Reso 2022-148 CFD Formation - Laserfiche WebLink

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be calculated and thereby established no later than the date on which the parcel is first subject to the Special Tax because of its use for private residential purposes and (2) will not increase by more than two percent each year; (b) the Special Tax will not be levied against such property for Facilities beyond 100 years from the initial levy of the Special Tax (but the Special Tax lawfully levied in or before that year and that remains delinquent may be collected in subsequent years); and (c) under no circumstances will the Special Tax levied against such property in any fiscal year be increased, because of delinquency or default by the owner of any other parcel or parcels within the CFD, by more than ten percent above the amount that would have been levied in that fiscal year had no delinquencies or defaults occurred. SECTION 9. If the election referred to in Section 14 results in the approval of the authorizations of this resolution, then upon recordation of a Notice of Special Tax Lien for the CFD as required by Streets and Highways Code section 3114.5, a continuing lien to secure each levy of the Special Tax will attach to all nonexempt real property in the CFD, until the Special - Tax obligation is permanently satisfied and the lien cancelled in accordance with law or until collection of the applicable special tax ceases and a Notice of Cessation of Special Tax is recorded in accordance with section 53330.5 of the Act. SECTION 10. Except where funds are otherwise available, and subject to the limits described in the RMA, as may be amended, the Special Tax will be levied annually within the CFD in an amount sufficient to pay for the following: the acquisition and construction of the Facilities, including but not limited to the payment of interest on and principal of or other payments on bonds or other debt (as defined in the Act) ("Debt") issued for the CFD to finance the acquisition and construction of the Facilities or to finance the making of lease payments for Facilities (whether in conjunction with the issuance of certificates of participation or not); the provision of the Services; and the repayment of funds advanced by the City for the CFD, including repayment under any agreement (which will not constitute a debt or liability of the City) of advances of funds or reimbursement for the lesser of the value or cost of work in -kind provided by any person for the CFD and any administrative costs paid by the City related to the CFD. The Special Tax will be secured by recordation of a continuing lien against all non-exempt real property in CFD. The non-exempt real property subject to the Special Tax consists of both fee title interests and leasehold or possessory interests in land currently owned by the City. SECTION 11. The Special Tax will be collected through the regular County of Alameda secured property -tax bills and will be subject to the same enforcement mechanism, and the same penalties and interest for late payment, as regular ad valorem property taxes. But the City Council reserves the right to use any other lawful means of billing, collecting, and enforcing the Special Tax, including direct billing, supplemental billing, and, when lawfully available, judicial foreclosure of the special -tax lien, including accelerated foreclosure remedies set forth in the Act. SECTION 12. Under Government Code section 53340.1, the Special Tax will be levied on leasehold or possessory interests in property owned by a public agency, to be payable by the owner of the leasehold or possessory interests. RESOLUTION NO. 2022-148 4