|
"ActualmmCost's"" means with respect to PID Projects, the actual costs paid or incurred by
<br />or on behalf of the Developer, including, but not limited to: (1) the costs incurred by the Developer,
<br />or on behalf of the Developer (either directly or through affiliates) or the City for the design,
<br />planning, financing, administration/management, acquisition, installation, construction and/or
<br />implementation of such PID Projects; (2) the fees paid for obtaining permits, licenses, or other
<br />governmental approvals for such PID Projects; (3) the costs incurred by or on behalf of the
<br />Developer for external professional costs, such as engineering, geotechnical, environmental
<br />assessments, traffic impact analysis, surveying, land planning, architectural landscapers,
<br />appraisals, legal, accounting, and similar professional services; (4) all labor, bonds, and materials,
<br />including equipment and fixtures, by contractors, builders, and materialmen in connection with the
<br />acquisition, construction, or implementation of the PID Projects; (5) all related permitting, and
<br />public approval expenses, architectural, engineering, legal and consulting fees, inspection and
<br />material testing expenses, and governmental fees and charges; and (6) costs to implement,
<br />administer, and manage the above-described activities.
<br />"Annual Collection Costs" means the actual or budgeted costs and expenses related to the
<br />operation of the PID, including, but not limited to, costs and expenses for: (1) City staff, including
<br />any third -party PID administrator; (2) legal counsel, engineers, accountants, financial advisors,
<br />and other consultants engaged by the City; (3) calculating, collecting, and maintaining records
<br />with respect to Assessments and Annual Installments; (4) preparing and maintaining records with
<br />respect to Assessment Rolls and annual service plan updates; (5) paying and redeeming PID
<br />Bonds; (6) investing or depositing Assessments and Annual Installments; (7) complying with the
<br />Service and Assessment Plan, the Act, and any Bond Indenture, with respect to the PID Bonds,
<br />including the City's continuing disclosure and arbitrage rebate requirements; and (8) the paying
<br />agent/registrar and Trustee in connection with PID Bonds, including their respective legal counsel.
<br />Annual Collection Costs collected but not expended in any year shall be carried forward and
<br />applied to reduce Annual Collection Costs for subsequent years.
<br />"Annual Installment" means the annual installment payment of an Assessment, as
<br />calculated by the PID administrator and approved by the City Council, that includes: (1) principal;
<br />(2) interest; (3) Annual Collection Costs; and (4) additional interest related to PID Bonds, if
<br />applicable, as may be further defined in the SAP.
<br />"Assessed .Parc s 99means any parcel within the PID against which an Assessment is
<br />levied.
<br />"Assessmento" means an assessment levied against Assessed Parcels pursuant to the
<br />provisions of the Act for payment of PID Project Costs, including the payment of PID Bonds,
<br />Annual Collection Costs, interest on PID Bonds and Assessments, and obligations under this
<br />Agreement, as may be further defined in the SAP.
<br />Assessment Ordinance" means the ordinance(s) adopted by the City Council levying
<br />Assessments on an Assessed Parcel within the PID to pay Project Costs, PID Bonds, administrative
<br />costs of the PID, interest on PID Bonds and Assessments, and obligations under this Agreement,
<br />as may be further defined in the SAP.
<br />"Assessment Revenues" means the revenues received by the City from the collection of
<br />Reimbursement Agreement
<br />Forestbrook Public Improvement District No. 1 Page 2
<br />018581.000001\4908-9229-3155.v5
<br />
|