RES 041 Draft 01 2010-2012 - Laserfiche WebLink

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d. Proposed Assessment Unit; Method of Assessment; Minimum Number of Installments i. Assessment Unit "Assessment unit" for purposes of the Improvement District shall mean a duly subdivided parcel of land or condominium unit bearing a unique tax map key number. ii. Method of Assessment (1) As used in this Resolution, "Net Project Costs" means the Project Costs, less any amounts which reduce the actual costs of the special improvements to the County. By way of example, assuming the Project Costs to be $1,569,369 as set forth in the Manager's Report, and further assuming an RUS grant of $353,369 to be applied against the Project Costs, the Net Project Costs would be $1,216,000. (2) Each assessment unit existing as of the date that assessments begin to accrue on assessment units within the Improvement District (the "Commencement Date ") shall be subject to an assessment calculated by dividing the Net Project Costs by the number of assessment units within the Improvement District as of the Commencement Date. iii. Minimum Number- of Assessments The minimum number of assessments shall be five (5) annual, or sixty (60) monthly installments of principal. e. Maximum Term The maximum term of the bonds to be issued to represent unpaid installments (the "Bonds ") shall be as the Director of Finance shall determine in the Director of Finance's reasonable judgment; however, such term shall not exceed thirty -five years (35) years following the date of issuance thereof. f. Maximum Rate of Interest The rate of interest to be borne by the Bonds shall be as the Director of Finance shall determine in the Director of Finance's reasonable discretion; provided, however, that such interest shall not exceed three and twenty -five one hundredths percent (3.25 %). g. Maximum Premium. The premium to be paid on the advance payment of installments or the call and redemption of any Bond prior to its maturity shall be as the Director of Finance shall determine in the Director of Finance's reasonable judgment; provided, however, that such premium shall not exceed three percent (3 %). h. Maximum Amount of Reserve Fund The Director of Finance may establish a reserve fund for the Bonds; provided, however, that the amount of such reserve fund shall not exceed the maximum annual debt service requirements on the Bonds. 0