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recordation of final tract or parcel maps to identify the <br />difference in the dollar amount between the estimated <br />costs of the grading, improvements, and /or right -of -way, <br />and the calculated fees. Such agreements will establish <br />the amount of reimbursement for which the developer is <br />entitled. A developer shall be entitled to <br />reimbursement after acceptance of improvements by the <br />applicable Agency to the extent major thoroughfare and <br />bridge fees are available for reimbursement after <br />satisfaction of all other obligations of the applicable <br />Agency for which major thoroughfare and bridge fees are <br />required. Satisfaction of such reimbursement <br />obligations, however, in the event funds used to <br />construct corridor facilities in excess of fee <br />obligations are derived from Assessment District or <br />Mello -Roos Community Facilities District bonds shall be <br />made to such districts in a manner which will reduce the <br />amount of such bonds in proportion to the reimbursement <br />payment made by Agency. Except for the initial <br />issuance and sale of bonds by Agency, repayment of all <br />existing reimbursement agreement obligations by Agency <br />shall be funded by any subsequent bond issue and <br />satisfied upon receipt of bond proceeds. If the <br />estimated costs of the grading, improvements, and /or <br />excess right of way are less than the calculated fee, a <br />developer may relinquish credits in lieu of paying fees <br />until credits are fully utilized with the remainder of <br />the fee to be collected prior to issuance of building <br />permits. <br />In the event a development not requiring subdivision is <br />conditioned to construct or grade portions of the <br />transportation corridors or dedicate right -of -way, <br />reimbursement agreements shall be executed prior to <br />issuance of any building permits within the project <br />boundaries. <br />Developers will be allowed to apply credits earned on one <br />project to another project within the same Area of <br />Benefit owned by the same developer. In the event title <br />to the land of a project changes, credits can be <br />transferred to another developer with the title to the <br />land upon written notification to the appropriate <br />legislative body and applicable Agency that is a party to <br />the reimbursement agreement. Credits will otherwise be <br />non - transferable from one developer to another. Credits <br />can be used for the purpose of reducing fees prior to <br />completion and acceptance of grading, improvements or <br />right -of -way dedication. However, except as otherwise <br />provided herein no reimbursements shall be made until all <br />-32- <br />