AgdaPkt 2010-08-09 - Laserfiche WebLink

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O.~tS Page 15 District in the office of the County Recorder of the County of San Mateo (the "County") as soon as practicable after the adoption of this Resolution. Section 4. The type of public facilities (the "Facilities") proposed to be eligible for funding by the District and pursuant to the Law shall consist of those items listed on Exhibit B hereto under the heading "Facilities," which Exhibit is by this reference incorporated herein. The City Council hereby finds and determines that the description of the Facilities here,in is sufficiently informative to allow taxpayers within the proposed District to understand what the funds of the District may be used to finance, and that the proposed Facilities are necessary to meet increased demands placed upon the City as a result of development occurring in the District. The City Council hereby finds and determines that the public interest will not be served by allowing the Petitioner to enter into a contract in accordance with Section 53329.5(a) of the Law. Notwithstanding the foregoing, the City Council, on behalf of the District, may enter into one or more contracts directly with the Petitioner with respect to the construction and/or acquisition of any portion of the Facilities. Section 5. Except to the extent that .funds are otherwise available to the District to pay for the Facilities and/or pay the principal and interest as it becomes due on bonds of the City issued on behalf of the District, a special tax sufficient to pay the costs thereof (the "Special Tax"), secured by recordation of a continuing lien against all non- exempt real property in the District, will be levied within the District and collected in the same manner as ordinary ad valorem property taxes or in such other manner as this City Council or its designee shall determine, including direct billing of the affected property owners. The proposed rate and method of apportionment of the special tax among the parcels of real property within the District, in sufficient detail to allow each landowner within the proposed District to estimate the maximum amount such owner will have to pay, is described in Exhibit C attached hereto, which Exhibit C is by this reference incorporated herein. The City Council hereby determines that the proposed rate and method of apportionment of the special tax is in compliance with the CFD Goals. This City Council finds that the provisions of Section 53313.6, 53313.7 and 53313.9 of the Law (relating to adjustments to ad valorem property taxes and schools financed by a community facilities district) are inapplicable to the District. In the case of any Special Tax to pay for the Facilities to be levied against any parcel used for private residential purposes: (i) the maximum Special Tax shall be specified as a dollar amount which shall be calculated and thereby established not later than the date on which the parcel is first subject to the tax because of its use for private residential purposes and which amount shall not be increased over time over two percent (2%) per year; (ii) the tax year after which no further Special Tax subject to this sentence shall be levied or collected shall be as set forth in Exhibit C hereto; and (iii) under no circumstances will the Special Tax levied in any fiscal year against any residential parcel subject to this sentence be increased as a consequence of delinquency or default by the owner or owners of any other parcel within the District by A TTY IRESO/RESO.2040 080310 -2-