Common use of Conditions to Reimbursement Clause in Contracts

Conditions to Reimbursement. The District's obligation to issue the Bonds and to acquire the Improvements and/or reimburse the Developer for funds advanced for the District Costs shall be subject to the following terms and conditions: (a) Receipt of a bona fide bid for the Bonds through either competitive or negotiated sale or private placement; (b) Approval of the Bonds by the Attorney General of the State of Texas; (c) Registration of the Bonds by the Comptroller of Public Accounts of the State ofTexas; (d) The assessed value of all taxable property within the District, as shown by the latest appraisal roll issued for the District by the ▇▇▇▇▇▇ County Appraisal District, together with the projected increase in the assessed value as a result of development of the land benefitted by the District Costs, is such that the projected debt service on the District's outstanding bonded indebtedness and the bonds then being issued, can be paid with a tax rate found by the District to be reasonable and within the limits imposed by state law. (e) The District shall not be obligated to issue bonds in increments of less than $1,000,000 unless such bond issue is the last bond issue anticipated to be issued by the District. The Bonds shall be offered on terms and conditions generally accepted in the bond market for similar types of districts or cities secured by similar revenues. The District shall issue and sell a sufficient amount of the Bonds through a series of bond sales to pay the full purchase price of the Improvements, to reimburse the Developer for District Costs, and to pay the cost for the District's guaranteed reservation of any water or wastewater capacity resulting from construction of the Improvements, whichever is applicable; provided, however, that the District reserves the right to issue and sell less than all of the Bonds authorized on any offering if a portion of the proceeds of the sale would not be immediately necessary for construction, acquisition of, reimbursement for or payment for a part of the District costs not under construction at such time. The District shall not be obligated to offer the Bonds in contravention of any law of the State of Texas. The District shall use its best efforts to sell the Bonds, but shall not be considered to have guaranteed the sale thereof.

Conditions to Reimbursement. The District's obligation to issue the Bonds and to acquire the Improvements and/or reimburse the Developer for funds advanced for the District Costs shall be subject to the following terms and conditions: (a) Receipt of a bona fide bid for the Bonds through either competitive or negotiated sale or private placement; (b) Approval of the Bonds by the Attorney General of the State of Texas; (c) Registration of the Bonds by the Comptroller of Public Accounts of the State ofTexasof Texas; (d) The assessed value of all taxable property within the District, as shown by the latest appraisal roll issued for the District by the ▇▇▇▇▇▇ County Appraisal District, together with the projected increase in the assessed value as a result of development of the land benefitted by the District Costs, is such that the projected debt service on the District's outstanding bonded indebtedness and the bonds then being issued, can be paid with a tax rate found by the District to be reasonable and within the limits imposed by state law. (e) The District shall not be obligated to issue bonds in increments of less than $1,000,000 unless such bond issue is the last bond issue anticipated to be issued by the District. The Bonds shall be offered on terms and conditions generally accepted in the bond market for similar types of districts or cities secured by similar revenues. The District shall issue and sell a sufficient amount of the Bonds through a series of bond sales to pay the full purchase price of the Improvements, to reimburse the Developer for District Costs, and to pay the cost for the District's guaranteed reservation of any water or wastewater capacity resulting from construction of the Improvements, whichever is applicable; provided, however, that the District reserves the right to issue and sell less than all of the Bonds authorized on any offering if a portion of the proceeds of the sale would not be immediately necessary for construction, acquisition of, reimbursement for or payment for a part of the District costs not under construction at such time. The District shall not be obligated to offer the Bonds in contravention of any law of the State of Texas. The District shall use its best efforts to sell the Bonds, but shall not be considered to have guaranteed the sale thereof.