2025-022 - Approve the Reimbursement Agreement with Forestbrook Public Improvement District No. 1 – Lone Star Planned Developments, LLC

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Reimbursement Fund" means the fund established by the City under this Agreement (and segregated from all other funds of the City) into which the City deposits Assessment Revenue if not deposited into the PID Pledged Revenue Fund. "Plans" means the plans, specifications, schedules, and related construction contracts for the PID Projects approved pursuant to the applicable standards, ordinances, procedures, policies, and directives of the City, the Development Agreement, and other applicable agreements between the Parties related to the property in the PID. "Prepayment" means the payment of all or a portion of an Assessment before the due date thereof. "Reimbursement A rLeement Balance" i s defined herein. "Reimbursem.��nt A&�eement Balance Certificate" means a certificate (substantially in the form of Exhibit C ' or as otherwise approved by the Developer and the City Representative) acknowledged and agreed to by the Parties at the time each Certificate for Payment is approved by the City or at the time each payment is made to the Developer from the PID Project Fund or PID Reimbursement Fund, as set forth in Section 3.3 herein, in order to keep an accounting of the Reimbursement Agreement Balance for each Improvement Area. "Service and Assessment Plan" or means the service and assessment plan and any updates thereto approved by the City Council, prepared in relation to the property within the PID. "Trustee" is defined herein. SECTION 3. FUNDING PmmmROJECT COSTS MEMEW Wo s 3. 1.1 Unless and until PID Bonds are issued for an Improvement Area, the City shall bill, collect, and immediately deposit all Assessment Revenue from an Improvement Area into a separate account for the Improvement Area in the PID Reimbursement Fund, which PID Reimbursement Fund is hereby created and established as a fund under this Agreement and which fund shall be held by the City and separate and apart from all other City funds and accounts. After the issuance and delivery of PID Bonds for the PID Projects for an Improvement Area, the City shall bill, collect, and immediately deposit all Assessment Revenue in the manner set forth in the applicable Bond Indenture. The City shall also deposit Bond Proceeds in the manner set forth in the applicable Bond Indenture. Annual Installments shall be billed and collected by the City (or by any person, entity, or govemmental agency permitted by law) in the same manner and at the same time as the City ad valorem taxes are billed and collected. Funds in the PID Project Fund shall only be used in accordance with the applicable Bond Indenture. Funds in the PID Reimbursement Fund shall only be used to pay all or any portion of the Reimbursement Agreement Balance in accordance with this Agreement. The City hereby confirms, covenants, and agrees that for so long as amounts are due to the Developer under this Agreement and/or for so long as PID Bonds are outstanding, that Reimbursement Agreement Forestbrook Public improvement District No. I Page 5 4 1 10 8 1.00000 1 \4908 -9229-3 155.v5