of the City, neither the District and any resulting district nor the Developer will: (1) seek or support any effort to incorporate the Land or any part thereof, or (2) sign, join in, associate with, or direct to be signed any petition seeking to incorporate the Land or seeking to include the Land within the boundaries of any other special district, assessment jurisdiction, other municipality, or any other incorporated entity other than the City. Section 2.06. Administrative Fee and Master Development Fee. a. As additional consideration for this Agreement, the Developer shall pay the City an Administrative Fee and a Master Development Fee, which amounts will be full payment to the City of all fees due to the City in connection with the approval of this Agreement, but which is in addition to any other applicable City fees and sums due under the Development Agreement. b. Administrative Fee. An Administrative Fee of $11,642 shall be paid to the City by the Developer on or before the Effective Date of this Agreement. This fee shall be for the sole use and benefit of the City for any puryose as the City in its discretion may decide.