Res10 15048 - Laserfiche WebLink

Browse Search

08/09/2010 EXHIBIT C These terms have the following meaning: ATTACHMENT 2 PP = the partial prepayment. PE = the Special Tax Prepayment Amount calculated according to Section 1.1. F = the percentage, expressed as a decimal, by which the owner of the Assessor's Parcel is partially prepaying the Special Tax. A = the Administrative Fees and Expenses calculated according to Section 1.1. 3. Prepayment of Public Property or Property Owner Association Property An Assessor's Parcel, or portion thereof, of Public Property or Property Owner Association Property within CFD No. 2010 -1 that is not exempt from the Special Tax pursuant to Section F herein shall be required to prepay the Special Tax obligation applicable to such Assessor's Parcel as calculated by the CFD Administrator according to the following steps: Determine the Maximum Special Tax anticipated to apply to such Assessor's Parcel, or portion thereof, of excess Public Property or Property Owner Association Property by multiplying the Acreage of such Assessor's Parcel that is ineligible for exemption status, as determined pursuant to Section F herein, times the Maximum Special Tax for Non - Residential Property (set forth in Table 1 of Section C herein). 2. Divide the Maximum Special Tax computed pursuant to step 1 above by the sum of (i) the amount of Maximum Special Taxes required to provide 110% debt service coverage on the Outstanding Bonds, and (ii) the Administrative Expenses as defined in Section A herein. 3. Determine the amount of Special Tax delinquencies that apply to such Assessor's Parcel, or portion thereof. 4. The Special Tax prepayment shall be calculated using the prepayment formula described in Section 1.1, with the following exceptions: (i) skip paragraphs 1, 2 and 3, and begin with paragraph 4; (ii) the Bond Redemption Amount in paragraph 4 of the prepayment formula described in Section 1.1 shall equal the product of the quotient computed pursuant to step 2 above times the Previously Issued Bonds; (iii) the Future Facilities Amount in paragraph 7 of the prepayment formula described in Section 1.1 shall be $0; and (iv) the Capitalized Interest Credit described in paragraph 14 of the prepayment formula described in Section 1.1 shall be $0. The amount of Special Tax delinquencies as determined pursuant to step 3 above shall be added to this Special Tax prepayment amount (collectively the "Special Tax Prepayment Amount"). 4. General Provisions Applicable to the Prepayment of Special Tax (a) Use of the Special Tax Prepayment Amount The Special Tax Prepayment Amount shall be applied in the following order of priority: (i) to be deposited into specific funds established under the Indenture #15048 MUFF # 506