Res99 13611 - Laserfiche WebLink

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public improvemems. These Facilities may include without limitation the public improvements specified in any land use approvals of the City pertaining to the property within the boundaries of the District. The City is authorized by the Act to contribute revenue to, or to construct or acquire the Facilities, all in accordance with the Act. The Resolution of Intention is hereby amended by replacing the description of the Facilities set forth therein with the description of the Facilities set forth herein. SECTION 5. Except where funds am othenvise available, it is the intention of the City Council to levy annually in accordance with the procedures contained in the Act a special tax, secured by recordation of a continuing lien against all nonexempt real property in the District, sufficient m pay for (i) the Facilities and the Incidemal Expenses and (ii) the principal of and imerest on and other periodic costs related to bonds or other indebtedness issued to finance the Facilities and Incidental Expenses, including the establishment and replenishment of any reserve funds deemed necessary by the District, and any remarketing, credit enhancemem, and liquidity facility fees (including such fees for instruments which serve a~.the basis of a reserve fund in lieu of cash). The rate and method of apportionment and manner of collection of the special tax are described in detail in Exhibit C attached hereto and incorporated herein by this reference (referred to herein as the "Rate and Method of Apportionment"). The Resolution of Intention is hereby amended by replacing the rate and method of apportionment attached thereto with the Rate and Method of Apportionment attached hereto. The Rate and Method of Apportionment allows each landowner within the District to estimate the maximum amount that may be levied against each parcel. In the first year in which such special tax is levied, the levy shall include an amount sufficient to repay to the City all amounts, if any, transferred to the District pursuant to Section 53314 of the Act and interest thereon. If special taxes of the District are levied against any parcel used for private residential purposes, (i) the maximum special tax rate shall not be increased over time except that it may be increased by an amount not to exceed two percent per year to the extent permitted in the Rate and Method of Apportionmem, (ii) such tax shall not be levied or collected after the 2035-2036 tax year, and (iii) under no circumstances will such special tax be increased as a consequence of delinquency or default by the owner of any other parcel or parcels within the District by more than ten percent. The special tax is based on the expected demand that each parcel of real property within the District will place on the Facilities and on the benefit that each parcel derives from the right to access the Facilities. The City Council hereby determines that the Rate and Method of Apportionment set forth in Exhibit C is reasonable. The special tax is apportioned to each parcel on the foregoing basis pursuant to Section 53325.3 of the Act and such special tax is not on or based upon the value or ownership of real property. In the event that a portion of the property within the District shall become for any reason exempt, wtlolly or partially, from the levy of the special tax specified in the Rate and Method of Apportionment, the City Council shall, on behalf of the District, cause the levy to be increased, subject to the limitation of the maximum special tax for a parcel as set forth in the Rate and Method of Apportionment, to the extent necessary upon the remaining property within the District which is not delinquent or exempt in order to yield the special tax revenues required for the purposes described in this Section 5. Conditions under which the obligation to pay special taxes may be prepaid and permanently satisfied are set forth in the Rate and Method of Apportionment. 15287.5X22931.0003 4 1 3{5 ]. 1