RecDoc 1999-141353 - Laserfiche WebLink

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determination and classification of the Parcels subject to the Special Tax and their respective Special Tax and Principal Prepayment Amount liabilities. Section 7. Prepayment of Special Taxes Prepayment Prior to the Initial Sale of Bonds. Prior to the sale of bonds secured by the Special Taxes, the owner of each Taxable Parcel shall have the option to prepay future Special Taxes to be levied against such Taxable Parcel with a single cash payment. The amount of such optional cash payment shall be determined as follows: Step 1 Prior to the sale of bonds, the total number of Developed Commercial Square Feet and Approved Commercial Square Feet allocable to all Taxable Parcels in the CFD shall be determined as of the applicable Classification Date. Step 2 The maximum approved bonded indebtedness of the CFD as specified in Resolution No. 13610 adopted on April 26, 1999 shall be determined. From such amount shall be deducted the following bond financing costs: the projected cost of financing bond debt service reserve funds, interest projected to be capitalized from the proceeds of bonds, and any projected underwriters discount and bond insurance premiums, all as identified in the revised Report caused to be prepared by the City Manager in connection with the formation of the CFD as required under Sections 53321.5 and 53325 of the Act. All other budgeted costs of creating the CFD and issuing bonds approved by the City shall be included as project costs. Step 3 The net amount determined in step 2 above shall be divided by the total Net Taxable Commercial Square Feet determined in step 1 above. Step 4 The quotient resulting from step 3 above shall, for each Taxable Parcel, be multiplied by the total number of Developed Commercial Square Feet and Approved Commercial Square Feet allocable to each such Taxable Parcel. The product of such multiplication shall be the optional cash payment amount assigned to each such Taxable Parcel. Notice shall be given by mail to each owner of Taxable Parcels within the CFD of a 30 -day period prior to the initial sale of bonds within which cash payments may be made. Only cash payments in whole may be accepted in lieu of the payment of annual Special Taxes. Parcels for which the prepayment of Special Taxes in whole has been made shall be reclassified as Prepaid Parcels and shall no longer be subject to the levy of Special Taxes. Prepayment Subsequent to the Initial Sale of Bonds. The owner of any Taxable Parcel may prepay the Special Taxes to be levied against such Parcel through the term to maturity of outstanding bonds and authorized but unissued bonds. Special Taxes may not be prepaid in part. Optional prepayment amounts for each Taxable Parcel subsequent to the sale of bonds shall be determined annually for each Fiscal Year at the same time annual Special Taxes are determined as follows. J7