Ord99 2180 - Laserfiche WebLink

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"Prepaid Parcel" means any Pamel that has prepaid in full pursuant to this Rate and Method of Apportionment the Special Taxes to be levied against such Parcel in satisfaction of its pro rata share of Annual Costs. "Principal Prepayment Amount" means the amount of unpaid outstanding bond principal and authorized but unissued bond principal allocable to each Taxable Parcel as of the date of such calculation. "Public Parcel" means any Parcel that is, or is intended to be, publicly owned and which is normally exempt from ad valorem taxes under California law, including public streets, schools, school district administrative offices, police and fire facilities, parks, and public drainage ways, rights-of- way, landscaping, greenbelts and open space. "Residential Parcel" means any Parcel zoned for single or multi-family residential use. "Special Tax" or "Special Taxes" means any tax levy with respect to the CFD under the Act on Taxable Parcels. "Special Tax Report" means the report prepared annually pursuant to Section 3 hereof. "Tax Collection Schedule" means the document prepared by the City Manager for use by the Auditor in collecting the Special Taxes each Fiscal Year pursuant to Section 6 hereof. "Taxable Classification Date" means the date on which a Parcel is first classified as a Taxable Parcel. "Taxable Parcel" means any Developed Commercial Parcel or Approved Commercial Parcel which is not a Prepaid Parcel. "Tax-Exempt Parcel" means any Parcel that is a Public Parcel or Residential Parcel. However, Taxable Parcels that are acquired by a public entity shall remain subject to the applicable Special Tax pursuant to Section 53317.4 of the Act. Section 2. Basis of Special Tax Levy A Special Tax under the Act applicable to each Taxable Parcel shall be levied and collected according to the tax liability determined by the City through the application of the procedures described below. Section 3. Determination and Classification of Parcels Subject to Special Tax Prior to the first issuance of bonds, and thereafter prior to July 1 of each Fiscal Year, the City Manager shall cause to be prepared a Special Tax Report setting forth: 1) the classification as of the Classification Date applicable for such Fiscal Year of each Parcel within the boundaries of the CFD, 2) a projected sources and uses of funds for the CFD in such Fiscal Year showing that projected Annual Tax Revenues are sufficient to pay projected Annual Costs, 3) the total number of Developed Commercial Square Feet attributable to Developed Commercial Parcels and A-3 2180