Laserfiche WebLink
<br />. <br /> <br />EXHIBIT A <br /> <br />NEW PORT COMMUNITY DEVELOPMENT AUTHORITY <br />CITY OF PORTSMOUTH, VIRGINIA <br /> <br />Rate And Method of Apportionment <br />Of Special Assessment <br /> <br />A. INTRODUCTION <br /> <br />A Special Assessment shall be imposed and an Annual Installment of the Special <br />Assessment shall be collected on real property within the New Port CDA through the <br />application of the procedures described below. The Board of Directors of the CDA or <br />their designee shall make all determinations in this Rate and Method of Apportionment of <br />Special Assessment unless stated otherwise. <br /> <br />B. DEFINITIONS <br /> <br />. <br /> <br />The terms used herein shall have the following meanings: <br /> <br />"Act" means the Virginia Water and Waste Authorities Act, beginning with ~15.2-5100 <br />et seq. of the Code of Virginia, 1950, as it may be amended from time to time. <br /> <br />"Administrative Expenses" means the following costs directly related to the <br />administration of the CDA: the actual costs of computing the Annual Installments; the <br />actual costs of collecting the Annual Installments (whether by the City or otherwise); the <br />actual costs of remitting the Annual Installments to the Trustee; the actual costs of the <br />Trustee (including its legal counsel) in the discharge of the duties required of it under the <br />Bond Indenture; the costs of the CDA of complying with arbitrage rebate requirements; <br />the costs of the CDA of complying with securities disclosure requirements; and any other <br />costs of the CDA in any way related to the administration and operation of the CDA, <br />including, without limitation, the costs of official meetings of the CDA, the costs of legal <br />counsel and other consultants and advisors, and costs related to commencing foreclosure <br />and pursuing collection of delinquent Annual Installments. <br /> <br />"Administrator" means the official or designee of the CDA who shall be responsible for <br />determining the Annual Revenue Requirement and such other responsibilities as provided <br />herein, in the Bond Indenture, or by the Board of Directors. <br /> <br />. <br /> <br />"Annual Installment" means the Annual Installment to be collected from Assessed <br />Property in a Tax Year according to the provisions of Section D herein, which shall be <br /> <br />Page 1 of 8 <br /> <br />