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7.A even if bonds are never sold), the developer will be required to construct the Pecmffe3 public infrastructure stipulated in the Development Agreement. Further, the payment of principal and interest on the bonds (along with all administrative costs) will be the responsibility of the property owners within the District. The City is not guaranteeing the repayment of the bonds and is not pledging any collateral to secure the bonds. The only security for the bonds will be a lien of the real property within the District. In the event that property owners do not pay their special taxes the City's only obligations will be: 1) to direct the fiscal agent (U.S. Bank) to advance funds from the debt service reserve fund (which will be funded with bond proceeds when bonds are sold) and 2) to initiate foreclosure proceedings on the delinquent property owners. In addition, the City will incur annual bond trustee fees, audit expenses and administrative costs associated with classifying properties within the District, calculating the annual special tax levies for taxable parcels within the District and preparing and transmitting to the County a list of special tax levies to be placed on the secured tax roll. These costs will be recovered from the property owner or owners from the proceeds of special taxes collected by the County. Annual fees collected by the City will include an amount sufficient to reimburse the City for finance department and other departments' staff time, overhead and expenses incidental to annual administration of the District. 7!/~ Brian Ponty Director of Finance Peter V City Manager ATTACHMENTS 1. Resolution of Formation of City of Redwood City Community Facilities District No. 2010-1 (One Marina), Authorizing the Levy of a Special Tax within the District, Preliminarily Establishing an Appropriations Limit for the District, and Submitting Levy of the Special Tax and the Establishment of the Appropriations Limit to the Qualified Electors of the District. 2. Resolution Determining the Necessity to Incur Bonded Indebtedness within City of Redwood City Community Facilities District No. 2010-1 (One Marina) and Submitting Proposition to the Qualified Electors of the District. 3. Resolution Calling Special Election within City of Redwood City Community Facilities District No. 2010-1 (One Marina). 4. Resolution of the City Council of the City of Redwood City Declaring Election Results of Special Election and Directing Recording of Notice of Special Tax Lien. '5. Ordinance of the City Council of the City of Redwood City Levying Special Taxes within City of Redwood City Community Facilities District No. 2010-1 (One Marina). RELATED DOCUMENTS IN CITY CLERK'S OFFICE 1. Community Facilities District Report