AgdaPkt 2012-12-03 - Laserfiche WebLink

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8.B. - Page 80 Step 4 The quotient resulting from step 3 above shall, for each Taxable Parcel, be multiplied by the total number of Developed Commercial Square Feet and Approved Commercial Square Feet allocable to each such Taxable Parcel. The product of such multiplication shall be the optional cash payment amount assigned to each such Taxable Parcel. Notice shall be given by mail to each owner of Taxable Parcels within the CFD of a 30- day period prior to the initial sale of Bonds within which cash payments may be made. Only cash payments in whole may be accepted in lieu of the payment of annual Special Taxes. Parcels for which the prepayment of Special Taxes in whole has been made shall be reclassified as Prepaid Parcels and shall no longer be subject to the levy of Special Taxes. Prepayment Subsequent to the Initial Sale of Bonds. The owner of any Taxable Parcel may prepay the Special Taxes to be levied against such Parcel through the term to maturity of outstanding Bonds and authorized but unissued Bonds. Special Taxes may not be prepaid in part. Optional prepayment amounts for each Taxable Parcel subsequent to the sale of Bonds shall be determined annually for each Fiscal Year at the same time annual Special Taxes are determined as follows. Step 1 The total number of Developed Commercial Square Feet and Approved Commercial Square Feet allocable to Taxable Parcels in the CFD as of the Classification Date for such Fiscal Year shall be determined. Step 2 The total amount of unpaid Bond principal outstanding at the beginning of each Fiscal Year plus authorized and unissued Bond principal shall be determined, from which amount shall be subtracted any principal coming due in such Fiscal Year, the payment of which was provided for in the collection of the prior Fiscal Year's Annual Tax Revenues. Step 3 The net amount determined in step 2 above shall be divided by the total Net Taxable Square Feet for such Fiscal Year as determined in step 1 above to arrive at the unpaid authorized Bond principal per Net Taxable Square Foot for such Fiscal Year. Step 4 For each Taxable Parcel, the unpaid authorized Bond principal per Net Taxable Square Foot for such Fiscal Year as determined in step 3 above shall be multiplied by the total number of Net Taxable Square Feet allocable to such Taxable Parcel to arrive at the Principal Prepayment Amount allocable to each such Taxable Parcel. In each Fiscal Year, the owner of a Taxable Parcel may prepay the future Special Tax obligations of such Parcel by paying in cash the sum of i) the amount of any delinquent and unpaid installments of Special Taxes levied against such Parcel, together with any penalties, interest and costs due thereon, ii) the Special Taxes levied against such Parcel in such Fiscal Year, iii) the Principal Prepayment Amount allocable to such Taxable Parcel in such Fiscal Year, iv) a prepayment premium in an amount equal to the prepayment premium required under the fiscal agent agreement to be paid on outstanding Bonds to be called on the next permissible call date times the ratio that such Parcel's number of taxable commercial square feet bears to the total taxable commercial square feet in such Fiscal Year times the unpaid Bond principal outstanding at the beginning of such Fiscal Year, v) a reasonable fee, fixed by the City, for the cost of administering the prepayment and the advance redemption of Bonds, and vi) a credit for such Taxable Parcel's pro rata share of the reserve fund balance (if any) established under the fiscal agent agreement. B-7