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C. Master Development Fee. A Master Development Fee of $1,164,231 shall be <br />paid to the City out of the net Developer reimbursement from the proceeds from the issuance <br />of bonds by the District and any resulting district at the rate of 5% of each net bond <br />reimbursement received by the Developer from the District and any resulting district, if <br />any, in accordance with the formula attached hereto as Exhibit D. <br />The City, the Developer, the District and any resulting district agree that the payment of the <br />Master Development Fee is to be paid from the net Developer reimbursement from the <br />proceeds of bonds issued by the District and any resulting district in conjunction with the <br />closing of each such series of bonds but in any event not later than 30 days from the date of <br />closing on a series of bonds. To the extent the full amount of the Master Development Fee is <br />not paid by the 15th anniversary of the Effective Date of this Agreement, the percentage of <br />net Developer reimbursement from each series of bonds is subject to increase as the City may <br />determine. <br />d. Assignment. The Developer hereby makes a partial assignment of its <br />reimbursement rights to the City, as evidenced by Exhibit D attached hereto and made a part <br />hereof for all purposes. No assignment of Developer's reimbursement rights shall be <br />effective unless and until the City receives notice of such assignment accompanied by a fully <br />executed Partial Assignment of Reimbursement Rights pursuant to which the City has a right <br />to receive the Master Development Fee payable out of developer reimbursements as bonds <br />are issued in accordance with this Agreement <br />Section 2.07. Bonds. The Districts shall have authority to issue bonds for its water, <br />wastewater, drainage and roadway projects, as well as parks and recreational facilities, and <br />other matters such as organizational costs, operation and maintenance, interest during <br />construction, etc., subject to, and allowed by, the Commission rules. Bonding of land or <br />easements necessary for Districts' projects shall be subject to the limitations set forth in the <br />San Marcos Code as of the date of this Agreement. The Districts, including resulting districts, <br />shall not issue bonds to provide services to land or projects outside the boundaries of the Districts. <br />Bonds issued for one purpose shall not be used for another purpose except for surplus funds in <br />a bond issue which surplus funds result from lower interest rate costs or lower project costs <br />and as approved in accordance with Commission rules for the use of surplus bond funds; or <br />TCEQ approved change in scope of authorized bond funds. <br />G <br />