Ord 2491 - Laserfiche WebLink

Browse Search

12/21/2020 Facilities District No. 2020-1 (Seaport Centre/Seaport Plaza), and Approving Related Documents and Actions" (the "Resolution of Formation"), "A Resolution of the City Council of the City of Redwood City Determining Necessity to Incur Bonded Indebtedness and Other Debt Payable from Special Taxes Levied in City of Redwood City Community Facilities District No. 2020-1 (Seaport Centre/Seaport Plaza), and Approving Related Documents and Actions" (the "Resolution of Necessity") and "A Resolution of the City Council of the City of Redwood City Calling a Special Election in the City of Redwood City Community Facilities District No. 2020-1 (Seaport Centre/Seaport Plaza)," which resolutions adopted a definition of the Facilities and Services to be financed by the CFD, established the CFD, authorized the levy of the Special Taxes within the CFD, determined the necessity to incur bonded indebtedness and other debt in the CFD and called an election within the CFD on the propositions of incurring the bonded indebtedness and other debt, levying the Special Taxes, and establishing an annual appropriations limit for the CFD, respectively; and WHEREAS, on November 23, 2020 a special election was held within the CFD at which the eligible landowner -electors approved such propositions by the two-thirds vote required by the CFD Law. NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF REDWOOD CITY DOES ORDAIN AS FOLLOWS: Section 1. The recitals set forth above are true and correct, and are hereby incorporated herein by this reference as if fully set forth in their entirety. Section 2. By the passage of this Ordinance, the City Council hereby authorizes and levies the Special Taxes within the CFD pursuant to the CFD Law, at the rate and in accordance with the formula (the "Rate and Method") set forth in the Resolution of Formation, which Resolution of Formation is by this reference incorporated herein. The Special Taxes are hereby levied commencing in fiscal year 2021-22 and continuing for the period provided in the Rate and Method, as contemplated by the Resolution of Formation and the Resolution of Necessity. Section 3. The Administrative Services Director (or designee) of the City is hereby authorized and directed each fiscal year to determine the specific special tax rate and amount to be levied for the next ensuing fiscal year for each parcel of real property within the CFD, in the manner and as provided in the Resolution of Formation. Section Q. Properties shall be exempt from any levy of the Special Taxes in the CFD as set forth in the Rate and Method. In no event shall the Special Taxes be levied on any parcel within the CFD in excess of the maximum amounts specified in the Resolution of Formation. Section 5. All of the collections of the Special Taxes shall be used as provided for in the CFD Law and in the Resolution of Formation including, but not limited to, the payment of principal and interest on the bonded indebtedness and other debt of the CFD, the replenishment of the reserve fund for such bonded indebtedness and other debt of the CFD, the payment of the costs of the Facilities, the payment of the costs of the Services, the payment of the costs of the City in administering the CFD, and the costs of collecting and administering the Special Taxes. Section 6. The Special Taxes shall be collected in the same manner as ordinary ad valorem taxes are collected and shall have the same lien priority, and be subject to the same penalties and the same procedure and sale in cases of delinquency as provided for ad valorem ATTY/ORD.528/CC ORD LEVYING SPECIAL TAXES WITHIN THE CITY OF RWC CFD SEAPORT ORDINANCE NO. 2491 REV: 11-13-2020 MI MUFF NO. 507 Page 2 of 3