AgdaPkt 2010-08-09 - Laserfiche WebLink

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O.Lts Page 27 ATTACHMENT 2 EXHIBIT C overhang, patio, enclosed patio, or similar area. The determination of Residential Floor Area for an Assessor's Parcel shall be made by reference to the building permit(s) issued for such Assessor's Parcel andlor to the appropriate records kept by the Building Inspection Division, or other applicable City department, as reasonably determined by the CFD Administrator. Such determination shall be final following the issuance of a Certificate of Occupancy for the residential dwelling unit. "Residential Property" means all Assessor's Parcels of Developed Property for which a building permit permitting the construction thereon of one or more residential dwelling units has been issued by the City, excluding Hotel Property. "Special Tax" means the special tax to be levied in each Fiscal Year on each Assessor's Parcel of Taxable Property within CFD No. 2010-1 to fund the Special Tax . Requirement. "Special Tax Requirement" means that amount required in any Fiscal Year for CFD No. 2010-1 to: (i) pay debt service on all Outstanding Bonds due in the calendar year commencing in such Fiscal Year; (ii) pay periodic costs on the CFD No. 2010-1 Bonds, including but not limited to, credit enhancement and rebate payments on the CFD No. 2010-1 Bonds due in the calendar year commencing in such Fiscal Year; (iii) pay Administrative Expenses; (iv) pay any amounts required to establish or replenish any reserve funds for all Outstanding Bonds; (v) pay directly for acquisition or construction of Authorized Facilities to the extent that the inclusion of such amount does not increase the Special Tax levy on Undeveloped Property; (vi) pay for reasonably anticipated Special Tax delinquencies based on the delinquency rate for the Special Tax levy in the previous Fiscal Year; less (vii) a credit for funds available to reduce the annual Special Tax, as determined by the CFD Administrator pursuant to the Indenture. "State" means the State of California. "Taxable Property" means all of the Assessor's Parcels within the boundaries of CFD No. 2010-1 which are not exempt from the Special Tax pursuant to law or Section F herein. "Trustee" means the trustee or fiscal agent under the Indenture. "Undeveloped Property" means, for each Fiscal Year, all Taxable Property not classified as Developed Property. Please refer to additional definitions in Section D herein relating to the Buydown of Outstanding Bonds} and to additional definitions in Section I herein relating to the Prepayment of Special Tax. B. ASSIGNMENT TO LAND USE CLASSES Each Fiscal Year, all Taxable Property within CFD No. 2010-1 shall be classified as Developed Property or Undeveloped Property, and shall be subject to Special Taxes in accordance with this Rate and Method of Apportionment determined pursuant to Sections C and E herein.