“Acquisition and Reimbursement Agreement” or “A&RA": sets out terms for the City's acquisition of public improvements.
“Actual Costs": covers costs eligible to be paid with PID assessment revenues, including acquisition, design, and construction.
“Annual Collection Costs": covers annual costs of administering the PID and collecting assessment revenues.
“Annual Installment": amount owed annually for each assessed property.
“Assessed Property": each parcel in the district receiving a special benefit from public improvements with an assessment levied.
“Assessment": dollar amount levied against properties to pay public improvement costs and administer the district.
“Authorized Improvements": public improvements authorized by the PID Act, described in the Service and Assessment Plan.
“Bond Counsel": person or entity designated to negotiate and prepare transcript documents and obtain Attorney General approval.
“Bond Purchase Agreement": establishes terms for the purchase of PID bonds between the City and Underwriter.
“City Attorney” or “City’s Legal Counsel": person or entity designated to negotiate development terms and manage document production.
“Continuing Disclosure Agreement": sets out the City's commitment to provide ongoing project information to financial markets.
“Development Agreement": includes development standards, City and developer obligations, and PID true-up provisions.
“District” or “PID": public improvement district created by the City through a creation resolution.
“Due Diligence Questionnaire” or “DDQ": provides information and representations made by the City and developer for inclusion in the PLOM.
“Financial Advisor": person or entity designated to assist with due diligence questionnaire review and draft the closing memorandum.
“Improvement Area” or “IA": area defined by properties receiving proportionally the same level of benefits from public improvements.
“Indenture": agreement between the City and trustee regarding PID bond issuance and repayment.
“Limited Offering Memorandum” or “LOM": final version of the PLOM upon City Council authorization of bond sale.
“Major Improvement Area” or “MIA": largest category of improvement areas, including public improvements benefiting the entire district.
“Maximum Equivalent Tax Rate": maximum amount of assessment and taxes a parcel owner will pay in any year.
“Neighborhood Improvement Area” or “NIA": improvement area smaller than the whole district, usually within an MIA.
“PID Act": Chapter 372 of the Texas Local Government Code.
“PID Administrator": person or entity designated to determine PID feasibility and administer the PID.
“PID Bonds": bonds issued to pay for public improvements, backed by PID assessment revenues and secured by liens.
“Preliminary Limited Offering Memorandum” or “PLOM": document used to market bond sale to investors, including project description and continued disclosure obligation.
“Public Finance Agreement” or “PFA": document between the City and developer, providing standards for public improvement development and reimbursement.
“Service and Assessment Plan” or “SAP": plan required by the PID Act for assessing allocated costs against properties within the District.
“Trustee": person or entity designated to represent PID bond purchasers and disburse bond proceeds.
“Underwriter": person or entity designated to set the PID bond closing schedule and remarket PID bonds to institutional investors.
“Underwriter Counsel": person or entity designated to conduct due diligence and draft the PLOM on behalf of the Underwriter.
