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2006 Ordinances
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2006 Ordinances
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5/8/2007 1:22:57 PM
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3/13/2006 8:54:41 AM
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<br />. <br /> <br />F. TERMINATION OF ANNUAL INSTALLMENT <br /> <br />Except for any delinquent Annual Installments and related penalties and interest, Annual <br />Installments shall be collected for a term not to exceed the term of all of the Bonds. In no <br />event shall the Annual Installment be collected beyond the period in which the Special <br />Assessment is fully paid as provided for herein. <br /> <br />After the retirement of all Bonds, and the collection of any delinquent Annual <br />Installments, penalties and interest, the CDA shall provide each owner of a Parcel a <br />recordable document (or provide for the recordation of such document) evidencing the <br />termination of the imposition and collection of Special Assessment. <br /> <br />G. PREP A YMENT OF SPECIAL ASSESSMENT <br /> <br />The Special Assessment on any Parcel may be fully paid at any time, the Special <br />Assessment reduced to zero, and the obligation to pay the Annual Installments <br />permanently satisfied by payment of an amount calculated according to the following <br />prOVISIOns: <br /> <br />I. A sum equal to the Principal Portion of the Special Assessment for the Parcel, as <br />it may have been set, reapportioned or reduced pursuant to the provisions of <br />Sections C.!., C.2., C.3., and C.4; less, <br /> <br />. <br /> <br />2. <br /> <br />A credit for the reserve fund equal to the amount provided for in the Bond <br />Indenture; plus, <br /> <br />3. A sum equal to (a) the amount needed to pay interest on the outstanding Bonds to <br />be redeemed and the investment earnings on the prepayment amount until the <br />Bonds can be called and redeemed, after taking into consideration the Annual <br />Installments paid but not accounted for in the calculation of the Principal Portion <br />of the Special Assessment in Step 1 and (b) expenses of the CDA related to the <br />prepayment. <br /> <br />The amounts calculated in the preceding steps shall be paid to the CDA and shall be <br />distributed by the CDA to pay costs related to the prepayment and according to the Bond <br />Indenture. Upon the payment of such prepayment amount to the CDA, the obligation to <br />pay the Special Assessment shall be deemed to be permanently satisfied, the Special <br />Assessment shall be reduced to zero, the Annual Installment shall not be collected on the <br />Parcel thereafter, and the CDA shall provide to the owner (or cause to be recorded) a <br />recordable notice of the payment of the Special Assessment within a reasonable period of <br />time of receipt of such prepayment amount. <br /> <br />. <br /> <br />A prepayment of the Special Assessment shall be required on any Parcel that is acquired <br />by an entity that results in the Parcel being classified as Public Purpose Property, if the <br />Special Assessment may not be reapportioned to a Parcel of Assessed Property pursuant <br />to the provisions of Sections C.l. or C.2. In the event an entire Parcel becomes Public <br /> <br />Page 7 of8 <br /> <br />
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