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

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market conditions existing at the time of such proposed sale. The planning and documentation of a Major Improvement PID Bond issuance shall begin no later than 120 days in advance of the expected completion date of the construction of the Public Improvements to be reimbursed by such Major Improvement PID Bond issuance, as evidenced by a Bond Issuance Request. Notwithstanding the above, the Parties agree that the Developer has made a Bond Issuance Request and City intends to issue Initial Major Improvement PID Bonds on or before November 30, 2018. (b) The aggregate principal amount of Major Improvement PID Bonds required to be issued hereunder shall not exceed an amount sufficient to fund: (i)the Actual Costs of the Public Improvements, (ii)required reserves and capitalized interest of not more than 12 months after the completion of construction of the applicable Public Improvements funded by the PID Bond issue in question and in no event for a period greater than 12 months from the date of the initial delivery of the applicable PID Bonds and (iii) Bond Issuance Costs. Provided, however that to the extent the law(s) which limit the period of capitalized interest to 12 months after completion of construction change, the foregoing limitation may be adjusted to reflect the law(s) in effect at the time of future PID Bond issuances, In no event,however, will the aggregate principal amount of the Major Improvement PID Bonds exceed $19,500,000.00 and the maximum net reimbursement shall not exceed $15,500,000.00, plus the Mandatory Prepayment amount (as defined in the amended Reimbursement Agreement). (c) The final maturity for each series of PID Bonds shall occur no later than 30 years from the date of the levy of the Additional Special Assessments. (d) It is the intent of the Owner to request the issuance of at least one but no more than two PID Bonds to provide the agreed upon reimbursements. However, the Owner retains the right to request the agreed upon reimbursements through additional PID Bond issues subject to the condition that the maximum cost of Public Improvements to be reimbursed shall not exceed$15,500,000. (e) The maximum annual PID installment equivalent tax rate, calculated as of the date of the pricing of PID Bonds, shall be $0.50. Special assessments on any given portion of the Property may be adjusted in connection with subsequent PID Bond issues, as long as the maximum annual PID annual installment equivalent tax rate, as described in the foregoing sentence, is not exceeded, and the Special Assessments are determined in accordance with the Original Service and Assessment Plan. Special Assessments on any portion of the Property shall bear a direct proportionate relationship to the special benefit of the Public Improvements to that portion of the Property. (f) The minimum appraised value to lien ratio at the issuance date of each series of PID Bonds shall be 3 to 1. (g) The maximum annual permitted increase in PID annual installments shall be 2%. (h) In addition to any other requirements of this Agreement, including but not limited to City Council approval, Major Improvement PID Bonds are not required to be issued under 12