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. w 6.3.A. - Page 15 <br /> determinatiort and classification of the Parcels subject to the Special Tax and their respective <br /> S�ecial Tax and Principal Prepayment Amount liabilities. <br /> Section 7. Prepayment of 5pecial Taxes <br /> Prepaymenf Prior fo fhe lnrtia! Sa1e of 8onds. Prior to the sale of bonds secured by the <br /> Special Taxes, the ow�er af each Taxable Parce! shall have tf�e option to prepay future SpecEal <br /> Taxes to be levied against such Taxable Parcel with a single cash payment. The amount of such <br /> optional cash payment shall be determined as foflows: <br /> Step fi Prior to t�e sale of bonds, the total number of Developed CommerciaE Square <br /> F�ek and Approved Commercial Square Fee# allocable to all Taxable Parcels in <br /> the CFD shall be determined as of the applicable Classificatian Dake. <br /> Step 2 The maximum approved bor�ded indebtedness of the CFD as specified in <br /> Resolution No. 13610 adopted on April 26, 1999 shall be determined. From such <br /> amount shall be deducted the fol�owing bond financing costs: the projected cast <br /> of financing bond debt service reserve funds, interest projec#ed to be capitafized <br /> from #he proceeds of bonds, and any projected underwriter's discount and band <br /> insurance premiums, all as id�ntified in the revised Report caused to be prepared <br /> by the City Manager in connectian with the formation af the CFD as required <br /> under 5ections 53321.5 and 53325 af the Act. All other budgeted casts of <br /> creating the CFD and issuing bonds approved by the City shall be incfuded as <br /> projec#costs. <br /> Step 3 The net amount determined in step 2 above shall be divided by the totaf Net <br /> Taxabl�Commercial Square Feet determined in ste� 1 above. <br /> Step 4 The quotient resulting from step 3 abave shall, for each Taxable PaTCeI, be <br /> multiplied by the total number of Develaped Commercial Square Feet and <br /> Approved Commercial Square Feet alfocable to each such Taxable �'arcel. The <br /> product af such multiplication shall be the aptional cash paymer�t amount <br /> assigned to each such Taxable Parcel. <br /> Natice shall be given by mail to each owner of Taxabfe Parcels within the CFD of a 30-day <br /> perio� prior to the initial sale of bonds within which cash payments may be made. Only cas� <br /> payments in whoEe may be accepted in lieu of the payment of annual Special Taxes. Parcels for <br /> which the prepayment o� Special Taxes in whole has been made shall be reclassified as �'repaid <br /> Parcels and shall �o longer be subject to the levy of S�ecial Taxes. <br /> Prepaymenf Subsequenf to the lnifral 5ale of Bands. T�e owner of any Taxable Parcel <br /> may prepay the Special Taxes to be levied against such Parcel through the term to matur�ty of <br /> outstantling bonds and aukhorized but unissued bonds. Special Taxes may nok be prepaid in pa�t. <br /> Optional prepayment amounts for each Taxable Parcel subse�uent to the safe of bonds shalE be <br /> determined annually for each Fiscal Year at the same time annual Specia! Taxes are determined <br /> as follows. <br /> A-.� 2180 <br />