AgdaPkt 2005-06-20 - Laserfiche WebLink

Browse Search

6.ð.ð-E Redwood City CFD 99-1 1. EXECUTIVE SUMMARY . . Special Tax Levy Special Taxes of $912,802.72 will be levied on 56 parcels totaling 4,337,241 of taxable commercial square footage for Fiscal Year (FY) 2005/2006. The Applied Special Tax Rate represents an average of 90.7% of the Maximum Special Tax Rate on all taxable property. Please see the attached Budget Worksheet for further information. Delinquencies There are currently no delinquent parcels within Redwood City CFD 99-l. MuniFinancial will continue to monitor delinquencies for the City. Prepayments of the Special Tax Obligation In November 2000, Oracle Systems Corporation, the owner of 8 parcels, with a total commercial square footage of 1,819,310, prepaid the District Special Taxes in full. Accordingly, no Bonds were issued with regard to these prepaid Special Taxes. Reserve Fund 2001 Bond proceeds of $252,250 were deposited in the Reserve Fund. Interest Earnings on the amounts on deposit increased the balance in the Reserve Fund to $264,579.40 (as of July 31, 2003) Upon issuance of the 2003 Bonds, the amount in the Reserve Fund was increased by the amount of $375,250.00. Interest earnings were expected to accrue until the Reserve Fund balance is equal to the Reserve Requirement, but surplus funds of $134,318.29 in the Special Tax Fund should be transferred to the Reserve Fund to bring the balance to the Reserve Requirement. The Reserve Requirement is the lowest of (i) 10% of the original proceeds of the Bonds, ($1,255,000.00), (ii) Maximum Annual Debt Service of the Bonds ($888,416.26), or (iii) 125% of the average Annual Debt Service of the Bonds ($1,098,757.47) The combined balance in the Reserve Funds as of March 31, 2005 is $754,097.97. The current Reserve Requirement is $888,416.26. Page 1