AgdaPkt 2010-08-09 - Laserfiche WebLink

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O.Llj Page 33 ATTACHMENT 2 EXHIBIT C of the Buydown Requirement, the costs to invest the Buydown Requirement proceeds and the costs of redeeming CFD No. 2010-1 Bonds. Step 9. The Buydown Requirement is equal to the sum of the amounts computed pursuant to Steps 5, 6, 7 and 8 (the IlBuydown Requirement"). Step 10. The reserve fund credit shall equal the lesser of: (a) the expected reduction in the reserve requirement (as specified in the Indenture), if any, associated with the redemption of Outstanding Bonds as a result of the Buydown, or (b) the amount derived by subtracting the new reserve requirement (as defined in the Indenture) in effect after the redemption of Outstanding Bonds as a result of the Buydown from the balance in the reserve fund on the Buydown date, but in no event shall such amount be less than zero. No reserve fund credit shall be granted if the amount then on deposit in the reserve fund for the Outstanding Bonds is below 100% of the reserve requirement (as defined in the Indenture). The Buydown Requirement computed under Step 9 shall be billed directly to the property owner of each Assessor's Parcel identified in the request for Letter of Compliance and shall be due within 30 days of the billing date. If the Buydown Requirement is not paid within 45 days of the billing date, a Letter of Compliance will not be issued to the City andlor property owner by the CFD Administrator and the authorization of the requested building permits for the subject property will not be approved until such Buydown Requirement is paid. Upon receipt of the Buydown Requirement, the CFO Administrator shall issue a Letter of Compliance and a Certificate of Satisfaction of Buydown for the subject property. The reserve fund credit calculated pursuant to Step 10 above shall be credited to the property owner against the Buydown Requirement of each Assessor's Parcel identified in the request for Letter of Compliance once the CFD Administrator has confirmed receipt of all Special Taxes due for such property owner(s) in the Fiscal Year the Buydown Requirement was made. If the Buydown Requirement has been paid prior to such determination by the CFD Administrator, the amount equal to the reserve fund credit shall be reimbursed to the payee within 30 days following such confirmation. 4. Costs and Expenses Related to Implementation of Buydown of Outstanding Bonds The costs of the CFD Administrator or other consultants required to review the application for building permits and issue Letters of Compliance, as identified in Sections D.1 and 0.2 above, shall be paid out of the administrative expenses account as defined in the Indenture. The property owner of each Assessor's Parcel identified in the request for Letter of Compliance shall pay all costs of the CFD Administrator or other consultants required to calculate the Buydown, issue Letters. of Compliance and any other actions required under Section D.3. Such payments shall be due 30 days after receipt of invoice by such property owner. A deposit may be required by the CFD Administrator prior to undertaking work related to the Buydown pursuant to Section 0.3.