RecDoc 1999-141353 - Laserfiche WebLink

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EXHIBIT B RATE AND METHOD OF APPORTIONMENT REDWOOD SHORES COMMUNITY FACILITIES DISTRICT NO. 99-1 (SHORES TRANSPORTATION IMPROVEMENT PROJECT) OF THE CITY OF REDWOOD CITY Section 1. Definitions The defined terms below shall apply wherever such terms are used in this Rate and Method of Apportionment. "Act" means the Mello -Roos Community Facilities Act of 1982 (Chapter 2.5, Part 1, Division 2, Title 5 of the California Government Code), as amended from time to time. "Administrative Expenses" means the actual or estimated costs incurred by the City to determine, levy and collect the Special Taxes, including salaries of City employees and the fees of consultants, corporate bond paying agents, fiscal agents and bond trustees; the costs of collecting installments of the Special Taxes; preparation and maintenance of required records and reports; preparation of financial audits; and any other costs required to administer the CFD. "Annual Costs" means, for each Fiscal Year, the total of 1) an amount sufficient to pay Debt Service in a timely manner, 2) Administrative Expenses, and 3) any amounts needed to replenish bond reserve funds and to make up for any deficit caused by actual or estimated delinquencies in Special Taxes for the previous or current Fiscal Year. "Annual Tax Revenues" means the amount of Special Taxes collected each Fiscal Year to pay the Annual Costs. "Approved Commercial Parcel" means a Commercial Parcel that has been approved for commercial development by the City pursuant to a vested Development Agreement or a recorded final map approved by the City and is not a Developed Commercial Parcel. "Approved Commercial Square Feet" means the maximum amount of commercial square feet that could be constructed on an Approved Commercial Parcel pursuant to a vested Development Agreement or a recorded final map approved by the City. If an Approved Commercial Parcel is subdivided, the City Manager may assign Approved Commercial Square Feet to successor Parcels provided that the total number of Approved Commercial Square Feet on such successor Parcels may not exceed the Approved Commercial Square Feet assigned to the predecessor Parcel. "Auditor' means the Auditor for the County or his or her designee. "CFD" means Redwood Shores Community Facilities District No. 99-1 (Shores Transportation Improvement Project) of the City of Redwood City. "Classification Date" means each June 1 "City" means the City of Redwood City, California. (4/27/99) B-1