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� 1"�'�� <br /> Section 7. Prepayment of Special Taxes <br /> Prepayment Prior to the Initial Sale of Bonds. Prior to the first sale of CFD bonds secured <br /> by the Special Taxes, the owner of each Building Parcel shall have the option to prepay future <br /> Special Taxes to be levied against such Building Parcel with a single cash payment. The amount <br /> of such optional cash payment shall be determined as follows: <br /> Step 1 Prior to the first sale of CFD bonds, the total number of Commercial Square Feet <br /> allocable to all Building Parcels in the CFD shall be determined as of the <br /> applicable Classification Date. � <br /> Step 2 The maximum approved bonded indebtedness of the CFD as specified in the <br /> City's resolution expressing its intention to form the CFD adopted on March 13, �. <br /> 2000 shall be determined. From such amount shall be deducted the following <br /> bond financing costs: the projected amount to be deposited to bond debt service <br /> reserve funds, interest projected t� be capitalized from the proceeds of bonds, <br /> and any projected underwriter's discount and bond insurance premiums, all as <br /> identified in the report caused to be prepared by the City. Manager in connec6on <br /> with the formation of the CFD as required under Sections 53321.5 and 53325 of <br /> the Act. All other budgeted costs of creating the CFD and issuing bonds <br /> approved by the City Council shall be included as project costs. <br /> Step 3 The amount determined in Step 2 above shall be divided by the Commercial <br /> Square Feet determined in Step 1 above. <br /> Step 4 �he quotient resulting from Step 3 above shall, for each Building Parcel, be <br /> � multiplied by the number Commercial Square Feet allocable to each such Building <br /> Parcel. The product of such multiplication shall be the optional cash payment <br /> amount assigned to each such Building Parcel. <br /> Notice shall be given by mail to each owner of Building Parcels within the CFD of a 10-day <br /> period prior to the initial sale of bonds within which cash payments may be made. Only cash <br /> payments in whole may be accepted in lieu of the payment of annual Special Taxes. Parcels for <br /> which the prepayment of Special Taxes in whole has been made shall be reclassified as Prepaid <br /> Parcels and shall no longer be subject to the levy of Special Taxes. � <br /> Prepaymenf Subsequent to the Initial Sale of Bonds. The owner of any Building Parcel <br /> may prepay the Special Taxes to be levied against such Parcel through the term to maturity of <br /> outstanding CFD bonds and authorized but unissued CFD bonds. Special Taxes may not be <br /> prepaid in part. Optional prepayment amounts for each Building Parcel subsequent to the first <br /> sale of CFD bonds shall be determined annually for each Fiscal Year at the same time annual <br /> Special Taxes are determined as follows. <br /> Step 1 The total amount of unpaid CFD bond principal outstanding at the beginning of . <br /> each Fiscal Year plus authorized and unissued CFD bond principal shall be <br /> determined, from which amount shall be subtracted any principal coming due in <br /> Adoption Draft 4124l00 C-$ <br />