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ATTACH�NT 3 <br /> Page 24 <br /> , <br /> m m nner and at the same time as ad valorem I � <br /> the City by the County of San Mateo m the sa e a , <br /> property taxes. i� <br /> Special Tax Methodology <br /> The Special Tax authorized under the Act applicable to land within the District will be <br /> levied and collected according to the tax liability determined by the City through the application <br /> of the appropriate amount or rate as described in the Special Tax Formula set forth in <br /> "APPENDIX A— RATE AND METHOD OF APPORTIONMENT OF SPECIAL TAX." <br /> Capitalized terms set forth in this section and not otherwise defined have the meanings set forth <br /> in the Special Tax Formula. <br /> Determination of Special Tax Requirement. Each year, the City will determine the <br /> Special Tax Requirement of the District for the upcoming fiscal year. The "Special Tax <br /> Requirement" includes the following items: <br /> (i) administrative expenses, including County fees; <br /> (ii) debt service on the bonds issued for the District and certain bond related <br /> expenses; <br /> (iii) any amounts needed to establish or replenish bond reserve funds and to pay <br /> for reasonably anticipated Special Tax delinquencies based on the delinquency rate for <br /> the previous Fiscal Year or anticipated for the current year; and <br /> (iv) pay-as-you-go expenditures for authorized improvements. <br /> When collected, the Special Tax revenues first are to be used to pay Administrative <br /> Expenses in an amount capped at the "Annual Administrative Expense DeposiY' which is, in <br /> each Bond Fiscal Year, the amount of $25,000 plus, commencing in Fiscal Year 2011/12 and in <br /> each Fiscal Year thereafter, an amount of increase equal to two percent (2%) of the Annual <br /> Administrative Expense Deposit for the previous Fiscal Year, except that the initial Annual <br /> Administrative Expense Deposit shall be $65,000. Following withdrawal of the Annual <br /> Administrative Expense Deposit, Special Tax revenues are then available for items (i) and (ii) <br /> listed above, and, after payment of those items, may be used for any additional Administrative <br /> Expenses. Initial Administrative Expenses have been capitalized from Bond proceeds. See <br /> "SOURCES AND USES OF FUNDS." <br /> The Special Tax Requirement is the basis for the amount of Special Tax to be levied <br /> within the District. In no event may the City levy a Special Tax in any year above the annual <br /> Maximum Special Tax identified for each parcel in the Special Tax Formula. <br /> Parcels Subject to the Specia/ Tax. The City will prepare a list of the parcels subject <br /> to the Special Tax using the records of the City and the County Assessor. For each Fiscal Year <br /> in which the Bonds are outstanding, all Taxable Property within the District shall be classified as <br /> Developed Property or Undeveloped Property, and shall be subject to Special Taxes in <br /> accordance with the Special Tax Formula. All parcels within the District shall be subject to a <br /> Special Tax except property which is exempt from the Special Tax pursuant to the Special Tax <br /> Formula, which exemption includes, subject to certain limitations, Public Property and Property <br /> Owner Association Property , and homes meeting the Below Market Rate requirements. <br /> -10- <br />