Res99 13590 - Laserfiche WebLink

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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, (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 proposed Community Facilities District No. 99-1 will place on the Facilities and on the benefit that each parcel derives from the right to access the Facilities. The Council of Redwood City hereby determines the rate and method of apportionment of the special tax set forth in Exhibit "C" to be 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 Community Facilities District No. 99-1 shall become for any reason exempt, wholly or partially, from the levy of the special tax specified on Exhibit "C", the Council of Redwood City shall, on behalf of Redwood Shores Community Facilities District No. 99-1, cause the levy to be increased, subject to the limitation of the maximum special tax for a parcel as set forth in Exhibit "C", to the extent necessary upon the remaining property within proposed Redwood Shores Community Facilities District No. 99-1 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 Exhibit "C" hereto. 6. A public hearing (the "Hearing") on the establishment of the proposed Redwood Shores Community Facilities District No. 99-1, the proposed rate and method of apportionment of the special tax and the proposed issuance of bonds to finance the Facilities and the Incidental Expenses shall be held at 7:30 p.m., or as soon thereafter as practicable, on April 26, 1999, at the Council of Redwood City Chambers, City Hall, 1017 Middlefield Road, Redwood City, Califomia. Should the Council of Redwood City determine to form the District, a special election will be held to authorize the issuance of the bonds and the levy of the special tax in accordance with the procedures contained in Government Code Section 53326. If held, the proposed voting procedure at the election will be a landowner vote with each landowner who is the owner of record of land within the District at the close of the Hearing, or the authorized representative thereof, having one vote for each acre or portion thereof owned within the proposed District. Ballots for the special election may be distributed by mail or by personal service. 7. At the time and place set forth above for the Hearing, the Council of Redwood City will receive testimony as to whether the proposed Redwood Shores Community Facilities District No. 99-1 shall be established and as to the method of apportionment of the special tax and shall consider: (a) if an ad valorem property tax is currently being levied on property within proposed Redwood Shores Community Facilities District No. 99-1 for the exclusive purpose of paying principal of or interest on bonds, lease payments or other indebtedness incurred to finance construction of capital facilities; and 14671.3~22~31.0003 -3- 13590