Ord 2018-051/approving an amended and restated Ordinance of the City of San Marcos approving an update to the service and assessment plan for the Trace Public Improvement District

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interest through the date of prepayment, if any, with respect thereto. Unless otherwise directed to a specific Assessment by the Parcel or Lot owner, any prepayment or partial prepayment for an Assessed Property within the District will be allocated between the Initial Assessments and the Additional Assessments proportionally based on the amount ofInitial Assessments and Additional Assessmentsoutstanding on such Assessed Property at the time of such prepayment or partial prepayment. Upon the payment of such amount for a Parcel or Lot, the Assessmentfor the Parcel or Lot shall be reduced by the amount of such prepayment, the Assessment Roll shall be updated to reflect such prepayment, and the obligation to pay the Annual Installment for such Parcel or Lot shall be reduced to the extent the prepayment is made. 2.Payment of Annual Installments The PID Act provides that anAssessmentfor a Parcel or Lot may be paid in full at any time. If not paid in full, the PID Act authorizes the City to collect interest and collection costs on the outstanding Assessment. AnAssessmentfor a Parcel or Lot that is not paid in full will be collected in Annual Installments each year in the amounts shown in the Assessment Roll, which includes interest on the outstanding Assessmentand Annual Collection Costs. Any partial payment of an Annual Installment for an Assessed Propertywithin the District will be allocated between the Initial Assessments and Additional Assessments proportionally based on the amount of Initial Assessmentsand Additional Assessments outstanding on such Assessed Property at the time of such partial payment. The Annual Installments for the Assessmentshave been calculated utilizing an interest rateof 6.00%for the portion of the Assessments used to pay the Initial PID Bond debt service, and 5.5% for the portion of the Assessments used to pay the Reimbursement Obligation debt service . Upon the issuance of Additional PID Bonds, the interest rate will be adjusted to the blended average of all outstanding PID Bonds. The City reserves and shall have the right and option to refund PID Bondsin accordance with Section 372.027 of the PID Act, and such refunding bonds shall constitute “PID Bonds” for purposes of this SAP. Any sale of Assessed Property for nonpayment of the delinquent Annual Installments shall be subject to the lien established for the remaining unpaid Annual Installments against such Assessed Property and such Assessed Property may again be sold at a judicial foreclosure sale if the purchaser thereof fails to make timely payment of the non-delinquent Annual Installments against such Assessed Property as they become due and payable. Each Annual Installment, including the interest on the unpaid amount of an Assessment, shall be assessed annually. Each Annual Installment together with interest thereon shall be delinquent if not paid prior to February 1of the following year. 19