No Meeting Packet, La Porte TIRZ, Development Agreement (HMH La Porte Land LLC)

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(3) A reserve fund equal to maximum annual debt service must be funded from the bond proceeds; (4) Adequate cash or capitalized interest must be set aside to assure payment of the bonds through the date of the next increment payment; and (5) The minimum bond size will be that size that after funding the reserve fund, any capitalized interest and any costs of issuance will allow for a reimbursement to the developer of at least $1,500,000 plus any developer interest. Reimbursements to multiple developers may be aggregated in a single bond issue to achieve the minimum bond size. (I) The Authority shall not issue obligations in accordance with this Article unless the resulting debt service requirements on all Zone obligations may be paid in full when due from all money then on deposit in or thereafter required to be deposited to the Property Account during the term of such Zone obligations, assuming that (a) the rates at which property taxes are levied by all Taxing Units required to make deposits to the Tax Increment Fund do not change from the rates at which they most recently levied property taxes, (b) the assessed value of taxable property (net of exemptions) within the Project Site does not change from the amount then most recently estimated or certified by HCAD, (c) all amounts deposited (or required to be deposited) to the Property Account are deposited to and set aside in the Property Account as capitalized interest in the amount requested by the Developer and approved by the City Manager of the City, and (e) the Property Account is expended in each year to pay administrative expenses of the Zone in an amount equal to the product of (i) the total amount of such expenses budgeted cent operating budget and (ii) a fraction, the numerator of which is the current Tax Increment attributable to the Project Site and the denominator of which is the current Tax Increment for the Zone. (J) The Authority shall provide to Developer, upon the written request of Developer, and on the earliest date such information is available after the date of such request, certified copies of all statements of revenue attributable to the Project Site and the source of such revenue of the Zone and of the Authority the intended use of which is to verify the availability of funds for payment of the Project Costs or Developer Advances, if applicable, pursuant to this Section. ARTICLE 7 INSURANCE; RELEASE 7.1 on for indemnification, the Developer shall require that each contractor providing work or service on the Public Improvements provide and maintain certain insurance in full force and effect at all times during the construction of the Public Improvements and shall require that the City, the policies. 11 011782.0153271 EMF_US 84032577v3