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than August 10 or such other date required by the County Auditor for such <br /> placement. <br /> <br /> The City shall make every effort to correctly assign the Special Tax rates <br /> and calculate the annual Special Tax liability for each Taxable Parcel and the <br /> annual Principal Prepayment Amount for each Taxable Parcel. It shall be the <br /> burden of the taxpayer to correct any errors in the determination and <br /> classification of the Parcels subject to the Special Tax and their respective <br /> Special Tax and Principal Prepayment Amount liabilities. <br /> <br /> Section 7. Prepayment of Special Taxes <br /> <br /> Prepayment Prior to the Initial Sale of Bonds. Prior to the sale of bonds <br /> secured by the Special Taxes, the owner of each Taxable Parcel shall have the <br /> option to prepay future Special Taxes to be levied against such Taxable Parcel <br /> with a single cash payment. The amount of such optional cash payment shall <br /> be determined as follows: <br /> <br />Step 1 Prior to the sale of bonds, the total number of Developed <br /> Commercial Square Feet and Approved Commercial Square Feet <br /> allocable to all Taxable Parcels in the CFD shall be determined as <br /> of the applicable Classification Date. <br /> <br />Step 2 The maximum approved bonded indebtedness of the CFD as <br /> specified in Resolution No. 13610 adopted on April 26, 1999 shall <br /> be determined. From such amount shall be deducted the <br /> following bond financing costs: the projected cost of financing <br /> bond debt service reserve funds, interest projected to be <br /> capitalized from the proceeds of bonds, and any projected <br /> underwriter's discount and bond insurance premiums, all as <br /> identified in the revised Report caused to be prepared by the City <br /> Manager in connection with the formation of the CFD as <br /> required under Sections 53321.5 and 53325 of the Act. All other <br /> budgeted costs of creating the CFD and issuing bonds approved <br /> by the City shall be included as project costs. <br /> <br />Step 3 The net amount determined in step 2 above shall be divided by <br /> the total Net Taxable Commercial Square Feet determined in <br /> step 1 above. <br /> <br />Step 4 The quotient resulting from step 3 above shall, for each Taxable <br /> Parcel, be multiplied by the total number of Developed <br /> Commercial Square Feet and Approved Commercial Square Feet <br /> allocable to each such Taxable Parcel. The product of such <br /> multiplication shall be the optional cash payment amount <br /> assigned to each such Taxable Parcel. <br /> <br /> C-8 <br /> 13611 <br /> <br /> <br />