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8.A I <br /> , Page 3 �I <br /> Based on its experience with prior community facilities districts and bids obtained in ' <br /> connection with this CFD, the City has established an annual administrative expense <br /> budget of $25,000 (ta increase at 2% annually) that wilf be funded from special taxes <br /> prio� to the payment of debt service on the bonds. In the event that the Gity's expenses <br /> exceed the foregoing amount the City is authorized to bill the District annually for such <br /> expenses after annual debt service on the bonds has been satisfied. As special taxes <br /> will be levied in an amount equal to approximately 110% of debt service, it is expected <br /> that there will be sufficient special tax proceeds avaitable to pay all annual <br /> administrative expenses. <br /> In the event there are material tax delinquencies and the amount of special taxes collected <br /> is insufficient to pay debt service, the City could incur unreimbursed adrninistrative <br /> expenses. The City is authorized under the Act to institute foreclosure proceedings to <br /> recover delinquent special taxes and to recover any unpaid administrative expenses, <br /> interest and penalties from foreclasure proceeds. <br /> Under no circumstance is the City p(edging its credit ar taxing powe� towards the <br /> repayment of these bonds. The only security the bondholders will have is the real <br /> property within the district subject to the special tax. <br /> �� , <br /> , , �s.. <br /> Brian J. Ponty Robert Bell <br /> Director of Finance Interim City Manager <br /> ATTACHMENTS <br /> 1. Resolution declaring the City's consideration of amending ce�tain provisions relating <br /> to the City of Redwood City �ne Marina CFD <br /> Z. Resolution calling special electian within the City of Redwood City One Marina CFD <br /> regarding the proposed amendments <br /> 3. Resolution approving the resu(ts of the special election and the order of changes ta <br /> the proceedings regarding the Gity af Redwoad City One Marina CFD, and certain <br /> matters with respect thereto <br /> 4. Descrip�ion of Principal Bond-Related Documents <br /> RELATED DOGUMENTS !N C1TY CLERK'S OFFICE <br /> 1. Revised Preliminary Official Statement <br /> 2. Acquisition Agreement <br />