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8.A. - Page 77 Section 2. Basis of Special Tax Levy A Special Tax under the Law applicable to each Taxable Parcel shall be levied and collected accordi�zg to the Special Tax liability determined by the City Council through the application of the procedures described below. Section 3. Determination and Classification of Parcels Subject to Special Tax Prior to the first issuance of bonds, and thereafter prior to July 1 of each Fiscal Year, the City Manager shall cause to be prepared a Special Tax Report setting forth: 1) the classification as of the Classification Date applicable for such Fiscal Year of each Parcel within the boundaries of the CFD, 2) a projected sources and uses of funds for the CFD in such Fiscal Year showing that projected Annual Tax Revenues are sufficient to pay projected Annual Costs, 3) the number of Net Taxable Squ1re Feet subject to taxation in such Fiscal Year, 4) the Special Tax rate necessary to satisfy such Annual Costs applicable to such Net Taxable Square Feet, 5) the amount of Special Taxes to be levied on each Taxable Parcel in the next ensuing Fiscal Year, 6) the aruzual Principal Prepayment Amount allocable to each Taxable Parcel, and 7) a Tax Collection Schedule. 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 combination with officill records maintained by the City regarding the Development 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 CFD. If the land use code on the secured property tax roll is incorrect for any Plrcel, the City may assign the appropriate code based on its review of the status of the Parcel. Building Parcels shall be classified as either Taxable Parcels or, if the Special Taxes for such Plrcels hlve been prepaid, Prepaid Parcels. Residential Parcels, Common Parcels, Accessory Parcels and Public Parcels shall be classified as Tax-Exempt 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 hlve been prepaid pursuant to Section 7 hereof, in which case such Parcel shall be reclassified as a Prepaid Parcel. So long as any bonds of the CFD remain outstanding or authorized but unissued, save the exceptions for reallocation and subdivisions as expressly noted in this Section 3, Commercial Square Feet 1lloclble to a Taxable Parcel may not be reduced. Notwithstanding the prohibition lgainst reducing Commercial Square Feet allocable to a Taxable Parcel, Commercial Square Feet may be reallocated among Building Parcels according to the actual number of Commercial Square Feet constructed or to be constructed thereon; provided, however, the Net Taxable Square Feet lfter such reallocation may not be less than 1,550,000 square feet, less the amount of Commercial Square Feet allocated to any Prepaid Parcels. In connection with any such reallocation, Parl<ing Units shall also be reallocated as is appropriate. If a Building Parcel is subdivided, the City Manager shall assign Commercial Square Feet and Parking Units to the successor Parcels (including zero assignments) pursuant to the applicable Final Development Plan for such Parcel, provided that the total number of Commercial Square Feet on such successor Parcels may not be less than the Commercial Square Feet assigned to the predecessor Parcel. The Special Tax shall be levied only on Taxable Parcels. The amount of the Special Tax for each Taxable Parcel shall be determined in accordance with the provisions of Section 6 B-4