04-23-18 Regular Meeting of the La Porte City Council

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Section 3.04Permits, Fees, and Inspections. The District understands and agrees that all City ordinances and codes, including applicable permits, fees, and inspections, shall be of full force and effect within its boundaries the same as to other areas within the City's corporate limits; provided, however, that no permits, permit fees, or inspection fees shall be required for the Facilities to be conveyed to the City. ARTICLE IV FINANCING OF THE FACILITIES Section 4.01 Authority of District to Issue Bonds. The District shall have authority to issue, sell, and deliver Bonds from time to time, as deemed necessary and appropriate by the Board of Directors of the District, for the purposes, in such forms and manner, and as permitted or provided by federal law, the general laws of the State of Texas, and the Consent Ordinance; provided, however, that such authority to issue, sell, and deliver Bonds will be limited to Bonds issued, sold, and delivered for the purpose of reimbursing Developer or any other developers within the District for the purposes described in Exhibit B of the Consent Ordinance and for the repair and rehabilitation of Facilities to be owned and maintained by the District. . Section 4.02 Distribution of Bond Proceeds. The proceeds of Bonds issued by the District shall be used and may be invested or reinvested, from time to time, as provided in the order or orders of the District authorizing the issuance, sale, and delivery of such Bonds and in accordance with the federal, state, and local laws and regulations governing the proceeds of the District's sale of its Bonds. Section 4.03 Bonds as Obligation of District. Unless and until the City shall dissolve the District and assume the District Assets and District Obligations, the Bonds of the District, as to both principal and interest, shall be and remain obligations solely of the District and shall never be deemed or construed to be obligations or indebtedness of the City. Section 4.04 Financing by Third Parties. From time to time, the District may enter into one or Developer or other landowners of property located within the District whereby Developer or such landowners will construct the Facilities on behalf of the District or advance funds to or on behalf of the District for the acquisition and construction of the Facilities. The construction of any Facilities financed under the terms of a Financing and Reimbursement Agreement shall be subject to all the terms and conditions of this Agreement. Each Financing and Reimbursement Agreement will provide for the District's reimbursement of the person or entity advancing funds for the Facilities (i) from the proceeds of the District's sale of its Bonds, subject to all the terms and conditions of such Financing and Reimbursement Agreement, including, among other conditions, the approval of the TCEQ of the sale of the Bonds and the use of sale proceeds for such purpose; and/or (ii) from District funds lawfully available for such purpose. 6