Laserfiche WebLink
7.A. - Page 28 of 176 <br />EXHIBIT B <br />CITY OF REDWOOD CITY <br />Community Facilities District No. 2020-1 <br />(Seaport Centre/Seaport Plaza) <br />RATE AND METHOD OF APPORTIONMENT OF SPECIAL TAXES <br />FOR THE CFD <br />RATE AND METHOD OF APPORTIONMENT OF SPECIAL TAXES <br />CITY OF REDWOOD CITY <br />COMMUNITY FACILITIES DISTRICT NO. 2020-1 <br />(SEAPORT CENTRE/SEAPORT PLAZA) <br />Special Taxes applicable to each Taxable Parcel in the City of Redwood City Community <br />Facilities District No. 2020-1 (Seaport Centre/Seaport Plaza) shall be levied and collected <br />according to the tax liability determined by the City Manager through the application of <br />the appropriate rate for Taxable Parcels, as described below. <br />SECTION 1 DEFINITIONS <br />The defined terms below shall apply wherever such terms are used in this Rate and <br />Method of Apportionment of Special Taxes. <br />"Acquisition Price" means the final cost of the Facilities being acquired by the City <br />pursuant to the Purchase Agreement. <br />"Act" means the Mello -Roos Community Facilities Act of 1982 (Chapter 2.5, Part 1, <br />Division 2, Title 5 of the California Government Code), as amended from time to time. <br />"Adjusted Market Rate Interest" means the Wall Street Journal Prime Rate in effect on <br />June 1St of the prior fiscal year, plus two hundred (200) basis points, calculated on the <br />basis of a 360 -day year consisting of twelve 30 -day months or, if such rate is no longer <br />published by the Wall Street Journal, the prime rate as published by a similar source as <br />determined by the Property Owners to be appropriate, as consented to by the City, which <br />consent shall not be unreasonably withheld. <br />"Administrative Expenses" means the actual or estimated costs incurred by the City on <br />behalf of itself or the CFD to: determine, levy and collect the Special Taxes, including <br />salaries of City employees and the fees of consultants, attorneys, bond paying agents, <br />fiscal agents and bond trustees; collect installments of the Special Taxes; respond to <br />property owner inquiries regarding the Special Taxes; administer appeals or requests for <br />interpretation associated with the Special Taxes and this Rate and Method of <br />Apportionment of Special Taxes; prepare and maintain required records and reports; <br />ATTY/RESO.0121/CC RESO REDWOOD CITY ROI ESTABLISH <br />REV: 10-21-2020 MI <br />Page 10 of 26 <br />210 <br />