AgdaPkt 2012-01-09 - Laserfiche WebLink

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8.A. - Page 78 hereof. Each Taxable Parcel's Special Tax for the next Fiscal Year shall be levied against such Parcel's assessor's parcel number as it was shown on the County Assessor's records of Parcels in the CFD as of the prior January 1 lien date, or such other lien date established by the County Assessor. Section 4. Termination of the Special Tax When all of the CFD's Administrative Expenses and Debt Service obligations are satisfied and no bonds authorized for issuance by the CFD remain either unissued or outstanding, the City Council shall determine that the Special Tax shall cease to be levied. The City Council sh111 then direct the City Clerk to record a Notice of Release of Special Tax 1s provided by law. Notwithstanding the foregoing, in no event shall the Special Tax be levied after the Fiscal Year ending June 30, 2022. Section 5. Maximum Annual Special Tax Rate For each Taxable Parcel, the Maximum Annual Special Tax Rate shall be $1.63. Prepaid Parcels and Tax-Exempt Parcels shall not be subject to the levy of Specill Taxes. Section 6. Apportionment, Levy and Selection of Special Tax Rates A Special Tax 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. Prior to July 1 of each Fiscal Year for which Annual Costs are payable, the Special Tax rate allocable to each Taxable Parcel in the CFD shall be established as follows: IfNo Credits Are L�ue t}ie Oarners o{Parcels Pi�rsi�c�nt to Sectio�2 10 Hereof: 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 securing outstanding CFD bonds that is available to pay Debt Service in such Fiscal Year shall be determined. Step 3 The amount of Debt Service due in such Fiscal Year payable from Annual Tax Revenues collected u1 the prior Fiscal Year shall be determined. Step 4 The amounts calculated in Steps 1 and 3 above shall be added together and the amount determined in Step 2 above shall be subtracted from such sum to arrive at the Annual Tax Revenues to be collected in such Fiscal Year. Step 5 The Maximum Annual Special Tax Rate shall be multiplied by the Commercial Square Feet corresponding to each Taxable Parcel. Step 6 If the tot11 of the amounts calculated in Step 5 is greater than the Annual Costs, the Special Tax rate shall be decreased until the Special Tax rate on all Taxable Parcels produces scheduled Annual Tax Revenue equal to the projected Annual Costs. If the total of the amounts calculated in Step 5 is less than Annual B-5