AgdaPkt 2010-08-09 - Laserfiche WebLink

Browse Search

t5.L I::S Page 32 ATTACHMENT 2 EXHIBIT C that result from a refusal on the part of one or more current property owners of Undeveloped Property to provide information on their future development. The CFD Administrator shall then review the updated Table 2 and determine the Buydown Requirement, if any, to be applied to the property identified in the request for Letter of Compliance to assure CFD No. 201 0-1's ability to collect the Maximum Special Tax .equal to 1100/0 debt service coverage on the Outstanding Bonds, plus the Administrative Expenses as defined in Section A herein. The calculations shall be undertaken by the CFD Administrator, based on the data in the updated Table 2, as follows: Step 1. Compute the sum of the Maximum Special Tax authorized to be levied on all Developed Property and Update Property within CFD No. 2010-1, plus the sum of the Maximum Special Tax authorized to be levied on all future development as identified in the current Development Plan assuming buildout, as determined by the CFD Administrator in consultation with the property owner(s). Step 2. Determine the amount of Maximum Special Taxes required to provide 110% debt service coverage on the Outstanding Bonds, plus the Administrative Expenses as defined in Section A herein. Step 3. If the total sum computed pursuant to step 1 is greater than or equal to the amount computed pursuant to step 2, then no Buydown will be required and a Letter of Compliance shall immediately be issued by the CFD Administrator for all of the building permits currently being requested. If the total sum computed pursuant to step 1 is less than the amount computed pursuant to step 2, then continue to step 4. Step 4. Determine the Maximum Special Tax shortfall by subtracting the total sum computed pursuant to step 1 from the amount computed pursuant to step 2. Divide this difference by the amount computed pursuant to step 2. Step 5. Multiply the quotient computed pursuant to Step 4 by the Outstanding Bonds and round up to the nearest increment of $5,000 to compute the amount of Outstanding Bonds to be retired and prepaid. Step 6. Multiply the amount computed pursuant to Step 5 by the applicable redemption premium, if any, on the Outstanding Bonds to be redeemed. Step 7. Compute the amount needed to pay interest on the amount computed pursuant to Step 5 from the first bond interest and/or principal payment date following the current Fiscal Year until the earliest possible redemption date for the Outstanding Bonds, and subtract therefrom the estimated amount of interest earnings to be derived from the reinvestment of the amounts computed pursuant to Step 5 and Step 6 until such redemption. Step 8. The administrative fees and expenses of CFD No. 2010-1 are as calculated by the CFD Administrator and include the costs of computation