Res 2021-087/making findings as to the advisability of the improvements proposed in the Whisper South Public improvement District

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TERM SHEET WHISPER SOUTH PUBLIC IMPROVEMENT DISTRICT April 13, 2021 The following limitations and performance standards shall apply to the Whisper South Public Improvement District as agreed by the City of San Marcos ("the City") and McDonald Development Group ("McDonald"): FINANCING CRITERIA 1. Maximum total indebtedness: $14,000,000 2. Maximum annual assessment rate as equivalent tax rate: $0.230 3. Minimum appraised value to lien ratio for all Property at date of each bond issue: 3:1 4. Maximum annual permitted increase in debt service: 0% 5. Maximum years of capitalized interest for each bond issue (to the extent allowed by law): 2 6. Maximum maturity for each series of bonds (to extent allowed by law): 30 years 7. The aggregate principal amount of bonds required to be issued shall not exceed an amount sufficient to fund: (i) the actual costs of the qualified public improvements, including soft costs, and construction management, (ii) required reserves and capitalized interest during the period of construction and not more than 12 months after the completion of construction and in no event for a period greater than 2 years from the date of the initial delivery of the bonds, and (iii) any district formation and costs of issuance, including McDonald district formation, assessment levy and bond issuance costs. Provided, however that to the extent the law(s) which limit the period of capitalized interest to 12 months after completion of construction change, the foregoing limitation may be adjusted to reflect the law(s) in effect at the time of future Bond issuances. PID Petition I I