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<br />. <br /> <br />A revision to the budget for the Public Improvements shall not require a reduction in or <br />reallocation of the Special Assessment unless there is a reduction in the total actual costs <br />of the Public Improvements. <br /> <br />4. Amortization of the Special Assessment <br /> <br />The Special Assessment applicable to any Parcel shall be reduced each year as Bonds are <br />repaid. The Principal Portion of the Special Assessment shall be reduced for the <br />principal portion of the Annual Installment collected from each Parcel. The Special <br />Assessment shall also be reduced for the Annual Installment collected or foregone (that <br />is, the portion of the Annual Installment that exceeded the Annual Revenue Requirement <br />and is not to be collected). The Administrator may adjust the amortization of the Special <br />Assessment in a manner that is consistently applied to all of the Parcels in the CDA for <br />the purpose of causing the Special Assessment to equal zero once the Bonds are fully <br />repaid. <br /> <br />D. METHOD OF DETERMINING THE ANNUAL INSTALLMENT TO BE <br />COLLECTED EACH YEAR <br /> <br />. <br /> <br />Commencing with the Annual Installment to be collected in the 2007 Tax Year and for <br />each following Tax Year, the Administrator shall estimate and the Board of Directors <br />shall confirm the Annual Installment on each Parcel for that Tax Year. The Annual <br />Installment on each Parcel for each Tax Year shall be equal to the Annual Installment <br />Rate multiplied by the Principal Portion of the Special Assessment for each Parcel. The <br />Annual Installments as confirmed shall be collected from each Parcel of Assessed <br />Property. The aggregate amount of the Annual Installments on all of the Parcels in any <br />Tax Year shall equal the Annual Revenue Requirement for such Tax Year. <br /> <br />In the event a Parcel is subdivided into new Parcels in a Tax Year prior to the payment of <br />the Annual Installment, and a portion of the Parcel becomes Public Purpose Property, the <br />Annual Assessment shall be collected on the Parcel or Parcels of Assessed Property <br />based on the reapportionment of the Special Assessment pursuant to Section C.2. Prior to <br />the reapportionment of the Special Assessment, the Annual Assessment shall be a joint <br />and several liability of each newly created Parcel of Assessed Property. <br /> <br />E. MANNER OF COLLECTION OF THE ANNUAL INSTALLMENT <br /> <br />. <br /> <br />Annual Installments shall be collected in the same manner and at the same time as regular <br />property taxes of the City and shall be subject to the same penalties, procedures, sale, and <br />lien priorities in case of delinquencies as are provided for regular property taxes of the <br />City. The CDA shall notify the City of the amount of the Annual Installment to be <br />collected on each Parcel each Tax Year in a timely manner to allow the collection of the <br />Annual Installment by the City. The Board of Directors may provide for other means of <br />collecting the Annual Installments, to the extent permitted under the Code. <br /> <br />Page 60f8 <br /> <br />