Res99 13590 - Laserfiche WebLink

Browse Search

- EXHIBIT C RATE AND METHOD OF APPORTIONMENT REDWOOD SHORES COMMUNITY FACILITIES DISTRICT NO. 99-1 (SHORES TRANSPORTATION IMPROVEMENT PROJECT) Section '1. Definitions The defined terms below shall apply wherever such terms am used in this Rate and Method of Apportionment. Capitalized terms not defined herein shall have that meaning ascribed to them in the fiscal agent agreement. "Act" means the MeIIo-Roos Community Facilities Act of 1982 (Chapter 2.5, Part 1, Division 2, Title 5 of the California Government Code), as amended from time to time. "Administrative Expenses" means the actual or estimated costs incurred by the City to determine, levy and collect the Special Taxes, including salaries of City employees and the fees of consultants, corporate bond paying agents, fiscal agent~ and bond trustees; the costs of collecting installments of the Special Taxes; preparation and maintenance of required records and reports; preparation of financial audits; and, any other costs required to administer the CFD. "Annual Costs" means for each Fiscal Year, the total of 1) an amount sufficient to pay Debt Service in a timely manner, 2) Administrative Expenses, and 3) any amounts needed to replenish bond reserve funds and to make up for any deficit caused by actual or estimated delinquencies in Special Taxes for the previous or current Fiscal Year. "Annual Tax Revenues" means the amount of Special Taxes collected each Fiscal Year to pay the Annual Costs. "Approved Commercial Square Feet" means the maximum amount of commercial square feet that could be constructed on a Commercial Parcel pursuant to a vested Development Agreement or a recorded final map approved by the City. "Auditor" means the Auditor for the County or his or her designee. "CFD" means City of Redwood City Redwood Shores Community Facilities District No. 99-1 (Shores Transportation Improvement Project). "Classification Date" means each June 1; provided, however, that the Classification Date for the initial issuance of bonds shall be March 22, 1999. "City" means the City of Redwood City, California. "City Council" means the elected legislative body of the City. "City Manager" means the manager of the City. "Commercial Parcel" means a Parcel which is designated for commercial use pursuant to the land use approved for such Parcel by the Redwood Shores Specific Plan or other land use planning document approved by the City. In the event the City has no official land use designation for a ].3590