1999 AGN JAN 19 I21 - Laserfiche WebLink

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EXHIBUA RATE -AND MErHOD OF APPORTIONMENT OF THE SPECIAL TAX The Special Tax is to be levied by the City on behalf of the District each Fiscal Year in an amount sufficient to pay the Annual Cost The Special Tax may be levied each Fiscal Year in an aggregate amo-unt not to exceed $500,000 in each Fiscal Year commencing the 1991/92 Fiscal Year. The District is subdivided into two (2) separate Tax Rate Areas. In calculating the annual Special Tax, the Special Tax shall not exceed the following maximum within the respective Tax Rate Areas or the following maximum bonded indebtedness: Maximum Special Tax Maximum Bonded Indebtedness Tax Rate Area No. 1 $500,000 $2,800,000 Tax Rate Area No. 2 0 0 Total Nlaximunt Annual Special Tax $500,000 $2,800,000 The actual Special Tax to be levied each Fiscal Year will be calculated for each Parcel within each Tax Rate Area No. 1 as follows: Total Taxable 5�q. Pt. Of P X Annual Special Total Taxable Sq. Ft. of Tax Cost Tax Rate Area No. 1 Definitions Annual Cost equals the sum of (i) annual Debt Service on the Bonds; (ii) Annual Administrative Fees of the City; (iii) the amount, if any, necessary to replenish the Reserve Fund on the Bonds; and (iv) any other payment required under the Resolution of Issuance and the Indenture and any supplement Indenture thereto. Administrative Fees or Expenses means any or all of the following: the fees and expenses of the Fiscal Agent (including any fees or expenses of its counsel), the expenses of the City in carryingout its duties under the District (including, but not limited to, the levying and collection of the Special Taxes) including the fees and expenses of its counsel, an allocable share of the salaries of the City staff directly related thereto and a proportionate amount of City general administrative overhead related thereto, any amounts paid by the City from its general funds, and all other costs and expenses of the City or the Fiscal Agent incurred in connection with the discharge of their respective duties under the District and, in the case of the City, in any way related to administration of the District The Bonds means the Community Facilities District No. 90-1 (Mount Vernon Corridor) of the City of Colton 1990 Special Tax Bonds, the City of Colton Community Facilities District No. 90-1 (Mount Vernon Corridor) Refunding Special Tax Bonds Series 1998, and any other bonds of the District payable from the Special Tax. City means the City of Colton, California.