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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 secured by the <br /> Special Taxes, the owner of each Taxable Parcel shall have the option to prepay future Special <br /> Taxes to be levied against such Taxable Parcel with a single cash payment. The amount of such <br /> optional cash payment shall be determined as follows: <br /> <br />Step 1 Prior to the sale of bonds, the total number of Developed Commercial Square <br /> Feet and Approved Commercial Square Feet allocable to all Taxable Parcels in <br /> the CFD shall be determined as of the applicable Classification Date. <br /> <br />Step 2 The maximum approved bonded indebtedness of the CFD as specified in <br /> Resolution No. 13610 adopted on April 26, 1999 shall be determined. From such <br /> amount shall be deducted the following bond financing costs: the projected cost <br /> of financing bond debt service reserve funds, interest projected to be capitalized <br /> from the proceeds of bonds, and any projected underwriter's discount and bond <br /> insurance premiums, all as identified in the revised Report caused to be prepared <br /> by the City Manager in connection with the formation of the CFD as required <br /> under Sections 53321.5 and 53325 of the Act. All other budgeted costs of <br /> creating the CFD and issuing bonds approved by the City shall be included as <br /> project costs. <br /> <br />Step 3 The net amount determined in step 2 above shall be divided by the total Net <br /> Taxable 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 Commercial Square Feet and <br /> Approved Commercial Square Feet allocable to each such Taxable Parcel. The <br /> product of such multiplication shall be the optional cash payment amount <br /> assigned to each such Taxable Parcel. <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. Parcels 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 /> 2180 <br /> A-7 <br /> <br /> <br />