AgdaPkt 2020-11-23 Joint SA PFA - Laserfiche WebLink

Browse Search

7.C. - Page 29 of 54 City or its designee shall notify such owner of the prepayment amount for such Fully Taxable Parcel. Facilities Special Taxes may not be prepaid in part. Optional prepayment of Facilities Special Tax for each Fully Taxable Parcel shall be determined by the City Manager as of July 1 of the current Fiscal Year as follows. Step 1 Calculate the Remaining Installment Payment Obligation assuming that the Principal Installment Payment for the current Fiscal Year has been paid. Step 2 Divide the amount calculated in Step 1 above by the aggregate Building Square Feet of Fully Taxable Parcels for the current Fiscal Year. Step 3 For the Fully Taxable Parcel prepaying, multiply the rate per Building Square Foot arrived in Step 2 by the total number of Building Square Feet allocable to such Fully Taxable Parcel to arrive at the Installment Payment Obligation Prepayment Amount allocable to such Fully Taxable Parcel. Step 4 Calculate the administrative fees and expenses including the costs of computation of the prepayment and the costs of recording any notices to evidence the prepayment (the "Administrative Fees and Expenses"). The owner of a Fully Taxable Parcel may prepay the Facilities Special Tax to be levied against such Parcel by paying in cash the sum of (i) the amount of any delinquent and unpaid installments of Special Taxes levied against such Parcel, together with any penalties, interest and costs due thereon, (ii) the Facilities Special Tax levied against such Parcel in the current Fiscal Year which have yet to be paid by the owner, (iii) the Installment Payment Obligation Prepayment Amount (less any principal amounts included in such Installment Payment Obligation Prepayment Amount that will be paid pursuant to clauses (i) and (ii)) allocable to such Fully Taxable Parcel in such Fiscal Year as calculated above, and (iv) the Administrative Fees and Expenses (collectively, the "Prepayment Amount"). The owner shall pay the sum of (i), (ii), (iii) and (iv) above no later than June 30 of the current Fiscal Year. With respect to any Parcel that is prepaid in accordance with this Section 7, the City Manager or its designee shall cause a suitable notice to be recorded in compliance with the Act, to indicate the prepayment of the Facilities Special Tax and the release of the Facilities Special Tax lien on such Parcel, and the obligation of such Parcel to pay the Facilities Special Tax shall cease. Services Special Taxes may not be prepaid. SECTION 8 JUSTIFICATION AND APPLICATION OF MAINTENANCE RESERVES Prior to or in connection with the CFD Formation Proceedings and at least ninety (90) days prior to July 1 of each five -Fiscal Year period thereafter, commencing with the five -Fiscal Year period beginning July 1, 2021, the City shall prepare (or cause to have prepared) a Repair and Replacement Plan for Wet Utilities. -12- 591