Res00 13889 - Laserfiche WebLink

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such Taxable Parcels bear to the Revised Commercial Square Feet; provided, however, that the Special Tax rate per Commercial Square Foot produced by such calculation may not exceed the Maximum Annual Special Tax Rate applicable to such Taxable Parcels. Step 5 In the event that the sum of the Revised Annual Costs and the Adjusted Special Tax on all Parcels due a credit is less than Annual Costs for such Fiscal Year, the credit due on each Parcel shall be reduced by equal proportions until Annual Costs are satisfied, and any unpaid credit shall credited in the following Fiscal Year. After each Parcel has been annually classified, the annual Special Tax and Principal Prepayment Amount for each Taxable Parcel has been calculated, and a Special Tax Report for such Fiscal Year has been approved by resolution of the City Council in July of each Fiscal Year, the City Manager shall forward a Tax Collection Schedule showing the annual Special Tax liability for each Taxable Parcel with Commercial Square Feet thereon to the County Auditor, requesting that the Tax Collection Schedule be placed on the secured property tax roll for the applicable Fiscal Year. The Tax Collection Schedule shall be sent not later than August 10 or such prior date required by the County Auditor for such placement. Notwithstanding the foregoing, if for any reason the Special Tax levy on a Taxable Parcel with Commercial Square Feet thereon will not be included on the County secured tax roll, the CFD may levy the Special Taxes for such Fiscal Year by means of a direct billing of the owners of the Taxable Parcels. The undivided Special Tax levy on Taxable Parcels with only Parking Units assigned thereto shall not be placed on the secured tax roll but shall be billed directly to the owners thereof by the CFD. Such Special Tax invoices issued by the CFD to the owners of Taxable Parcels with only Parking Units assigned thereto that are subject to an undivided levy pursuant to Section 8 hereof shall clearly state 1) all Assessor's parcel numbers subject to the applicable undivided Special Tax levy, 2) the undivided Special Tax levied against each such Taxable Parcel, 3) the undivided Special Tax due on the Taxable Parcel for which the invoice has been issued, 4) that the payment of the Special Tax on Assessor's parcel number [list the Assessor's parcel number placed on secured tax roll to which the undivided Special Tax levy also applies] (which Special Tax obligation has been placed on the secured tax roll) will satisfy the payment due under this invoice and that no further payment need be made if Special Taxes on Assessor's parcel number [list the Assessor's parcel number placed on secured tax roll to which the undivided Special Tax levy also applies] are paid in full, and 5) failure to pay the undivided Special Taxes on [list Assessor's parcel numbers of the Taxable Parcels subject to the undivided Special Tax levy] of [show amount] shall result in foreclosure proceeding against all such Taxable Parcels in accordance with the terms of the indenture securing the outstanding CFD bonds and the Mello -Roos Act of 1982, as amended. Failure of the CFD to directly invoice the owner of a Taxable Parcel subject to the levy of Special Taxes shall in no way affect the validity of such Special Tax levy. The City shall make every effort to correctly assign the Special Tax rates and calculate the annual Special Tax liability for each Taxable Parcel and the annual Principal Prepayment Amount for each Taxable Parcel. It shall be the burden of the taxpayer to correct any errors in the determination and classification of the Parcels subject to the Special Tax and their respective Special Tax and Principal Prepayment Amount liabilities. Adoption Draft 4/24/00 C-7