Res00 13889 - Laserfiche WebLink

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Step 2 The sum of unexpended fund balances (including amounts collected in the prior Fiscal Year to be applied to Debt Service in such Fiscal Year) held under the indenture securing outstanding CFD bonds that is available to pay Debt Service in such Fiscal Year shall be determined. Step 3 The amount of Debt Service due in such Fiscal Year payable from Annual Tax Revenues collected in the prior Fiscal Year shall be determined. Step 4 The amounts calculated in Steps 1 and 3 above shall be added together and the amount determined in Step 2 above shall be subtracted from such sum to arrive at the Annual Tax Revenues to be collected in such Fiscal Year. Step 5 The Maximum Annual Special Tax Rate shall be multiplied by the Commercial Square Feet corresponding to each Taxable Parcel. Step 6 If the total of the amounts calculated in Step 5 is greater than the Annual Costs, the Special Tax rate shall be decreased until the Special Tax rate on all Taxable Parcels produces scheduled Annual Tax Revenue equal to the projected Annual Costs. If the total of the amounts calculated in Step 5 is less than Annual Costs, the Special Tax rate applicable to Taxable Parcels shall be established at the Maximum Annual Special Tax Rate. Step 7 An annual Special Tax shall be determined for each Taxable Parcel by multiplying the Special Tax rate identified in Step 6 above times the number of Commercial Square Feet applicable to each such Taxable Parcel. If Credits Are Due the Owners of Parcels Pursuant to Section 10 Hereof Step 1 The annual Special Tax rates shall be calculated as provided for in Step 5 above without any adjustment to Annual Costs to reflect the credit due as provided for in Section 10 hereof (the "Initial Special Tax Rate "). Step 2 A Special Tax shall be calculated for the Parcel or Parcels due a credit by multiplying the Initial Special Tax Rate times the number of Commercial Square Feet applicable to such Parcel or Parcels (the "Initial Special Tax "). For each applicable Parcel, the credit as due shall be subtracted from the applicable .Initial Special Tax to determine the adjusted Special Tax due on such Parcel or Parcels (the "Adjusted Special Tax "). Step 3 The Commercial Square Feet applicable to the Parcel or Parcels due an Adjusted Special Tax shall be subtracted from the total of all Commercial Square Feet subject to taxation in such Fiscal Year (the result of such calculation being the "Revised Commercial Square Feet ") and the total amount of Adjusted Special Taxes shall be subtracted from the Annual Costs for such Fiscal Year (the result of such calculation being the "Revised Annual Costs "). Step 4 The Revised Annual Costs shall be distributed among the remaining Taxable Parcels not due any credits in the proportion that the Commercial Square Feet of Adoption Draft 4124100 C -6