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SECTION I: DEFINITIONS
<br />"Actual Costs" means, with respect to the Authorized Improvements, (1) the costs incurred by or
<br />on behalf of the Developer for the design, planning, acquisition, installation, construction and/or
<br />implementation of such Authorized Improvement, including a 4% construction management fee,
<br />(2) the costs incurred in preparing the construction plans for such Authorized Improvement, (3)
<br />the fees paid for obtaining permits, licenses or other governmental approvals for such Authorized
<br />Improvement, (4) the costs incurred by or on behalf of the Developer for external professional
<br />costs, such as engineering, geotechnical, surveying, land planning, architectural landscapers,
<br />appraisals, legal, accounting and similar professional services, (5) taxes (property and franchise)
<br />related to the Authorized Improvements that benefit the properties within the boundaries of the
<br />District, (6) all labor, bonds and materials, including equipment and fixtures, incurred by
<br />contractors, builders and materialmen in connection with the acquisition, construction or
<br />implementation of the Authorized Improvement, (7) all related permitting, zoning and public
<br />approval expenses, architectural, engineering, legal and consulting fees, financing charges, taxes,
<br />governmental fees and charges, insurance premiums, and miscellaneous expenses, and (8)
<br />payment of expenses incurred in the establishment, administration, and operation of the district.
<br />Amounts expended for costs described in subsection (3), (4), (7) and (8) above shall be excluded
<br />from the amount upon which the general contractor and construction management fees are
<br />calculated.
<br />"Additional Interest" means the amount collected by application of the Additional Interest Rate.
<br />"Additional Interest Rate" means the 0.50% additional interest rate charged on an Assessment
<br />as authorized by Section 372.018 of the PID Act.
<br />"Administrator" means the City or the person or independent firm designated by the City who
<br />shall have the responsibility provided in this Service and Assessment Plan, the Indenture, or any
<br />other agreement or document approved by the City Council related to the duties and
<br />responsibility of the administration of the District.
<br />"Amended and Restated Financing Agreement" means that certain Amended and Restated
<br />Financing Agreement between the City and the Owners dated , 2020 passed and approved
<br />by Resolution No. 2020- , as amended.
<br />"Annual Collection Costs" mean the actual or budgeted costs and expenses related to the
<br />creation and operation of the District, and the construction, operation, and maintenance of the
<br />Authorized Improvements, including, but not limited to, costs and expenses for: (1) the
<br />Administrator and City staff; (2) legal counsel, engineers, accountants, financial advisors, and
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<br />WHISPER PID SAP 4
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