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EXHIBIT A <br /> • <br /> TERM SHEET <br /> WHISPER TEXAS PUBLIC IMPROVEMENT DISTRICT <br /> 01/29/2019 <br /> The following limitations and performance standards shall apply to the Whisper Texas Public <br /> Improvement District as agreed by the City of San Marcos ("the City") and McDonald <br /> Development Group ("McDonald"): <br /> FINANCING CRITERIA <br /> 1. Maximum total indebtedness: $14,630,000 <br /> 2. Maximum annual assessment rate as equivalent tax rate: $0.17 for <br /> residential and a max rate of$0.22 for non-residential (multi-family,commercial, etc.) <br /> 3. Maximum construction costs to be funded: $10,398,361 <br /> 4. Minimum appraised value to lien ratio at date of each bond issue: 3:1 <br /> 5. Maximum annual permitted increase in annual assessment: 2% <br /> 6. Maximum years of capitalized interest for each bond issue : 2 <br /> 7. Maturity for each series of bonds (to extent allowed by law): 30 years <br /> 8. The aggregate principal amount of bonds required to be issued shall not exceed an amount <br /> sufficient to fund: (i) the actual costs of the qualified public improvements (ii) required <br /> reserves and capitalized interest during the period of construction and not more than 12 <br /> months after the completion of construction and in no event for a period greater than 2 <br /> years from the date of the initial delivery of the bonds and (iii) any costs of issuance. <br /> Provided,however that to the extent the law(s)which limit the period of capitalized interest <br /> to 12 months after completion of construction change, the foregoing limitation may be <br /> adjusted to reflect the law(s) in effect at the time of future Bond issuances. <br />