AG 2010 11 15 - Laserfiche WebLink

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(b) From and after the date that the County's Tax Assessor shall determine that the current assessed value of taxable property located in that portion of the Development Financing District located in the County exceeds the base valuation of property in the Development Financing District in accordance with the Bond Act, the difference shall be the incremental valuation of that portion of the Development Financing District located in the County. A similar calculation will be performed by the Rowan County Tax Assessor with respect to that portion of the Development Financing District located in Rowan County; however only revenues attributable to taxes levied by the City will be included in Incremental Revenues under this provision. (c) In any year in which Minimum Assessment Property (as defined in the Minimum Assessed Value Agreement) is subject to the payment of taxes to the City on such property at the Minimum Assessment Increase, Incremental Revenues shall include all payments received by the City on the Minimum Assessment Increase. (d) Revenues from ad valorem taxation of property in the Development Financing District shall be applied as follows: (i) The net proceeds of the following taxes shall be paid to each unit of local government with taxing power in the Development Financing District: (i) taxes separately stated and levied solely to service and repay debt secured by a pledge of the faith and credit of the unit; (ii) nonschool taxes levied by such unit pursuant to a vote of the people; (iii) taxes levied for a municipal or county service district, if any; and (iv) taxes levied by any taxing unit other than the City or the County. (ii) The net proceeds of all other ad valorem taxes levied by the County and the City in any year shall be multiplied by a fraction, the numerator of which is the base valuation for the Development Financing District and the denominator of which is the current valuation for the Development Financing District. The City and the County acknowledge that as a result of the operation of the Minimum Assessed Value Agreement, the City and the County may have different tax valuations for the Development Financing District, and that the computation described in the preceding sentence will use the City's valuation for purposes of this determination as it pertains to the City's ad valorem taxes, and will use the County's valuation for purposes of this determination as it pertains to the County's ad valorem taxes. The amount shown as the product of this multiplication shall, when paid by the taxpayer, be retained by the County or the City, or special district, as if there were no Development Financing District in existence. (A) With respect to taxes levied by the City, the net proceeds of the remaining amount shall, when paid by the taxpayer, be turned over to the Finance Director of the City (the "Finance Director "), who shall transmit this amount to the Trustee for deposit in the Issuer Contribution Account of the Incremental Revenue Fund. (B) With respect to taxes levied and collected by the County, the lesser of (y) 100% of the net proceeds of the remaining amount or (z) 50% of the net aggregate annual principal and interest requirements for the Bonds or Alternative Finanicng (the "Maximum County Contribution Amount ") shall be transmitted by the County to the Trustee for deposit in the County Contribution Account of the Incremental Revenue Fund on each February 15 and August 15 beginning August 15, 2011. The net aggregate annual principal and interest requirements for the Bonds or Alternative Financing shall be the principal and interest requirements for the Bonds less any amount of capitalized -4- Attachment number 4 Page 137 G -3