AgdaPkt 2012-01-09 - Laserfiche WebLink

Browse Search

8.A. - Page 37 "Principal Prepayment Amount" means the amount of unpaid outstanding bond principal and authorized but unissued bond principal of the District allocable to each Taxable Parcel as of the date of such calculation. "Public Parcel" means any Parcel that is, or pursuant to a Final Development Pl1n, is designated to be, publicly owned and which is normally exempt from 1d valorem taxes under California law, including public streets, schools, school district administrative offices, police and fire facilities, parks, and public drainage ways, rights-of-way, landscaping, greenbelts and open space. "Residential Parcel" means any Parcel approved by the City for single or multi- family residential use which does not contain any Commercial Square Feet. "Taxable Parcel" means any Building Parcel lpproved for Commercial Square Feet or Parl<ing Units which is not a Prepaid Parcel. "Tax-Exempt Parcel" means any Parcel that is a Prepaid Parcel, Public Parcel, Accessory Plrcel, Common Parcel or Residentill Parcel. Tax Categories and Maximum Special Tax Rate. Parcels shall be classified as of their status applicable in the next Fiscal Year on each Classification Date. The secured property tax roll, land use codes and plot map books maintained by the County Assessor of the County, in combi�lation with official records maintained by the City regarding the Developmeilt Agreement, Final Development Plans, recorded final maps, building permits issued, and other changes in parcel development status, will be the basis for classifying the Parcels in the District. Building Parcels shlll be classified as either Taxlble Parcels or, if the Special Taxes for such Parcels have been prepaid, Prepaid Parcels. Residential Parcels, Common Parcels, Accessory Parcels and Public Parcels shall be classified as Tax-Exempt Parcels. The Special Tax shall be levied oi�ly on Taxable Parcels. Once a Parcel is classified as a Taxable Parcel it may not be removed from such classification unless Special Taxes allocable to such Parcel have been prepaid pursuant to Section 7 of the Rate and Method, uz which case such Parcel shall be reclassified as a Prepaid Parcel. So long as any bonds of the District remain outstanding or authorized but unissued, save the exceptions for reallocation and subdivisions as expressly noted in Section 3 of the Rate and Method, Commercial Square Feet allocable to a Taxable Parcel may not be reduced. A Special T1x rate per Commercial Square Foot shall be established annually by the City Council. The Special Tax rate shall then be multiplied by the Commercial Square Feet allocable to each Taxable Parcel to determine the Special Tax applicable to each such Taxable ParceL For each Taxable Parcel, the Maximum Annual Special Tax Rate is $1.63 per Commercial Square Foot. Apportionment and Levy. Prior to July 1 of each Fiscal Year for which Aruzual Costs are payable, the Special Tax rate allocable to each Taxable Parcel in the District shall be established as follows: Step 1 The total Annual Costs for such Fiscal Year shall be projected. Step 2 The sum of unexpended fund balances (including amounts collected in the prior Fiscal Year to be applied to Debt Service in such Fiscal Year) held under the Fiscal Agent Agreement that is available to pay Debt Service in such Fiscal Year shall be determined. -13-