Res 2020-233/making findings as to the advisability of the improvements proposed in the petition to create the River Bend Ranch Public Improvement District (the “District”); establishing the district; creating the Staples Road Public Improvement District

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improvements financed in part by the assessment, and must continue for a period necessary to retire the indebtedness on those Authorized Improvements (including interest). All Property within the District shall be subject to assessment and levy hereunder except the following classes of otherwise assessable property which shall be excluded from the assessment rolls and shall not be subject to assessment or levy, to -wit: any property which is public right of way and owned by a public entity which ownership causes said property to be 100% exempt from ad valorem taxation according to the respective official tax roll of Hays and Guadalupe Counties. Each assessment may be paid in full at any time (including accrued and unpaid interest) or may be paid in annual installments (including interest and debt). The installments must be paid in amounts necessary to meet annual costs for the Authorized Improvements and must continue for a period necessary to retire the indebtedness on the Authorized Improvements. (f) Apportionment of the Cost Between District and the City. The City shall issue bonds pursuant to Chapter 372 Tex. Loc. Gov't. Code'to finance the cost of construction of the Regional Sewer Improvements and Buffer Improvements, and all payments on such bonds will be paid solely from assessments levied on the assessable property within the District. The costs of the other Authorized Improvements acquired to benefit Property within the District will be paid from assessments levied on the property within the District, and the City shall not be obligated to pay for the cost of the Authorized Improvements. (g) Management of the District. The District shall be managed in part by the City through contracting with a consultant to develop the service and assessment plan, five (5) year budget projections, and recommended assessment roles (the "Consultant"); and, by the private sector through the Developer, or its assigns, providing management of the District in the areas not assigned to the Consultant as provided herein. Specifically, the Developer shall be authorized to: oversee and administer the design, bidding, award, and timely construction and installation of the Authorized Improvements within the District; oversee and administer the maintenance of the Authorized Improvements unless the improvement is under the direct jurisdiction and management of the City or its departments (i.e. the Regional Sewer Improvements); enter into and administer reimbursement agreements for the costs of Authorized Improvements pursuant to §372.023(d) of the Act; and, take all other actions as required to carry out the purpose and intent of the District and as directed by the City Council. (h) Advisory Board. The District shall be managed without the creation of an advisory board. Section 4. City Council hereby makes the above findings as to the advisability of the Authorized Improvements contained in this Resolution, and the conclusion that the District is needed to fund such Authorized Improvements. Section 5. This Resolution shall take effect immediately from and after its passage and publication as required by law. The City will not issue bonds for the funding of the Authorized Improvements until the "Agreed Judgment" is executed and entered by the Guadalupe County District Court in Cause No. 18- 0985 -CV -A as required by the Settlement Agreement executed between the City, The Mayan at San Marcos River, LLC, and the City of Martindale, Texas. PASSED AND APPROVED on this 29h day of October 2020. Resolution Establishing the River Bridge Ranch Public Improvement District Page 4