Agmt11 Pacific Shores Project (Community Facilities District No. 2000-1)

Browse Search

including the principal amount, interest rates, terms and conditions and timing of the sale of the Refunding Bonds. The City will assemble a team of qualified professionals to implement the issuance of such bonds. Nossaman LLP will serve as bond counsel. William Euphrat Municipal Finance, Inc. will serve as 6nancial advisoc The City, with input from the Property Owners, will select a qualified bond underwriter. Issuance of the Refunding Bonds shall require compliance with the City's "Goals and Policies for Community Facilities Districts," adopted by the City Council of the City, and as may be amended from time to time. The proceedings and the principal amount, interest rates, terms and conditions and timing of the sale of the Bonds shall be in all respects subject to the sole and exclusive approval of the City Council. Except as otherwise provided herein, all costs of issuing the Refunding Bonds will be paid from the proceeds of such Refunding Bonds (or surplus CFD funds on hand, if any) on the date of issuance thereof (the "Closing Date"). Such wsts shall include a fee to [he City of $25,000 to manage and implement the issuance of the Refunding Bonds. Section 2. The Deposit. The Property Owners hereby consent to the use of surplus CFD funds on hand in the amount of $30,000 (the "DeposiP'), to be used by the City to pay the costs incurred in connection with the proceedings for the issuance of the Refunding Bonds in the event Refunding Bonds are not issued by March 1, 2012 for any reason, or no reason whatsoever. In such event, the Property Owners agree to the use of the Deposit (i) to pay the City an amount based on City employee time and materials at the rates of $198 an hour for the Finance Director, and $215 an hour for the City Attorney, (ii) to pay bond counsel at its hourly rate of $520 an hour (but not to exceed a total of $12,500), and (iii) to pay the City's financial advisor at its hourly rate of $225 an hour. Such fees in the aggregate shall not exceed $30,000. Section 3. Reimbursement of Prooertv Owners Costs. Nothing contained herein shall prohibit reimbursement of costs and expenses of the Property Owners incurred in connection with the issuance of the Refunding Bonds from the proceeds of such Refunding Bonds, including, but not limited to fees and expenses of legal counsel to the Property Owners. Any such reimbursement shall be made from (i) the proceeds of the Refunding Bonds, or (ii) the current surplus tax reserve held by the City with respect to the CFD, and only to the extent otherwise permitted under the Act and otherwise provided for, at the reasonable discretion of the City. Section 4. Citv Annual Administrative Exoense Deoosit. In connection with the issuance of the Refunding Bonds, the Property Owners agree that the Ciry Annual Administrative Expense Deposit shall increase by 2% each yeaz (from its current level of $25,000) after the Closing Date. In addition, should the City's documented annual expenses exceed this amount; the City will deduct such additional amount from annual Special Tax proceeds remaining after payment of debt service on the Refunding Bonds. Section 5. No Oblisation to Issue Refundine Bonds. The provisions of this Agreement shall in no way obligate the City to issue any bonds, or to expend any of its own funds in connection with the CFD. In the event the Refunding Bonds are not sold, the City shall not in any event be liable hereunder other than to retum the unexpended and uncommitted portions of [he Deposit. 2 ATTY/AGR/2017.719/REDWOOD (PACIFIC SHORES) REFUNDING AGREEMENT.DOC 102511