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

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this Article V unless (i) the statutory requirements set forth in Chapter 372 of the Texas Local Government Code have been satisfied; (ii) the City receives at the time of issuance of such Major Improvement PID Bonds an opinion of counsel selected by the City stating in effect that the Major Improvement PID Bonds are legal and valid obligations under Texas law and that all preconditions to their issuance under State law have been satisfied; (iii) the Attorney General of the State of Texas has issued an opinion approving issuance of the bonds as required by the PID Act, and (iv) the retail and business park parcels are scparate tax parcels with individual tax IDs as provided by the Hays Central Appraisal District. (i) The City will deliver a certificate relating to any Major Improvement PID Bonds authorized by the City Council (such certificate, as it may be amended and supplemented from time to time, being referred to herein as the "Tax Certificate") containing covenants and agreements designed to satisfy the requirements of Sections 103 and 141 through 150, inclusive, of the Tax Code and the income tax regulations issued thereunder relating to the use of the proceeds of the Major Improvement PID Bonds or of any monies, securities or other obligations on deposit to the credit of any of the funds and accounts created by the Indenture or this Agreement or otherwise that may be deemed to be proceeds of the Bonds within the meaning of Section 148 of the Tax Code(collectively, "Bond Proceeds"). (j) The foregoing requirements apply to each series of Initial Major Improvement PID Bonds and Additional Major Improvement PID Bonds issued, if any. Section 5.02. Project Fund The City hereby covenants and agrees that if Major Improvement PID Bonds are issued, the Indenture will establish a Project Fund as a separate hind to be held by the Trustee under the Indenture. The portion of the proceeds of the Major Improvement PID Bonds issued to pay Actual Costs of Public Improvements and Bond Issuance Costs shall be deposited upon issuance into separate accounts within the Project Fund. Section 5.03. Denomination,Maturity,Interest,and Security for Bonds (a) Each series of Major Improvement PID Bonds is subject to authorization by the City Council. If authorized,the Major Improvement PID Bonds shall be issued in the denominations, shall mature and be prepaid, shall bear interest, and shall be secured by and payable solely from the PID Bond Security, all to be as described and provided in the PID Bond Ordinance or Indenture, as applicable. (b) The final and adopted versions of the PID Bond Ordinance and the Indenture (and all documents incorporated or approved therein) shall contain provisions relating to the withdrawal, application, and uses of the proceeds of the Major Improvement PID Bonds when and as issued and delivered and otherwise contain such terms and provisions as are mutually approved by the City and the Owner. 13