AgdaPkt 2020-10-26 Joint SA PFA - Laserfiche WebLink

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7.A. - Page 41 of 176 In accordance with the terms of the Purchase Agreement, in connection with the City's acceptance of Facilities, unless otherwise waived or reduced by the Property Owners, the City, after consultation with the Property Owners, shall disburse to the Property Owners the excess of the balance in the Maintenance Reserve above the greater of (i) the projected capital repairs for the next two years for Wet Utilities as set forth in the then current Repair and Replacement Plan for the Wet Utilities, or (ii) three times the average annual projected capital repairs over the five year period for the Wet Utilities set forth in the then current Repair and Replacement Plan for the Wet Utilities ("Initial Acquisition Price Payment"). The balance remaining shall be put in the Maintenance Reserve for Wet Utilities. The initial Maintenance Reserve for Levees shall be in the amount of the projected capital repairs for the first two years set forth in the initial Repair and Replacement Plan for Levees and shall be funded through the Maintenance Budget process in the first year following acceptance of the Facilities by the City. Thereafter, the City shall maintain separate interest-bearing accounts for the Maintenance Reserve for Wet Utilities and the Maintenance Reserve for Levees. Maintenance Reserve funds in excess of anticipated maintenance, capital repairs and replacement costs for the next two-year period for Levees and/or Wet Utilities as provided for in the respective Repair and Replacement Plan can be used by the City Manager to reduce the applicable current year levy for Services Special Taxes for Levees and/or Services Special Taxes for Wet Utilities as provided for in Section 5 hereof. Any amounts of Services Special Taxes levied and collected in excess of the actual costs and expenses of the City providing the Services for Levees and Services for Wet Utilities shall be retained by the City and placed in the respective Maintenance Reserve accounts. The City Manager may apply funds in the respective Maintenance Reserve account to pay maintenance expenses incurred prior to the receipt of Services Special Tax revenues (in such case a like amount tax revenues, when received, shall be used to reimburse such Maintenance Reserve), to pay maintenance expenses in excess of such Fiscal Year's budgeted maintenance expenses, to pay maintenance expenses and Administrative Expenses that are in excess of actual annual Services Special Tax receipts (regardless of the cause of such deficiency), or to provide tax credits to Property Owners as described in the second preceding paragraph. Each Maintenance Reserve may be used to accumulate amounts for maintenance, capital repair and replacement and any Fiscal Year's budget may show a transfer from a Maintenance Reserve as a source of funds or a transfer to a Maintenance Reserve as a use of funds. SECTION 9 ADMINISTRATIVE CHANGES The City Manager has the authority to make necessary administrative adjustments to the RMA in order to remedy any portions of this RMA that require clarification. Any taxpayer that believes that the amount of the Special Tax levied on its Parcel is in error may file a written notice with the City Manager appealing the Special Tax, provided that the appellant is current in its payment of Special Taxes. Any such notice of appeal must be filed by January 1 of the Fiscal Year for which the Special Tax in question has been levied. During the pendency of an appeal, all Special Taxes previously levied must ATTY/RESO.0121/CC RESO REDWOOD CITY ROI ESTABLISH REV: 10-21-2020 MI Page 23 of 26 223