04-1511 Initial Assessment Resolution - Summerset North Wall

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Tax Parcels as to which the Improvement Assessment has been prepaid prior to issuance of the Original Obligations, by (2) the principal amount of the Original Obligations. The Adjusted Prepayment Amount for each Tax Parcel shall be revised annually, as provided in Section 4.04(G) hereof. (C) Following issuance of Refunding Obligations, if any, a new Adjusted Prepayment Amount for each Tax Parcel, other than those Tax Parcels as to which the Improvement Assessment has been prepaid prior to issuance of such Refunding Obligations, shall be computed by multiplying (1) the amount computed by dividing (a) the Adjusted Prepayment Amount for such Tax Parcel by (b) the sum of (i) the aggregate Adjusted Prepayment Amounts for all Tax Parcels within the Summerset North Assessment Area and (ii) the aggregate comparable prepayment amounts computed for all Tax Parcels against which a special assessment has been imposed to finance other Local Improvements funded from proceeds of the Obligations being refunded, in each case excluding those Tax Parcels as to which the Assessment has been prepaid prior to issuance of such Refunding Obligations, by (2) the principal amount of such Refunding Obligations. The Adjusted Prepayment Amount for each Tax Parcel shall be revised annually, as provided in Section 4.04. (G) hereof. .SECTION 4.04. COMPUTATION OF IMPROVEMENT ASSESSMENTS. The Improvement Assessments will be imposed for each of Fiscal Years collected on the ad valorem tax bill in the manner authorized by the Uniform Assessment Collection Act. The annual improvement assessment shall be computed for each Tax Parcel in the manner set forth in this Section 4.04. (A) DEBT SERVICE AMOUNT. A "Debt Service Amount" of $ per Benefit Unit will be used for each Fiscal Year the Obligations remain outstanding. The amount is computed by dividing (1) the maximum amount of debt service which would be payable in accordance with an estimated debt service schedule prepared by the City's Finance Director, assuming approximately level debt service payments over a -year term and interest rates equal to those currently available in the Finance Director's judgment for comparable securities, by (2) the total number of Benefit Units in the Summerset North Assessment Area. Resolution No. 04-1511 Page 13 of 23