Agdapkt 2010-12-06 clsd and regular

Browse Search

, ATTACP ge 26 assigned to Land Use Classes 1 through 3, as listed in a table in the Special Tax Formula, based on the type of use, Residential Floor Area, and the location for each residential dwelling unit. Such Maximum Special Tax rates for land classified as Developed Property range from $2,711 to $5,422 per unit for fiscal year 2010-11; Below Market Rate Units have no Special Tax. Non-Residential Property shall be assigned to Land Use Class 5($152,050 per acre for fiscal year 2010-11). Hotel Property shall be assigned to Land Use Class 6($159,660 per acre for fiscal year 2010-11). The Fiscal Year 2010-11 Maximum Special Tax for Undeveloped Property shall be $181,637 per acre. See "APPENDIX A- RATE AND METHOD OF APPORTIONMENT OF SPECIAL TAX." Esca/ation. The Fiscal Year 2010-11 Maximum Special Tax is allowed to increase, commencing on July 1, 2011 and on July 1 of each Fiscal Year thereafter, by an amount equal to two percent (2%) of the Maximum Special Tax for the previous Fiscal Year. Buy-Down. In the event of a change in development of the land within the District, the Special Tax Formula includes provisions for a Buydown of Outstanding Bonds after the issuance of the first series of bonds for the District. In such event, the Maximum Special Taxes originally provided for the District shall be compared against the revised development plan, and in the event 110% debt service coverage is not maintained with the revised plan, the owner of the property shall be required to deposit cash with the District in an amount sufficient to prepay an amount of Bonds as required to meet the 110% coverage requirement. The Special Tax will be levied in an amount at least equal to the Special Tax Requirement as described in the Special Tax Formula and may be levied in an amount up to the maximum rates, which may include a pay-as-you-go component whereby the Developer and the City may utilize the pay-as-you-go component to pay for and/or reimburse the Developer for a portion of the cost of Improvements not funded by proceeds of bonds issued for the District. In the event it is utilized, proceeds of the annual Special Tax levy will first be used to pay the Special Tax Requirement other than pay-as-you-go expenditures and second, if the levy included a pay-as-you-go component, for deposit into the Improvement Fund for authorized costs not funded from Bond proceeds. See "THE IMPROVEMENTS" and "APPRAISAL OF PROPERTY WITHIN THE DISTRICT." See also "SECURITY AND SOURCES OF PAYMENT FOR THE BONDS — Special Tax Methodology" above. See "APPENDIX A- RATE AND METHOD OF APPORTIONMENT OF SPECIAL TAX" for a copy of the Special Tax Formula. Special Tax Fund There is established in the Fiscal Agent Agreement as a separate fund to be held by the City, the Community Facilities District No. 2010-1 (One Marina) Special Tax Bonds, Series 2011 Special Tax Fund, to the credit of which the Director of Finance shall deposit, immediately upon receipt by the City, all Special Tax Revenue received (except for amounts necessary to pay the Annual Administrative Expense Deposit). Moneys in the Special Tax Fund shall be held in trust by the City for the benefit of the Owners of the Bonds, shall be disbursed as provided below and, pending any disbursement, shall be subject to a lien in favor of the Owners of the Bonds. The City shall remit Special Taxes received by it (after deposit by the City to the Administrative Expense Fund of the Annual Administrative Expense Deposit to the Fiscal Agent for deposit by the Fiscal Agent in the Bond Fund as necessary to make the transfers from the Bond Fund for payment of principal and interest on the Bonds and any other amounts required to be transferred pursuant to the Fiscal Agent Agreement. Notwithstanding the foregoing, (i) any Special Tax Revenues constituting payment of the portion of the Special Tax levy for -12-