Agdapkt 2010-12-06 clsd and regular

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ATTAC�-I�NT 3 f'age 25 Annua/ Special Tax Levy. The Special Tax will be levied each year by calculating the Special Tax Requirement which needs to be generated by all Taxable Property in the District; the Special Tax (up to maximum allowable amount) will be levied against each Taxable Property until the total scheduled Special Tax revenue equals the Special Tax Requirement, however the Special Tax Formula establishes a priority for which properties will be levied a Special Tax, with "Developed Property" (as defined in the Special Tax Formula) receiving a Special Tax levy prior to "Undeveloped Property." Accordingly, the Special Tax will generally be levied to meet the Special Tax Requirement in each Fiscal Year as follows: First: The Special Tax shall be levied on each Assessor's Parcel of Developed Property in an amount equal to 100% of the applicable Maximum Special Tax; Second: If additional monies are needed to satisfy the Special Tax Requirement after the first step has been completed, the Special Tax shall be levied Proportionately on each Assessor's Parcel of Undeveloped Property at up to 100% of the applicable Maximum Special Tax for Undeveloped Property. Notwithstanding the above, under no circumstances will the Special Tax levied against any Assessor's Parcel of Residential Property for which a Certificate of Occupancy has been issued be increased by more than ten percent as a consequence of delinquency or default by the owner of any other Assessor's Parcel within the District. Such limitation of Residential Property shall not apply to Hotel Property and Non-Residential Property, of which will still be subject to 100% of the applicable Maximum Special Tax. Termination of the Special Tax. The Special Tax may be levied for a period not to exceed fifty years commencing with Fiscal Year 2010-11, provided however that the Special Tax will cease to be levied in an earlier Fiscal Year if the District administrator has determined that all required interest and principal payments on the bonds issued for the District have been paid. I � Prepayment of the Specia/ Tax. The Special Tax Formula provides that landowners of I ' Developed Property (or property in which a building permit has been issued) may permanently satisfy all or a portion of the Special Tax by a cash settlement with the City. The amount of the prepayment required is to be calculated according to a formula set forth in the Special Tax Formula, which is generally based on the parcel's share of the outstanding Bonds and Parity Bonds, remaining facilities costs which have not been bonded, the Reserve Fund Credit, fees, call premiums, negative arbitrage and any expenses incurred by the City in connection with the prepayment and expected future facilities costs. Levy of Annual Special Tax; Maximum Special Tax The annual Special Tax will be calculated by the City and levied to provide money for administration of the District, debt service on the Bonds and Parity Bonds, establishment or replenishment of the Reserve Fund, anticipated Special Tax delinquencies and for payment of ' pay-as-you-go expenditures (to the extent permitted by the City) of the Improvements or authorized District funded facilities not funded from Bond proceeds. The City and the Developer I do not currently anticipate levying for pay-as-you-go expenditures, but may choose to do so in the future. In no event may the City levy a Special Tax in any year above the annual Maximum Special Tax identified for each parcel in the Special Tax Formula. Residential Property shall be , -11-