2007 RES R-100-07 - Laserfiche WebLink

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SECTION 3. That the City Council is hereby further authorized, by Resolution, to 1 determine the specific special tax rate and amount to be levied for the then current tax year 2 or future tax years, except that the special tax rate to be levied shall not exceed that as set 3 forth in Exhibit "A", but the special tax may be levied at a lower rate. 4 5 SECTION 4. The proceeds of the above authorized and levied special tax may only 6 be used to pay, in whole or in part, the costs of the following: 7 8 A. Payment of principal of and interest on any outstanding authorized bonded 9 indebtedness; 10 B. Necessary replenishment of bond reserve funds or other reserve funds; 11 12 C. Payment of costs and expenses of authorized public facilities; 13 D. Repayment of advances and loans, as appropriate; and 14 15 E. Payment of District administrative costs. 16 The proceeds of the special tax shall be used as set forth above, and shall not be used for 17 any other purpose. 18 SECTION 5. The above authorized special tax shall be collected in the same 19 20 manner as ordinary ad valorem taxes are collected and shall be subject to the same penalties 21 and the same procedure, sale and lien priority in case of delinquency as is provided for ad 22 valorem taxes, and the Tax Collector is hereby authorized to deduct reasonable 23 administrative costs incurred in collecting any such special tax. 24 SECTION 6. The above authorized special tax shall be secured by the lien imposed 25 pursuant to Sections 3114.5 and 3115.5 of the Streets and Highways Code of the State of 26 California, which lien shall be a continuing lien and shall secure each levy of the special tax. 27 The lien of the special tax shall continue in force and effect until the special tax obligation is 28 prepaid, permanently satisfied and canceled in accordance with Section 53344 of them 29