Laserfiche WebLink
<br />. <br /> <br />the amount necessary to repay the Principal Portion of the Special Assessment, interest <br />on the Special Assessment, and applicable Administrative Expenses. <br /> <br />"Annual Installment Rate" means, for any Tax Year, a percentage equal to the Annual <br />Revenue Requirement divided by the current total of the Principal Portion of the Special <br />Assessment. <br /> <br />"Annual Revenue Requirement" means, for any Tax Year, the sum of the following: <br />(l) debt service on the Bonds to be paid from the Annual Installments; (2) periodic costs <br />associated with such Bonds, including but not limited to, rebate payments and credit <br />enhancement on the Bonds; and (3) Administrative Expenses; less (4) any credits applied <br />under the Bond Indenture, such as interest earnings on any account balances, and (5) any <br />other funds available to the CDA that may be applied to the Annual Revenue <br />Requirement. <br /> <br />"Assessed Property" means, for any Tax Year, Parcels within the CDA other than <br />Public Purpose Property. <br /> <br />"Board of Directors" means the Board of Directors of the CDA. <br /> <br />. <br /> <br />"Bond Indenture" means the indenture or similar document setting forth the terms and <br />other provisions relating to the Bonds, as modified, amended and/or supplemented from <br />time to time. <br /> <br />"Bonds" means any bonds or other debt, including refunding bonds, whether in one or <br />more series, issued by or on behalf of the CDA under the Act and to be repaid with the <br />Special Assessments. <br /> <br />"Building Square Footage" or "BSF" means the estimated square feet of livable <br />building area with a residential dwelling unit, as estimated by the Administrator. <br /> <br />"City" means the City of Portsmouth, Virginia. <br /> <br />"City Council" means the City Council of the City. <br /> <br />"Code" means the Code of Virginia, 1950, as it may be amended from time to time. <br /> <br />"Equivalent Units" means, for each Land Use Class, the number of units that is or may <br />be built on a Parcel, multiplied by the factors for each land use class shown below, which <br />represent an allocation of the costs of the Public Improvements funded by the Bonds: <br /> <br />Land Use Class 1 <br />Land Use Class 2 <br /> <br />1.00 per unit <br />0.84 per unit <br /> <br />. <br /> <br />"Land Use Class 1" means a single family detached dwelling unit. <br /> <br />Page 2 of8 <br /> <br />