Res10 15048 - Laserfiche WebLink

Browse Search

08/09/2010 EXHIBIT C ATTACHMENT 2 and applied as specified therein, and (ii) to be remitted to the City and used for any Authorized Facilities. (b) Full Prepayment of Special Tax Upon confirmation of the payment of the current Fiscal Year's entire Special Tax obligation, the CFD Administrator shall remove the current Fiscal Year's Special Tax levy for such Assessor's Parcel from the County tax rolls. With respect to any Assessor's Parcel that is prepaid in accordance with Section 1.1, the CFD Administrator shall cause a suitable notice to be recorded in compliance with the Act, to indicate the prepayment of the Special Tax and the release of the Special Tax lien on such Assessor's Parcel, and the obligation of such Assessor's Parcel to pay the Special Tax shall cease. (c) Partial Prepayment of Special Tax With respect to any Assessor's Parcel that is partially prepaid, the CFD Administrator shall (i) distribute or cause to be distributed the funds remitted to it according to Section 1.4.(a) and (ii) indicate in the records of CFD No. 2010 -1 that there has been a partial prepayment of the Special Tax and that a portion of the Special Tax with respect to such Assessor's parcel, equal to the outstanding percentage (1.00 — F) of the remaining Maximum Special Tax, shall continue to be levied on such Assessor's Parcel pursuant to Section E herein. (d) Debt Service Coverage Notwithstanding the foregoing, no prepayment of the Special Tax shall be allowed unless, at the time of such proposed prepayment, the Special Tax that may be levied on Taxable Property within CFD No. 2010 -1 in all Fiscal Years (after excluding Public Property and Property Owner Association Property as set forth in Section F herein), both prior to and after the proposed prepayment, is at least equal to the sum of (i) 1.10 times the debt service necessary to support the remaining Outstanding Bonds, and (ii) the Administrative Expenses as defined in Section A herein. J. TERM OF SPECIAL TAX The Special Tax shall be levied for a period not to exceed fifty years commencing with Fiscal Year 2010 -2011, provided however that the Special Tax will cease to be levied in an earlier Fiscal Year if the CFD Administrator has determined that all required interest and principal payments on the CFD No. 2010 -1 Bonds have been paid. K:ICLIENTS21Redwood City1RMA\Redwood City CFD No. 2010 -1 (One Marina) - RMA for ROI.docx #15048 MUFF # 506