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Prior to July 1 of each Fiscal Year for which Annual Costs are payable, the <br />Special Tax rate per Developed Commercial Square Foot or Approved <br />Commercial Square Foot allocable to each Taxable Parcel in the CFD shall be <br />established as follows: <br /> <br />Step 1 The total Annual Costs for such Fiscal Year shall be projected. <br /> <br />Step 2 The sum of unexpended fund balances (including amounts <br /> collected in the prior Fiscal Year to be applied to Debt Service in <br /> such Fiscal Year) held under the fiscal agent agreement securing <br /> outstanding bonds that is available to pay Debt Service in such <br /> Fiscal Year shall be determined. <br /> <br />Step 3 The amount of Debt Service due in such Fiscal Year payable <br /> from Annual Tax Revenues collected in the prior Fiscal Year <br /> shall be determined. <br /> <br />Step 4 The amounts calculated in steps 1 and 3 above shall be added <br /> together and the amount determined in step 2 above shall be <br /> subtracted from such sum to arrive at the Annual Tax Revenues <br /> to be collected in such Fiscal Year. <br /> <br />Step 5 The Maximum Annual Special Tax Rate (or rates, as the case <br /> may be) applicable to each Taxable Parcel shall be multiplied by <br /> the taxable commercial square feet corresponding to such rate(s). <br /> <br />Step 6 If the total of the amounts calculated in Step 5 is greater than the <br /> Annual Costs, all Special Tax rates shall be decreased by equal <br /> proportions of the applicable Maximum Annual Special Tax <br /> Rates until the Special Tax rates on all Taxable Parcels produces <br /> scheduled Annual Tax Revenue equal to the projected Annual <br /> Costs. <br /> <br />Step 7 An annual Special Tax shall be determined for each Taxable <br /> Parcel by multiplying the Special Tax rate(s) identified in Step 6 <br /> above times the number of commercial square feet taxable at <br /> such Special Tax rate(s) on each such Taxable Parcel. <br /> <br /> After each Parcel has been annually classified, the annual Special Tax <br />and Principal Prepayment Amount for each Taxable Parcel has been <br />calculated, and a Special Tax Report for such Fiscal Year has been approved by <br />resolution of the City Council in July of each Fiscal Year, the City Manager <br />shall forward a Tax Collection Schedule showing the annual Special Tax <br />liability for each Taxable Parcel to the County Auditor, requesting that the Tax <br />Collection Schedule be placed on the secured property tax roll for the <br />applicable Fiscal Year. The Tax Collection Schedule shall be sent not later <br /> <br /> C-7 <br /> <br /> 13~11 <br /> <br /> <br />