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determination and 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, the owner of <br /> each Taxable Pamel shall have the option to prepay future Special Taxes to be levied against <br /> such Taxable Pamel 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 Commercial Square <br /> Feet and Participating Approved Commemial Square Feet allocable to all Taxable <br /> Pamels in the CFD shall be determined. <br /> <br />Step2 The maximum approved bonded indebtedness of the CFD as specified in <br /> Resolution No. adopted on Uamh 22, 1999 shall be determined. From <br /> such amount shall be deducted the following bond financing costs: the projected <br /> cost of financing bond debt service reserve funds, interest projected to be <br /> capitalized from the proceeds of bonds, and any projected underwriter's discount <br /> and bond insurance premiums, all as identified in the Report prepared by the City <br /> Manager in connection with the formation of the CFD as required under Section <br /> 53321.5 of the Act. All other budgeted costs of creating the CFD and issuing <br /> bonds approved 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 the sum of the <br /> total number of Developed Commercial Square Feet and Participating Approved <br /> Commemial Square Feet determined in step 1 above. <br /> <br />Step 4 The quotient resulting from step 3 above shall, for each Taxable Parcel be <br /> multiplied by the total number of Developed Commemial Square Feet and <br /> Participating Approved Commemial Square Feet allocable to each such Taxable <br /> Parcel. The product of such multiplication shall be the optional cash payment <br /> amount assigned to each such Taxable Pamel. <br /> <br /> Notice shall be given by mail to each owner of Taxable Parcels within the CFD of a 30-day <br /> period prior to the initial sale of bonds within which cash payments may be made. Only cash <br /> payments in whole may be accepted in lieu of the payment of annual Special Taxes. Pamels for <br /> which the prepayment of Special Taxes in whole has been made shall be reclassified as Prepaid <br /> Parcels and shall no longer be subject to the levy of Special Taxes. <br /> <br /> Prepayment Subsequent to the Initial Sale of Bonds. The owner of any Taxable Parcel <br /> may prepay the Special Taxes to be levied against such Parcel through the term to maturity of <br /> outstanding bonds and authorized but unissued bonds. Special Taxes may not be prepaid in part. <br /> Optional prepayment amounts for each Taxable Parcel subsequent to the sale of bonds shall be <br /> determined annually for each Fiscal Year at the same time annual Special Taxes are determined <br /> as follows. <br /> <br /> C-7 13590 <br /> <br /> <br />