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TERM SHEET <br />WHISPER TEXAS PUBLIC IMPROVEMENT DISTRICT <br />04-07-2020 <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: <br />$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: <br />$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 />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 />