AgdaPkt 2012-01-09 - Laserfiche WebLink

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8.A. - Page 80 The undivided Special Tax levy on Taxable Parcels with only Parking Units assigned thereto shall not be placed on the secured tax roll but shall be billed directly to the owners thereof by the CFD. Such Special Tax invoices issued by the CFD to the owners of Taxable Parcels with only Parking Units assigned thereto that are subject to an undivided levy pursuant to Section 8 hereof shall clearly state 1) all Assessor's parcel numbers subject to the applicable undivided Special Tax levy, 2) the undivided Special Tax levied against each such Taxable Plrcel, 3) the undivided Special Tax due on the Taxable Parcel for which the invoice has been issued, 4) that the payment of the Special Tax on Assessor's parcel number [list the Assessor's parcel number placed on secured tax roll to which the undivided Special Tax levy also applies] (which Special Tax obligation has been placed on the secured tax roll) will satisfy the payment due under this invoice and that no further payment need be made if Special Taxes on Assessor's parcel number [list the Assessor's parcel number placed on secured tax roll to whicll the undivided Special Tax levy also applies] are paid in full, and 5) failure to pay the undivided Special Taxes on [list Assessor's parcel numbers of the Taxable Parcels subject to the undivided Special Tax levy] of [show amount] shall result in foreclosure proceeding against all such Taxable Parcels in accordance with the terms of the fiscal agent agreement securing the outstanding CFD bonds and the Mello-Roos Act of 1982, as amended. Failure of the CFD to directly invoice the owner of a Taxable Parcel subject to the levy of Special Taxes shall in no way affect the validity of such Special Tax levy. The City shall make every effort to correctly assign the Special Tax rates and calculate the annual Special Tax lilbility for elch Taxable Parcel 1nd 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 Prepa�rnent Prior to the Initial Sale of Bo�icls. Prior to the first sale of CFD bonds secured by the Special Taxes, the owner of elch Building Plrcel shall have the option to prepay future Special Taxes to be levied against such Building Parcel with a single cash payment. The amount of such optional cash payment shall be determi�zed as follows: Step 1 Prior to the first sale of CFD bonds, the total number of Commercial Squlre Feet allocable to all Building 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 the City's resolution expressing its intention to form the CFD adopted on March 13, 2000 shall be determi�zed. From such amount shall be deducted the following bond financing costs: the projected amount to be deposited to 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 report caused to be prepared by the City Manager in coruzection with the formation of the CFD as required under Sections 53321.5 and 53325 of the Law. All other budgeted costs of creating the CFD and issuing bonds approved by the City Council shall be included as project costs. Step 3 The amount determined in Step 2 lbove shall be divided by the Commercial Square Feet determined in Step 1 above. B-7