AgdaPkt 2003-07-28 - Laserfiche WebLink

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8A -3�3 _ Special Tax Rates until the Special Tax rates on all Taxable Parcels produces scheduled Annual Tax Revenue equal to the projected Annual Costs. Step 7: An annual Special Tax shall be determined for eact: Taxable Parcel by multiplying the Special Tax rate(s) identified in Step 6 above times the number .4 commercial square feet taxable at such Special Tax rate(s) on each such Taxable Parcel. Maximum Annual Special Tax Rate. For each Taxable Parcel, the Maximum Annual Special Tax Rate shall be established for both Developed Commercial Square Feet and Approved Commercial Square Feet as that Maximum Annual Special Tax Rate applicable in the year in which such commercial square footage first becomes subject to taxation. The Maximum Annual Special Tax Rate applicable to particular Developed Commercial Square Feet or Approved Commercial Square Feet shall not increase after the year in which it is first so applied. A Taxable Parcel may have more than one Maximum Annual Special Tax Rate applicable to it. For Taxable Parcels first so classified in Fiscal Year 1999- 2000, the Maximum Annual Special Tax Rate has been set at 23.2 cents per square foot of Commercial Square Feet thereon. For Commercial Square Feet becoming taxable on a Taxable Parcel in subsequent years, the Maximum Annual Special Tax Rate on such Commercial Square Feet will be established based upon the fiscal year in which such Commercial Square Feet was first subject to taxation, ranging from 24.4 cents per square foot for Commercial Square Feet first becoming taxable in fiscal year 2000- 2001 to a maximum of 49 cents per square foot for property first becoming taxable in 2013 or thereafter. See 'APPENDIX B - Rate and Method of Apportionment for District No. 99 -1." All parcels which are currently classified as Taxable Parcels received their classification in fiscal year 1999 -2000 and the applicable Maximum Annual Special Tax has been set at 232 cents per square foot of Commercial Square Feet thereon. Prepayment ofAnnual Special Taxes. The owner of any Taxable Parcel may prepay the Special Taxes to be levied against such Parcel, in whole but not in part. The Prepayment Amounts for a Parcel either (i) before the issuance of the Bonds or (ii) after the issuance of Bonds are calculated based on various factors, all as specified in "APPENDIX B - Rate and Method of Apportionment for District No. 99 -1 - Section G" herein. Upon prepayment of the Special Tax, the parcel for which the prepayment was made will no longer be security for the Bonds. Oracle Corporation prepaid the Special Taxes on parcels owned or controlled by it prior to the sale of the Bonds and the Oracle Parcels are not security for the Bonds. See "REDWOOD SHORES COMMUNITY FACILITIES DISTRICT NO. 99 -1- Major Land Owners." Pursuant to Section 53356.1 of the Act, in the event of any delinquency in the payment of the Special Tax, the District may order the institution of a Superior Court action to foreclose the lien therefor within specified time limits. In such an action, the real property subject to the unpaid amount may be sold at judicial foreclosure sale. Such judicial foreclosure action is not mandatory. However, in the Fiscal Agent Agreement the District has covenanted for the benefit of the Owners of the Bonds that it (f) will commence judicial foreclosure proceedings against all parcels owned by a property owner that are delinquent in the payment of Special Taxes by the October 1 following the close of each Fiscal Year in which such Special Taxes were due and (ii) will diligently pursue such foreclosure proceedings until the delinquent Special Taxes are paid; provided that, notwithstanding the foregoing, the District may elect to defer foreclosure proceedings on any parcel of Developed Commercial Parcel which is owned by a delinquent property owner whose property is not in the aggregate, delinquent in the payment of Special Taxes for a period of two years or more or in an amount in excess of $5,000 so long as (i) the amount in the Reserve Account of the Special Tax Fund is at least equal to the Reserve Requirement, and (ii) with respect to the Bonds, the District is not in default in the payment of the principal of or interest on the Bonds. The District may, but shall not be obligated to, advance funds from any source of legally available funds in order to maintain the Reserve -16-