Res 2018-172/amending and restating the Trace Public Improvement District Financing Agreement

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(c) At the time of the closing of the Initial Major Improvement PID Bonds, Owner shall, concurrently with the initial draw from the proceeds of the PID Bonds submit to the City a Closing Disbursement Request to the City and the Trustee to be reimbursed for (i) the Unpaid Balance under the Amended Reimbursement Agreement and (ii) any other qualified and permitted costs approved by the City (collectively, the "Owner Expended Funds"). The total amount of Initial Owner Expended Funds approved by the City pursuant to this Section shall be referred to herein as the "Reimbursement Payment." Prior to disbursement of proceeds of the Initial Major Improvement PID Bonds, the City will sign the Closing Disbursement Request and deliver said Closing Disbursement Request to the Trustee. At the closing of the Initial Major Improvement PID Bonds, Owner shall be reimbursed an amount equal to the Initial Reimbursement Payment and such amount shall be transferred to the Trustee for distribution to the Owner or the Owner's designee. (d) It is contemplated that Additional Major Improvement PID Bonds may be issued after the Initial Major Improvement PID Bonds are issued in order to reimburse the Owner for the Public Improvements in the Project that were not completed at the time of the Initial Major Improvement PID Bonds. The Additional Major Improvement PID Bonds may also be used to cover the Actual Cost of Public Improvements that were completed at the time the Initial Major Improvement PID Bonds were issued but were not fully reimbursed by the Initial Major Improvement PID Bonds. If the outstanding Initial Major Improvement Bonds plus the outstanding Additional Major Improvement PID Bonds are equal to the outstanding Special Assessments, then Owner's right to receive any portion of the Assessments shall automatically terminate and thereafter all Special Assessments would be used to pay debt service to the Major Improvement PID Bonds. However, if the outstanding Initial Major Improvement Bonds plus the outstanding Additional Major Improvement PID Bonds are less than the outstanding Special Assessments, then Owner shall continue to receive a portion of the Special Assessments Revenue from the segregated account. The process to receive funds from the proceeds of the Additional Major Improvement PID Bonds shall be the same as the process for the Initial Major Improvement PID Bonds. Notwithstanding the above, the Parties acknowledge and agree that Owner shall deliver to the City a Bond Issuance Request for Additional Major Improvement PD Bonds. The City shall commence the documentation and preparation for sale of the Additional Major Improvement PID Bonds within 30 days of receipt of the Bond Issuance Request. ARTICLE V. PID BONDS Section 5.01. Issuance of PID Bonds (a) Subject to the terms and conditions set forth in this Section V, the City intends to pay for the Public Improvements, by issuing Major Improvement PID Bonds in one or more series. The City will use diligent, reasonable and good faith efforts, subject to meeting the requirements and conditions stated herein and State law, to issue Major Improvement PID Bonds within four months after receiving a Bond Issuance Request from Owner, and subject to the completion of the applicable Public Improvements contemplated to be paid for by the Major Improvement PID Bonds to be issued, provided that Owner can reasonably demonstrate to the City and its financial advisors that(i) the applicable Future PID Bond Test has been satisfied and (ii) there is sufficient security for the Major Improvement PID Bonds, based upon the bond 11