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• <br /> current Fiscal Year until the earliest possible redemption date for the Outstanding <br /> Bonds, and subtract therefrom the estimated amount of interest earnings to be <br /> derived from the reinvestment of the amounts computed pursuant to Step 5 and <br /> Step 6 until such redemption. <br /> Step 8. The administrative fees and expenses of CFD No. 2010 -1 are as calculated by the <br /> CFD Administrator and include the costs of computation of the Buydown <br /> Requirement, the costs to invest the Buydown Requirement proceeds and the <br /> costs of redeeming CFD No. 2010 -1 Bonds. <br /> Step 9. The Buydown Requirement is equal to the sum of the amounts computed pursuant <br /> to Steps 5, 6, 7 and 8 (the "Buydown Requirement "). <br /> Step 10. The reserve fund credit shall equal the lesser of: (a) the expected reduction in the <br /> reserve requirement (as specified in the Indenture), if any, associated with the <br /> redemption of Outstanding Bonds as a result of the Buydown, or (b) the amount <br /> derived by subtracting the new reserve requirement (as defined in the Indenture) <br /> in effect after the redemption of Outstanding Bonds as a result of the Buydown <br /> from the balance in the reserve fund on the Buydown date, but in no event shall <br /> such amount be less than zero. No reserve fund credit shall be granted if the <br /> amount then on deposit in the reserve fund for the Outstanding Bonds is below <br /> 100% of the reserve requirement (as defined in the Indenture). <br /> The Buydown Requirement computed under Step 9 shall be billed directly to the property owner <br /> of each Assessor's Parcel identified in the request for Letter of Compliance and shall be due <br /> within 30 days of the billing date. If the Buydown Requirement is not paid within 45 days of the <br /> billing date, a Letter of Compliance will not be issued to the City and /or property owner by the <br /> CFD Administrator and the authorization of the requested building permits for the subject <br /> property will not be approved until such Buydown Requirement is paid. Upon receipt of the <br /> Buydown Requirement, the CFD Administrator shall issue a Letter of Compliance and a <br /> Certificate of Satisfaction of Buydown for the subject property. The reserve fund credit <br /> calculated pursuant to Step 10 above shall be credited to the property owner against the <br /> Buydown Requirement of each Assessor's Parcel identified in the request for Letter of <br /> Compliance once the CFD Administrator has confirmed receipt of all Special Taxes due for such <br /> property owner(s) in the Fiscal Year the Buydown Requirement was made. If the Buydown <br /> Requirement has been paid prior to such determination by the CFD Administrator, the amount <br /> equal to the reserve fund credit shall be reimbursed to the payee within 30 days following such <br /> confirmation. <br /> 4. Costs and Expenses Related to Implementation of Buydown of Outstanding Bonds <br /> The costs of the CFD Administrator or other consultants required to review the application for <br /> building permits and issue Letters of Compliance, as identified in Sections D.1 and D.2 above, <br /> shall be paid out of the administrative expenses account as defined in the Indenture. The <br /> property owner of each Assessor's Parcel identified in the request for Letter of Compliance shall <br /> pay all costs of the CFD Administrator or other consultants required to calculate the Buydown, <br /> issue Letters of Compliance and any other actions required under Section D.3. Such payments <br /> shall be due 30 days after receipt of invoice by such property owner. A deposit may be required <br /> Community Facilities District No. 2010 -1 February 16, 2011 <br /> City of Redwood City (One Marina) Page 11 <br />