04-28-2025 Agenda Packet - Laserfiche WebLink

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Certificates of Payment is referred to as the "Reimbursement -Agreement Balance" for each Improvement Area), which amount shall not exceed the aggregate amount of Assessments levied within the applicable Improvement Area (plus interest due thereon). Unless PID Bonds are being issued to "up -front" fund a portion of the PID Projects, prior to the issuance of PID Bonds for an Improvement Area, the Developer shall submit a Certificate for Payment for any PID Project Costs for an Improvement Area only upon Final Completion of such PID Projects (or portion thereof) for that Improvement Area. After the issuance of PID Bonds for an Improvement Area, the Developer may submit a Certificate for Payment (no more frequently than monthly) for direct payment or reimbursement of PID Project Costs for an Improvement Area from Bond Proceeds or from the PID Reimbursement Fund, provided that reimbursement payments from the applicable account in the PID Reimbursement Fund for a PID Project shall not commence until after Final Completion of such a PID Project (or portion thereof). Upon the issuance of PID Bonds, the City agrees to pay the Developer first from funds on deposit in the applicable PID Project Fund and then from funds on deposit in the applicable account in the PID Reimbursement Fund, if any, all in accordance with the terms, requirements and limitations of the Development Agreement. Notwithstanding anything in this Agreement to the contrary, the maximum amount that the Developer may be reimbursed under this Agreement for any Improvement Area shall be equal to the amount of Bond Proceeds on deposit in the applicable PID Project Fund plus amounts in the applicable account in the PID Reimbursement Fund, if any, plus simple interest on the unpaid principal balance of the Reimbursement Agreement Balance for an Improvement Area at a rate equal to the maximum rates permitted under subsections (e)(1) and (e)(2) of Section 372.023 of the Act, as further identified in the SAP, or if PID Bonds are issued for an Improvement Area, then the interest rate on such PID Bonds. Interest on the unpaid principal balance of the Reimbursement Agreement Balance for an Improvement Area shall begin to accrue on the date that such PID Project (or portion thereof) in or benefitting the Improvement Area has reached Final Completion, and (i) the City has accepted such PID Project (or portion thereof) for the Improvement Area, or (ii) either (y) the City Engineer or other authorized City representative provides written notice to the Developer of acceptance for City ownership and maintenance of the completed PID Project (or portion thereof) for the Improvement Area, or (z) the document conveying to City an easement in which such PID Project is located is recorded. Within thirty (30) calendar days after each Certificate for Payment is approved by the City or any payment is made to the Developer from the PID Reimbursement Fund or PID Project Fund, the Parties agree to use best efforts in completing and executing a "Reimbursement Agreement Balance Certificate" (substantially in the form of attached hereto as Exhibit C), in order to keep an accounting of the Reimbursement Agreement Balance for each Improvement Area. The failure of the Parties to executed such certificate shall not constitute a "Failure" or result in a "Default" by the Parties. 3.3.2 The obligation of the City to pay the Reimbursement Agreement Balance for an Improvement Area is payable solely from the applicable account in the PID Reimbursement Fund or from Bond Proceeds on deposit in the applicable PID Project Fund. No other City funds, revenue, taxes, income, or property shall be used even if the Reimbursement Agreement Balance for an Improvement Area is not paid in full by the Maturity Date. Payments from the PID Reimbursement Fund shall be applied in accordance with this Agreement. Each payment from an account in the PID Reimbursement Fund shall be accompanied by an accounting that certifies the Reimbursement Agreement Balance for an Improvement Area as of the date of the payment and Reimbursement Agreement Forestbrook Public Improvement District No. 1 Page 7 018581.000001\4908-9229-3155.v5