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

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determined in accordance with the SAP following annual review of the SAP. Special assessments on any portion of the property will be based on an apportionment of special benefits of the Improvements accruing to property in that improvement area according to a method of establishing such apportionment and assessing special benefits established by City Council. The Developer intends to finance the initial construction of the PID Improvements through only one PID Bond issuance, but the PID Financing Agreement will address the number of PID Bond issuances to be made and the Developer reserves the right to structure the financing of the construction of the PID Improvements as more than one PID Bond issuance. 10. The City shall not be obligated to provide funds for any improvement except from the proceeds of the bonds and/or per the terms of an oversize participation agreement, if any. 11. Each PID Bond Indenture will contain language precluding the City from making any debt service payments for the PID Bonds other than from available special assessment revenues. 12. The PID will be responsible for payment of all of the City's reasonable and customary costs and expenses including, but not limited to, administration, collection services and legal representation as necessary. 13. The PID may be exempt from any public bidding or other purchasing and procurement policies per Texas Local Government Code Section 252.022(a) (9) which states that a project is exempt from such policies if "paving, drainage, street widening, and other improvements, or related matters, if at least one-third of the cost is to be paid by or through special assessments levied on property that will benefit from the improvements." 14. The Improvements to be funded by the PID are limited to those defined as Authorized Improvements under Texas Local Government Code Section 372.003 as agreed upon by the City and as referenced in the attached exhibits or as otherwise set forth in the PID Financing Agreement. 15. The PID Bonds will be secured by the PID assessments levied against the property. No additional security or surety will be provided by the Developer, or its assignees, for the PID Bonds; provided, however that the land and any Improvements on the land will constitute security for the PID assessments. 16. All landowners within the PID will enter into any required continuing disclosure obligations associated with the issuance of PID Bonds as required under the Indenture or any other regulatory agreement or regulatory agency. 17. Developer acknowledges that the land between the Blanco River and Bypass Creek acts as an overflow area during flood events and the channelization of Bypass Creek is identified as long-term flood strategy. The Whisper South development will support the implementation of this strategy through dedication or easement of land for an improved overflow structure and the improved Bypass Creek channel. The benefit to the development will be reduction in risk from flooding and the City agrees to cooperate and provide PID Petition 16