Res16 15494 - Laserfiche WebLink

Browse Search

.. --�- ...�..`.�..�.�. . _ . 05/23/2016 (125%) of the average amount payable, for any bond year, of principal and interest on the outstanding bonds of such bond issue. Further, it is the policy of the City to comply with all provisions of the Act including, but not limited to, Section 53345.8, as such Section may be amended from time to time. If the criteria set forth above are met, such bond issues need not be rated by nationally-recognized rating agencies. III. Steps to be Taken to Ensure that Prosqective Propertv Purchasers are Fullv Informed About Their Taxpaying Obliaations. It is the goal of the City that all taxpayers residing within, or owning property within, the boundaries of a CFD heretofore or hereafter established by the City will receive the form of notice required by Section 53341.5 of the Act, at the time set forth therein, as such Section may be amended from time to time. In order to comply with this goal, it is the policy of the City to provide Section 53340.2 notice of special tax to any individual requesting such notice or any owner of property subject to a special tax levied by the City within five (5) working days of receiving a request for such notice. IV. Criteria for Evaluating the Equitv of Tax Allocation Formulas, and Concerninq Desirable and Maximum Amounts of Special Tax to be Levied Against Any Parcel. It is the goal of the City that each taxpayer residing within, or owning property within, the boundaries of any CFD hereafter established by the City pay special taxes which generally reflect such taxpayer's fair and reasonable share of their projected benefit from, and/or burden upon, the facilities to be constructed and/or maintained or of any refunding of existing debt within the CFD by such CFD. It is the goal of the City that maximum Mello-Roos special taxes on residential owner-occupied property, when taken together with ad valorem taxes, any other special taxes levied pursuant to the Act and assessments applicable to such property, do not exceed in any year two percent (2%) of the greater of the assessed value or appraised value of such property. Nevertheless, special taxes, when taken together with ad valorem taxes, any other special taxes levied pursuant to the Act and assessments applicable to such property, may exceed in any year two percent (2%) of the greater of the assessed value or appraised value of such property if the City determines at the time of formation of a CFD that over the term of the bonds, the special taxes, ad valorem taxes and assessments are expected to average two percent (2%) or less per year of the greater of the assessed value or appraised value of such property. It is further the policy of the City to comply with the provisions of Section 53321 of the Act with respect to the escalation of maximum taxes. V. Definitions. Standards, and Assumptions to be Used in Appraisals Reauired bv Section 53345.8. It is the goal of the City to conform, as nearly as practicable, to the California Debt and Investment Advisory Commission's Appraisal Standards for Land Secured Financings, as such standards may be amended from time to time, provided, however, that this City Council may additionally amend such standards from time to time as it deems necessary and reasonable, in its own discretion, to provide needed infrastructure improvements within the City, while still accomplishing the goals set forth herein. ATTY/RES0.0046/CC RESO APPROVING SALE OF BONDS REV:05-24-161S Page 8 of 8