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Redwood City CFD 99-1 <br /> z <br /> <br />1. EXECUTIVE SUMMARY <br /> <br /> Special Tax Levy <br /> <br /> Special Taxes of $406,602 will be levied on 56 parcels totaling 4,322,899 of taxable <br /> commercial square footage for Fiscal Year (FY) 2002/03. The Applied Special Tax <br /> represents an average of 40.54% of the Maximum Special Tax Rate on all taxable <br /> property. <br /> <br /> Delinquencies <br /> <br /> Fiscal year 2002/2003 will be the first year the District will be levied. <br /> <br /> Prepayments of the Special Tax Obligation <br /> <br /> In November 2000, Oracle Systems Corporation, the owner of 8 parcels, with a total <br /> commercial square footage of 1,819,310, prepaid the District Special Taxes in full. <br /> Accorclmgly, no Bonds were issued with regard to these prepaid Special Taxes. <br /> <br /> Reserve Fund <br /> <br /> Bond proceeds of $252,250 were deposited in the Reserve Fund. It was anticipated that <br /> interest earnings would bring the Reserve Fund balance to the Reserve Requirement. <br /> The Reserve Requirement is the lowest of (i) 10% of the original proceeds of the Bonds <br /> less any original discount plus and original premiums ($504,500), (ii) Maximum Annual <br /> Debt Service of the Bonds ($381,187.50), (,ii) 125% of the average Annual Debt Service <br /> of the Bonds ($467,785.70). <br /> <br /> The Reserve Fund balance as of March 31, 2002 is $255,d44.53. The current Reserve <br /> Requirement is $381,187.50. <br /> <br /> Action Items <br /> <br /> There are no action items at this time. <br /> <br /> <br />