Res10 15048 - Laserfiche WebLink

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08/09/2010 EXHIBIT C ATTACHMENT 2 Special Tax and shall instead require a prepayment of the Special Tax pursuant to Section 1.3 herein, unless the CFD Administrator determines that such transfer will not reduce the amount of Special Taxes that may be levied on Taxable Property within CFD No. 2010 -1 in all Fiscal Years to below the sum of (i) 1.10 times the debt service necessary to support the remaining Outstanding Bonds, and (ii) the Administrative Expenses as defined in this Section A. The prepayment of the Special Tax for Assessor's Parcels, or portion thereof, requiring such prepayment shall occur prior to the transfer of the Assessor's Parcel to a public agency or property owner association. Should the excess Public Property and /or Property Owner Association Property be transferred without such Special Tax being prepaid, a One Time Special Tax equivalent to the appropriate Prepayment Amount as calculated under Section 1.3 herein shall be imposed on the public agency or property owner association that now owns the Assessor's Parcel, to be paid within 30 days of receipt of a demand letter from the CFD Administrator for payment. G. APPEALS AND INTERPRETATIONS Any landowner or resident who feels that the amount of the Special Tax levied on his Assessor's Parcel is in error may submit a written appeal to the CFD Administrator. The CFD Administrator shall review the appeal and if the CFD Administrator concurs, the amount of the Special Tax levied shall be appropriately modified through an adjustment to the Special Tax levy in the following Fiscal Year. No refunds shall be given. The CFD Administrator may interpret this Rate and Method of Apportionment for purposes of clarifying any ambiguity and make determinations relative to the annual administration of the Special Tax and any landowner or resident appeals. H. MANNER OF COLLECTION The Special Tax will be collected in the same manner and at the same time as ordinary ad valorem property taxes; provided, however, that CFD No. 2010 -1 may directly bill the Special Tax, may collect Special Taxes at a different time or in a different manner if necessary to meet its financial obligations, and may covenant to foreclose and may actually foreclose on delinquent Assessor's Parcels as permitted by the Act. i. PREPAYMENT OF SPECIAL TAX Under this Rate and Method of Apportionment, an Assessor's Parcel within CFD No. 2010 -1 is permitted to prepay the Special Tax. The obligation of the Assessor's Parcel to pay the Special Tax may be fully or partially prepaid and permanently satisfied as described herein, provided that a prepayment may be made only for Assessor's Parcels of Developed Property, or for an Assessor's Parcel of Undeveloped Property for which a building permit has been issued after January 1, 2010, and only if there are no delinquent Special Taxes with respect to such Assessor's Parcel at the time of prepayment. An owner of an Assessor's Parcel intending to prepay the Special Tax obligation shall provide the CFD Administrator with written notice of intent to prepay. Within 30 days of receipt of such written notice, the CFD Administrator shall notify such owner of the prepayment amount for such Assessor's Parcel. The CFD Administrator may charge such owner a reasonable fee for providing this service. If there are Outstanding Bonds, prepayment must be made not less than 30 days prior to a date #15048 MUFF # 506