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

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Section 5.04. Sale of Major Improvement ND Bonds. The Major Improvement PID Bonds, if issued by the City, shall be marketed and sold through a negotiated competitive or privately placed sale to an approved third party or parties with the cooperation and assistance of the Owner in all respects with respect to the preparation of marketing documents, such as preliminary and final official statements or in such other marketing and/or sales method mutually agreed upon by the City and the Owner. Section 5.05. Phased Issuance of Debt As previously stated, the proposed bond issuance program is anticipated to entail a minimum of two bond financings that will finance the Public Improvements required for the development of the Project. Following the issuance of the Initial Major Improvement PID Bonds, Additional Major Improvement PID Bonds maybe issued over the upcoming years as the value of the Property increases or additional Public Improvements are completed. Section 5.06 Partial Payment of Assessments It is hereby acknowledged and agreed that Additional Major Improvement PID Bonds may be covered under a new and separate Indenture; however all of the Special Assessments pledged for the payment of any future PID Bonds will have the same lien priority as the Special Assessments pledged for the payment of the Initial Major Improvement PID Bonds. If the total Special Assessments levied on a particular Parcel within the Project consist of Special Assessments stemming from two or more different types of PID Bonds and an owner of an Assessed Parcel pays only a portion of the Annual Installment due for such Special Assessments, then such payment will be allocated pro-rata to the payment of the Annual Installment based on the portions of each Special Assessment as it relates to the total Special Assessments. For example, assume that a parcel has Special Assessments totaling $20,000, $12,000 of which is for the Initial Major Public Improvement Bonds and $8,000 of which is for a Additional Major Improvement PID Bond. Further assume that the Annual Installment for such Parcel is $1,000 which consists of a $550 annual installment from the Initial Major Public Improvement PID Bonds and a$450 annual installment from the Additional Major Improvement PID Bonds and an owner of an Assessed Parcel pays $600, then the $600 will be allocated as follows: $360 (60% of$600) will go towards the Special Assessment for the Initial Major Public Improvement PID Bonds; and $240 (40% of $600) will go towards the Special Assessment for the Additional Major Improvement PID Bonds Section 5.07 Dissolution Upon Non-Issuance Owner or its Designated Successor and Assign may petition the City to dissolve the District if no Major Improvement PID Bonds have been issued within four (4) years from the 14