COM 1109.000 2020-2022 - Laserfiche WebLink

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Taxable Property in Tax Zone 2 shall have been deemed satisfied and cancelled in accordance with Section L2 of the RMA, and (ii) the County (A) receives a Certificate from the Special Tax Administrator that, on the basis of the parcels of land and improvements existing in Tax Zone 1 as of July 1 of the Fiscal Year preceding the reduction, the maximum amount of the Special Tax which may be levied on then existing Developed Property in Tax Zone 1 in each Fiscal Year will equal at least 110% of the sum of the estimated Administrative Expenses and Annual Debt Service in that Fiscal Year on all Bonds to remain Outstanding after the reduction is approved and (B) finds that any reduction made under such conditions will not adversely affect the interests of the Owners of the Bonds. Notwithstanding the foregoing, any such action shall be subject to the prior written consent of the Developer until such time as the Acquisition Price for the Improvements has been paid in full. (h) Covenant to Defend. The County covenants that in the event that any legal proceedings are taken to reduce the Maximum Special Tax below the levels specified in Section 5.2(g) hereof or to limit the power of the County to levy the Special Taxes for the purposes set forth in Section 5.2(b) hereof, it will commence and pursue legal action in order to preserve its ability to comply with such covenants. Section 5.3. Foreclosure. Section 32-53 of the County Code provides, in relevant part, as follows: "The special tax may be collected in the same manner as general real property taxes are collected, be subject to the same penalties and the same procedure, sale, and lien priority (subject to the provisions of section 32-32(c)) in case of delinquency as is provided by general law for default on the payment of real property taxes, unless another procedure is adopted by the council in the ordinance of formation or special tax ordinance." Pursuant to the foregoing, the County shall enforce the liens of Special Taxes under Chapter 32 in the same manner as applicable to the enforcement of liens of general real property taxes under Chapter 19, except as provided in Section 3 of the Ordinance of Formation (as amended by Section 6 of the Bond Ordinance) and specified below: (a) Not later than forty-five (45) days after the due date of any installment of Special Taxes, the County will determine or cause to be determined whether or not any owners of property within the District are delinquent in the payment of all or any portion of the Special Taxes levied on such owners' properties. If such delinquencies are determined to exist, the County will take such actions as it deems reasonably necessary to pursue payment of the delinquent amounts (including penalties and interest) and shall enforce the lien of the Special Taxes by non judicial foreclosure sale as follows: (i) Section 19-38 of the County Code (as applicable to the Special Taxes under Section 32-53) provides that the County may enforce the lien of delinquent Special Taxes by non judicial foreclosure sale if such Special Taxes remain unpaid for two (2) years after their respective due dates. If any Special Taxes remain unpaid after such two-year period, the County agrees that, unless required to take such action sooner under subparagraph (ii) below, it shall promptly give notice to the delinquent property owners that the delinquent properties will be sold upon non judicial foreclosure sales and shall diligently pursue proceedings for such foreclosure sales as permitted by Sections 19-38 and 32-53 of the County Code. 40