AgdaPkt 2003-07-28 - Laserfiche WebLink

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j Step 5 The Maximum Annual Special Tax Rate (or rates, as the case may be) applicable to each Taxable Parcel shall be multiplied by the taxable commercial square feet corresponding to such rate(s). Step 6 If the total of the amounts calculated in Step 5 is greater than the Annual Costs, all Special Tax rates shall be decreased by equal proportions of the applicable Maximum Annual 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 each Taxable Parcel by multiplying the Special Tax rates) identified in Step 6 above times the number of commercial square feet taxable at such Special Tax rate (s) on each such Taxable Parcel. After each Parcel has been annually classified, the annual Special Tax and Principal Prepayment Amount for each Taxable Parcel has been calculated, and a Special Tax Report for such Fiscal Yeaz has been approved by resolution of the City Council in July of each Fiscal Yeaz, the City Manager shall forward a Tax Collectlon Schedule showing the annual Special Tax liabllity for each Taxable Parcel to the County Auditor, requesting that the Tax Collection Schedule be placed on the secured property tax roll for the applicable Fiscal Year. The Tax Collection Schedule shall be sent not later than August 10 or such other date required by the County Auditor for such placement. The City shall make every effort to correctly assign the Special Tax rates and calculate the annual Special Tax liability for each Taxable Parcel and the annual Principal Prepayment Amount for each Taxable Parcel. It shall be the burden of the taxpayer to correct any errors in the determination and classification of the Parcels subject to the Special Tax and their respective Special Tax and Principal Prepayment Amount liabilities. Section 7. Prepayment of Special Taxes Prepayment Prior to the Initial Sale ofBonds. Prior to the sale of Bonds secured by the Special Taxes, the owner of each Taxable Parcel shall have the option to prepay future Special Taxes to be levied against such Taxable Parcel with a single cash payment. The amount of such optional cash payment shall be determined as follows: Step 1 Prior to the sale of Bonds, the total number of Developed Commercial Square Feet and Approved Commercial Square Feet allocable to all Taxable Parcels in the CFD shall be determined as of the applicable Classification Date. Step 2 The maximum approved Bonded indebtedness of the CFD as specified in Resolution No. 13610 adopted on April 26, 1999 shall be determined. From such amount shall be deducted the following Bond financing costs: the projected cost of financing Bond debt service reserve funds, interest projected to be capitalized from the proceeds of Bonds, and any projected underwriter's discount and Bond insurance premiums, all as Identified in the revised Report caused to be prepared by the City Manager in connection with the formation of the CFD as required under Sections 53321.5 and 53325 of the Act. All other budgeted costs of creating the CFD and issuing Bonds approved by the City shall be included as project costs. ME