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HomeMy WebLinkAboutResolution 884 Tuskawilla Improvement Area RESOLUTION NO. 99- 884 A RESOLUTION OF THE CITY OF WINTER SPRINGS, FLORIDA, RELATING TO THE PROVISION OF LOCAL IMPROVEMENTS WITHIN THE TUSCAWILLA IMPROVEMENT AREA; DESCRIBING THE PROPERTY TO BE LOCATED WITHIN THE PROPOSED TUSCAWILLA IMPROVEMENT AREA AND THE LOCAL IMPROVEMENTS TO BE PROVIDED THEREIN; DETERMINING THE ESTIMATED COST OF THE LOCAL IMPROVEMENTS; DETERMINING THAT CERTAIN REAL PROPERTY WILL BE SPECIALLY BENEFITTED BY THE PROVISION OF THE LOCAL IMPROVEMENTS; ESTABLISHING THE METHOD OF ASSESSING THE COSTS OF THE LOCAL IMPROVEMENTS AGAINST THE REAL PROPERTY THAT WILL BE SPECIALLY BENEFITTED THEREBY; ESTABLISHING OTHER TERMS AND CONDITIONS OF THE TUSCAWILLA LOCAL IMPROVEMENT ASSESSMENTS; DIRECTING THE CITY MANAGER TO PREPARE A TENTATIVE TUSCAWILLA LOCAL IMPROVEMENT ASSESSMENT ROLL BASED UPON THE METHODOLOGY SET FORTH HEREIN; ESTABLISHING A PUBLIC HEARING TO CONSIDER IMPOSITION OF THE PROPOSED TUSCAWILLA LOCAL IMPROVEMENT ASSESSMENTS AND THE METHOD OF THEIR COLLECTION; DIRECTING THE PROVISION OF NOTICE IN CONNECTION THEREWITH; AND PROVIDING AN EFFECTIVE DATE. BE IT RESOLVED BY THE CITY COMMISSION OF THE CITY OF WINTER SPRINGS, FLORIDA, AS FOLLOWS: 1 ARTICLE I DEFINITIONS AND CONSTRUCTION SECTION 1.01. DEFINITIONS. As used in this resolution, the following terms shall have the following meanings, unless the context hereof otherwise requires. "Adjusted Prepayment Amount" means (A) the amount required to prepay the Tuscawilla Local Improvement Assessment for each Tax Parcel located in the Tuscawilla Improvement Area (1) following issuance of the Original Obligations, as computed pursuant Section 3.05(8) hereof and revised annually pursuant to Section 3.06(J) hereof, and (2) following issuance of any Refunding Obligations, as computed pursuant Section 3.05(C) hereof and revised annually pursuant to Section 3.06(J) hereof; and (8) the comparable prepayment amounts computed and revised for each Tax Parcel against which a special assessment has been imposed to finance other Local Improvements, if any, funded from proceeds of the Obligations. "Annual Debt Service Component" means the amount computed for each pursuant to Section 3.06(F) hereof. "Annual Debt Service Factor" means the factor computed pursuant to Section 3.06(E) hereof. "Assessed Area" means the Tuscawilla Improvement Area created by the City Commission pursuant to Section 2.01 of the Ordinance, which area specially benefits from the acquisition and construction of the Tuscawilla Improvements. 2 "Building" means any structure, whether temporary or permanent, built for support, shelter or enclosure of persons, chattel, or property of any kind. "Capital Cost" means all or any portion of the expenses that are properly attributable to the acquisition, design, construction, installation, reconstruction, renewal or replacement (including demolition, environmental mitigation and relocation) of the Tuscawilla Improvements and imposition of the related Tuscawilla Local Improvement Assessments under generally accepted accounting principles; and including reimbursement to the City for any funds advanced for Capital Cost and interest on any interfund or intrafund loan for such purposes. "City" means the City of Winter Springs, Florida. "City Commission" means the City Commission for the City. "City Manager" means the administrative and executive head of the City as set forth in Article V of the City Charter, or such person's designee. "Collection Cost" means the estimated cost to be incurred by the City during any Fiscal Year in connection with the collection of Tuscawilla Local Improvement Assessments. "Collection Cost Component" means the amount computed for each Tax Parcel pursuant to Section 3.06(G) hereof. "Debt Service Amount" means the amount computed pursuant to Section 3.06(A) hereof. "Dwelling Unit" means a Building, or portion thereof, which is lawfully used for residential purposes, consisting of one or more rooms arranged, designed, used, or intended to be used as living quarters for one family only. 3 "ERU" means "equivalent residential unit," the standard unit to be used in calculating the relative amount of special benefit to be derived by each Tax Parcel from construction of the Tuscawilla Improvements. For purposes of computing the Tuscawilla Local Improvement Assessment, a Building area equal to the ERU Value shall constitute one "ERU." "ERU Value" means 2,025 square feet, the average Building area of the Single- Family Residential Units located within the Tuscawilla Improvement Area. "Final Local Improvement Assessment Resolution" means the resolution described in Section 3.06 of the Ordinance which shall confirm, modify or repeal the Initial Local Improvement Assessment Resolution and which shall be the final proceeding for the imposition of the Tuscawilla Local Improvement Assessments within the Tuscawilla Improvement Area. "Fiscal Year" means the period commencing on October 1 of each year and continuing through the next succeeding September 30, or such other period as may be prescribed by law as the fiscal year for the City. "Funding Agreement" means the agreement pursuant to which the City agrees to assume and repay the Obligations. "Government Property" means property owned by the United States of America, the State of Florida, a county, a special district, a municipal corporation, or any of their respective agencies. "Improved Parcel" means any Parcel Unit within the Tuscawilla Improvement Area on which a Building or other improvement has been placed or constructed. 4 "Initial Prepayment Amount" means the amount computed pursuant Section 3.05(A) hereof for each Tax Parcel located in the Tuscawilla Improvement Area to prepay the Tuscawilla Local Improvement Assessment prior to issuance of the Original Obligations. "Local Improvement" means a capital improvement constructed by the City for the special benefit of a neighborhood or other local area, for which special assessments may be imposed pursuant to the Ordinance. "Modified Debt Service Amount" means the amount computed pursuant to Section 3.06(C) hereof. "Multi-Family Residential Parcel" means a Tax Parcel on which Multi-Family Residential Units have been constructed. "Multi-Family Residential Unit" means a Dwelling Unit contained in a Building that includes one or more other Dwelling Units, including by way of example and not limitation, apartments, condominiums, and duplexes. "Nonresidential Parcel" means any Improved Parcel within the Tuscawilla Improvement Area which is not an Public Use Parcel, a Single-Family Residential Parcel or a Multi-Family Residential Parcel. "Obligations" means Original Obligations or Refunding Obligations. "Ordinance" means Ordinance No. 98-704, the Local Improvement and Related Service Assessment Ordinance. "Original Obligations" means a series of bonds or other evidence of indebtedness including but not limited to, notes, commercial paper, capital leases or any other obligations 5 of the City issued or incurred to finance any portion of the Project Cost, and secured, in whole or in part, by proceeds of the Tuscawilla Local Improvement Assessments. "Parcel of Record" means an unplatted parcel of record in existence or a subdivision Platted Lot in existence on the effective date of this resolution. "Parcel Unit" means a Platted Lot or a Parcel of Record. "Platted Lot" means a building lot described on a map or plat recorded in the Seminole County Official Records on or prior to the effective date of this resolution. "Prepayment Modification Factor" means the factor computed pursuant to Section 3.06(B) hereof. "Project Cost" means (A) the Capital Cost of the Tuscawilla Improvements, (B) the Transaction Cost associated with the Obligations attributable to the Tuscawilla Improvements, (C) interest accruing on such Obligations for such period of time as the City deems appropriate, (D) the debt service reserve fund or account, if any, established for the Obligations attributable to the Tuscawilla Improvements, and (E) any other costs or expenses related thereto. "Property Appraiser" means the Seminole County Property Appraiser. "Public Use Parcel" means any Parcel Unit located within the Tuscawilla Improvement Area that is used for public purposes and does not receive a special benefit from the Tuscawilla Improvements, including, by way of example and not limitation, Government Property, rights-of-way and utility easements. "Refunding Obligations" means a series of bonds or other evidence of indebtedness including but not limited to, notes, commercial paper, capital leases or any 6 other obligations of the City issued or incurred to refund all or any portion of the Original Obligations or any indebtedness issued to refinance the Original Obligations. "Single-Family Residential Parcel" means a Tax Parcel on which a Single-Family Residential Unit has been constructed. "Single-Family Residential Unit" means a Building that contains a single Dwelling Unit. "State" means the State of Florida. "Statutory Discount Amount" means the amount computed for each Tax Parcel pursuant to Section 3.06(H) hereof. "Tax Collector" means the Seminole County Tax Collector. "Tax Parcel" means a parcel of property to which the Property Appraiser has assigned a distinct ad valorem property tax identification number. "Tax Roll" means the real property ad valorem tax assessment roll maintained by the Property Appraiser for the purpose of the levy and collection of ad valorem taxes. "Transaction Cost" means the costs, fees and expenses incurred by the City in connection with the issuance and sale of any series of Obligations, including but not limited to (A) rating agency and other financing fees; (B) the fees and disbursements of bond counsel; (C) the underwriters' discount; (0) the fees and disbursements of the City's financial advisor; (E) the costs of preparing and printing the Obligations, the preliminary official statement, the final official statement, and all other documentation supporting issuance of the Obligations; (F) the fees payable in respect of any municipal bond insurance policy; (G) administrative, development, credit review, and all other fees associated with any 7 pooled commercial paper or similar interim financing program; and (H) any other costs of a similar nature incurred in connection with issuance of such Obligations. "Tuscawilla Local Improvement Assessment" means an annual special assessment imposed against property located within the Tuscawilla Improvement Area to fund the Project Cost and related expenses, computed in the manner described in Section 3.06 hereof. "Tuscawilla Local Improvement Assessment Roll" means a non-ad valorem assessment roll relating to the Project Costs of the Tuscawilla Improvements. "Tuscawilla Improvement Area" means that Assessed Area within the City that receives the special benefit from the Tuscawilla Improvements described in this Initial local Improvement Assessment Resolution. "Tuscawilla Improvements" mean those local Improvements constructed by the City for the special benefit of the Tuscawilla Improvement Area, including but not limited to wing walls, median improvements, street lights and street monuments. "Uniform Assessment Collection Act" means sections 197.3632 and 197.3635, Florida Statutes, or any successor statutes authorizing the collection of non-ad valorem assessments on the same bill as ad valorem taxes, and any applicable regulations promulgated thereunder. "Vacant Parcel" means any Parcel Unit that is not an Improved Parcel. SECTION 1.02. INTERPRETATION. Unless the context indicates otherwise, words importing the singular number include the plural number, and vice versa; the terms "hereof," "hereby," "herein," "hereto," "hereunder" and similar terms refer to this resolution; 8 and the term "hereafter" means after, and the term "heretofore" means before, the effective date of this resolution. Words of any gender include the correlative words of the other gender, unless the sense indicates otherwise. SECTION 1.03. GENERAL FINDINGS. It is hereby ascertained, determined and declared that: (A) Pursuant to Article VIII, Section 2(b) of the Florida Constitution, and sections 166.021 and 166.041, Florida Statutes, the City Commission has all powers of local self- government to perform municipal functions and to render municipal services except when prohibited by law and such power may be exercised by the enactment of legislation in the form of City ordinances. (B) The City Commission may exercise any governmental, corporate, or proprietary power for a municipal purpose except when expressly prohibited by law, and the City Commission may legislate on any subject matter on which the Legislature may act, except those subjects described in (a), (b), (c), and (d) of section 166.021 (3), Florida Statutes. The subject matter of paragraphs (a), (b), (c), and (d) of section 166.021 (3), Florida Statutes, are not relevant to imposition of assessments related to Local Improvements within the City. (C) The City Commission has enacted the Ordinance to provide for the creation of Assessed Areas and authorize the imposition of Tuscawilla Local Improvement Assessments to fund the construction of Local Improvements to serve the property located therein. 9 (D) The City Commission desires to create the Tuscawilla Improvement Area as an Assessed Area under the Ordinance and to fund the Tuscawilla Improvements. The Tuscawilla Improvements constitute Local Improvements, as defined in the Ordinance and in this Initial Local Improvement Assessment Resolution. (E) The Tuscawilla Improvements will provide a special benefit to all Tax Parcels located within the Tuscawilla Improvement Area, other than Public Use Parcels, by improving and enhancing the exterior subdivision boundaries, the interior subdivision areas, the subdivision identity, and the subdivision aesthetics and safety, thus enhancing the value, use and enjoyment of such property. Due to their use, Public Use Parcels will not derive a special benefit from construction of the Tuscawilla Improvements. (F) The special benefit to be derived by Improved Parcels within the Tuscawilla Improvement Area from construction of the Tuscawilla Local Improvements will be substantially proportional to the area of Buildings located thereon. Since approximately 90 percent of the Tax Parcels located within the Tuscawilla Improvement Area are Single- Family Residential Parcels, the number of ERUs attributable to Improved Parcels within the Tuscawilla Improvement Area is properly derived from an ERU Value based on the average Building area of the Single-Family Residential Units located within the Tuscawilla Improvement Area. (G) The City Commission hereby finds and determines that the Tuscawilla Local Improvement Assessments, to be imposed in accordance with this Initial Local Improvement Assessment Resolution, provide an equitable method of funding construction of the Tuscawilla Improvements by fairly and reasonably allocating the cost to specially benefitted 10 property, based upon the number of ERUs attributable to each benefitted property in the manner hereinafter described. 11 ARTICLE II NOTICE AND PUBLIC HEARING SECTION 2.01. ESTIMATED CAPITAL COST. The estimated Capital Cost for the Tuscawilla Improvements is $2,398,000. The Project Cost of the Tuscawilla Improvements, which includes the Capital Cost and related expenses, will be funded through the imposition of Tuscawilla Local Improvement Assessments against property located in the Tuscawilla Jmprovement Area in the manner set forth in Article III hereof. SECTION 2.02. ASSESSMENT ROLL. The City Manager is hereby directed to prepare a final estimate of the Capital Cost of the Tuscawilla Improvements and to prepare the preliminary Tuscawilla Local Improvement Assessment Roll in the manner provided in the Ordinance. The City Manager shall apportion the Project Cost among the parcels of real property within the Tuscawilla Improvement Area as reflected on the Tax Roll in conformity with Article III hereof. The estimate of Capital Cost and the Tuscawilla Local Improvement Assessment Roll shall be maintained on file in the offices of the City Manager and open to public inspection. The foregoing shall not be construed to require that the Tuscawilla Local Improvement Assessment Roll be in printed form if the amount of the Tuscawilla Local Improvement Assessment for each Tax Parcel can be determined by use of a computer terminal available to the public. SECTION 2.03. PUBLIC HEARING. A public hearing will be conducted by the City Commission at 6:30 p.m. on August 9, 1999, in the City Commission Chambers of City Hall at 1126 East State Road 434, Winter Springs, Florida, to consider imposition of the 12 Tuscawilla Local Improvement Assessments and their collection pursuant to the Uniform Assessment Collection Act. SECTION 2.04. NOTICE BY PUBLICATION. Upon completion of the materials required by Section 2.02 hereof, the City Manager shall publish a notice of the public hearing authorized by Section 2.03 hereof in the manner and the time provided in Section 3.04 of the Ordinance. Such notice shall be in substantially the form attached hereto as Appendix A. SECTION 2.05. NOTICE BY MAIL. Upon completion of the materials required by Section 2.02 hereof, the City Manager shall, at the time and in the manner specified in Section 3.05 of the Ordinance, provide first class mailed notice of the public hearing authorized by Section 2.03 hereof to each property owner proposed to be assessed at the address indicated on the Tax Roll. Such notice shall be in substantially the form attached hereto as Appendix B. 13 ARTICLE III TUSCAWILLA LOCAL IMPROVEMENT ASSESSMENTS SECTION 3.01. DESCRIPTION OF PROPOSED IMPROVEMENT AREA. The proposed Tuscawilla Improvement Area shall include the property located within the Tuscawilla Planned Unit Development, as more specifically identified in Appendix C attached hereto. The Tuscawilla Improvement Area is proposed for the purpose of enhancing the use and enjoyment of property located therein by funding the Tuscawilla Improvements. SECTION 3.02. IMPOSITION OF ASSESSMENTS. Tuscawilla Local Improvement Assessments shall be imposed against all Tax Parcels located within the Tuscawilla Improvement Area, other than Public Use Parcels, for each Fiscal Year in which Obligations remain outstanding, the amount of which shall be computed in accordance with this Article III. When imposed, the Tuscawilla Local Improvement Assessment for each Fiscal Year shall constitute a lien upon the Tax Parcels located in the Tuscawilla Improvement Area, pursuant to the Ordinance. SECTION 3.03. CLASSIFICATION OF TAX PARCELS. Each Tax Parcel located within the Tuscawilla Improvement Area shall be assigned to one of the following classifications: Single-Family Residential Parcel, Multi-Family Residential Parcel, Nonresidential Parcel, Vacant Parcel, or Public Use Parcel. 14 SECTION 3.04. ERU ASSIGNMENTS. The number of ERUs attributable to each Tax Parcel within the Tuscawilla Improvement Area shall be determined in the manner set forth in this Section 3.04. (A) SINGLE-FAMILY RESIDENTIAL PARCELS. The City Commission hereby finds and determines that each Single-Family Residential Parcel will derive a substantially equivalent special benefit from construction of the Tuscawilla Improvements. Since the ERU Value is equal to the average Building area of the Single-Family Residential Units located within the Tuscawilla Improvement Area, 1.0 ERUs will be assigned to each Single- Family Residential Parcel. (B) MULTI-FAMILY RESIDENTIAL PARCELS. The City Commission hereby finds and determines that each Multi-Family Residential Unit will derive a substantially equivalent special benefit from construction of the Tuscawilla Improvements. Since the average Building area of the Multi-Family Residential Units is 1,218 square feet, approximately 60 percent of the average Building area of Single-Family Residential Units, 0.6 ERUs will be assigned to each Multi-Family Residential Unit. Accordingly, the number of ERUs attributable to each Multi-Family Residential Parcel shall be determined by multiplying the number of Multi-Family Residential Units located thereon by 0.6. (C) NONRESIDENTIAL PARCELS. The City Commission hereby finds and determines that (1) a Nonresidential Parcel with a Building area equal to the ERU Value will derive a special benefit from construction of the Tuscawilla Improvements that is substantially equivalent to that derived by a Single-Family Residential Unit, (2) a Nonresidential Parcel with a Building area greater than the ERU Value will derive a special 15 benefit from construction of the Tuscawilla Improvements that is proportionally greater than a Single-Family Residential Unit, and (3) each Nonresidential Parcel will derive a special benefit from construction of the Tuscawilla Improvements that is at least equal to a Single- Family Residential Unit. Accordingly, the number of ERUs attributable to each Nonresidential Parcel shall be determined by dividing its primary Building square footage by the ERU Value; provided however, that at least 1.0 ERUs shall be assigned to each Nonresidential Parcel. (D) VACANT PARCELS. The City Commission hereby finds and determines that each Vacant Parcel is subject to development in a manner that would result in the assignment of at least 1.0 ERUs. Since the extent of development cannot be predicted accurately, 1.0 ERUs will be assigned to each Vacant Parcel. Notwithstanding the foregoing, if a permanent Single-Family Residential Unit constructed on the common lot line of two Platted Lots on the date hereof, no ERUs will be assigned to the second Platted Lot. Upon subdivision or development of a Vacant Parcel, the number of ERUs attributable thereto will be adjusted in the manner set forth in Section 3.10 hereof. (E) PUBLIC USE PARCELS. The City Commission hereby finds and determines that due to their use, Public Use Parcels will not derive a special benefit from construction of the Tuscawilla Improvements. Accordingly, no ERUs will be assigned to Public Use Parcels. 16 SECTION 3.05. PREPAYMENT AMOUNTS. (A) Upon adoption of the Final local Improvement Assessment Resolution, an Initial Prepayment Amount for each Tax Parcel located within the Tuscawilla Improvement Area shall be computed by (1) dividing (a) the number of ERUs attributable to such Tax Parcel by (b) the total number of ERUs attributable to Tax Parcels within the Tuscawilla Improvement Area, and (2) multiplying the result by the estimated Capital Cost. (B) Following issuance of the Original Obligations, an Adjusted Prepayment Amount for each Tax Parcel, other than those Tax Parcels as to which the Tuscawilla local Improvement Assessment has been prepaid prior to issuance of the Original Obligations, shall be computed by multiplying (1) the amount computed by dividing (a) the Initial Prepayment Amount established herein for such Tax Parcel by (b) the sum of (i) the aggregate Initial Prepayment Amounts for all Tax Parcels within the Tuscawilla Improvement 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 Original Obligations, in each case excluding those Tax Parcels as to which the Tuscawilla local 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 3.06(J) hereof. (C) Following issuance of any Refunding Obligations, a new Adjusted Prepayment Amount for each Tax Parcel, other than those Tax Parcels as to which the Tuscawilla local Improvement Assessment has been prepaid prior to issuance of such Refunding 17 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 Tuscawilla Improvement 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 Tuscawilla Local Improvement 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 3.06(J) hereof. SECTION 3.06. COMPUTATION OF ASSESSMENTS. Tuscawilla Local Improvement Assessments will be imposed for each Fiscal Year in which Obligations remain outstanding and collected on the ad valorem tax bill in the manner authorized by the Uniform Assessment Collection Act. The annual Tuscawilla Local Improvement Assessment shall be computed for each Tax Parcel in the manner set forth in this Section 3.06. (A) DEBT SERVICE AMOUNT. A "Debt Service Amount" shall be computed for each Fiscal Year as the amount which would be payable in respect of the Obligations in accordance with a debt service schedule prepared under the following assumptions: (1) the principal installments equal those established in the Funding Agreement, and (2) the Obligations bear interest at a rate one full percentage point in excess of the actual rates; provided however, that the "Debt Service Amount" for any Fiscal Year shall not exceed the 18 principal amount of Obligations then outstanding plus interest thereon at rates one full percentage point in excess of the actual rates. (B) PREPAYMENT MODIFICATION FACTOR. A "Prepayment Modification Factor" shall be computed for each Fiscal Year by dividing (1) the amount computed by subtracting (a) the sum of the Adjusted Prepayment Amounts, as of the date on which the Obligations are issued by the City, for all Tax Parcels as to which prepayment has been made following issuance of the Obligations, from (b) the total principal amount of Obligations initially issued by the City, by (2) the total principal amount of Obligations initially issued by the City. (C) MODIFIED DEBT SERVICE AMOUNT. A "Modified Debt Service Amount" shall be computed for each Fiscal Year by multiplying (1) the Debt Service Amount by (2) the Prepayment Modification Factor. (D) RECOMPUTATION OF ADJUSTED PREPAYMENT AMOUNT. If due to subdivision or development of a Parcel Unit, the number of ERUs existing on the immediate prior June 1 is different than the number of ERUs used to compute the annual Tuscawilla Local Improvement Assessments for the previous Fiscal Year (excluding any difference attributable to prepayments made after the Assessments for the prior Fiscal Year were computed), the Adjusted Prepayment Amount for each Tax Parcel shall be recomputed by (A) dividing (1) the number of ERUs attributable to the Tax Parcel on the immediate prior June 1 by (2) the number of ERUs used to compute the previous Fiscal Year's annual Tuscawilla Local Improvement Assessments for such Tax Parcel, (B) multiplying the result by the total number of ERUs used to compute Initial Prepayment Amounts for all Tax Parcels located within the Tuscawilla Improvement Area (notwithstanding whether or not 19 prepayments have been made in respect of such ERUs), (C) dividing the result by the total number of ERUs existing within the Tuscawilla Improvement Area on the immediate prior June 1 (notwithstanding whether or not prepayments have been made in respect of such ERUs), and (D) multiplying the result by the Adjusted Prepayment Amount utilized to compute the prior Fiscal Year's annual Assessment for such Tax Parcel. If recomputing the Adjusted Prepayment Amount increases the annual Tuscawilla Local Improvement Assessment or Adjusted Prepayment Amount payable in respect of any Tax Parcel to an amount greater than that included in the notice provided to each property owner pursuant to Section 2.05 hereof, the City Manager shall provide an additional notice to each property owner in the manner described in Section 3.05 of the Ordinance, providing the date, time and place that the City Commission will conduct a public hearing to approve the increased annual Tuscawilla Local Improvement Assessment or Adjusted Prepayment Amount. (E) ANNUAL DEBT SERVICE FACTOR. An "Annual Debt Service Factor" shall be computed for each Fiscal Year by dividing (1) the Modified Debt Service Amount by (2) the aggregate Adjusted Prepayment Amount. (F) ANNUAL DEBT SERVICE COMPONENT. The "Annual Debt Service Component" shall be computed for each Fiscal Year for each Tax Parcel by multiplying (1) the Adjusted Prepayment Amount for such Tax Parcel by (2) the Annual Debt Service Factor. (G) COLLECTION COST COMPONENT. The "Collection Cost Component" shall be computed each Fiscal Year for each Tax Parcel by (1) dividing (a) the Adjusted Prepayment Amount for such Tax Parcel by (b) the sum of the aggregate Adjusted Prepayment Amount, and (2) multiplying the result by the Collection Cost. 20 (H) STATUTORY DISCOUNT AMOUNT. The "Statutory Discount Amount" shall be computed for each Tax Parcel as the amount by which section 129.01 (2)(b), Florida Statutes, requires the City to discount reasonably anticipated receipts in connection with preparation of its annual budget, such amount to be calculated by deducting (1) the sum of (a) the Annual Debt Service Component and (b) the Collection Cost Component, from (2) the amount computed by dividing (a) the sum of (I) the Annual Debt Service Component and (ii) the Collection Cost Component, by (b) 0.95. (I) TUSCAWILLA LOCAL IMPROVEMENT ASSESSMENT. The annual Tuscawilla Local Improvement Assessment for each Tax Parcel shall be computed as the sum of (1) the Annual Debt Service Component, (2) the Collection Cost Component and (3) the Statutory Discount Amount. (J) REVISION OF ADJUSTED PREPAYMENT AMOUNT. Upon issuance of the ad valorem tax bill for each Fiscal Year, the Adjusted Prepayment Amount for each Tax Parcel shall be recomputed by deducting (1) the amount computed by (a) dividing (I) the principal component of the Debt Service Amount utilized to compute the Debt Service Component for the Tuscawilla Local Improvement Assessment Roll by (ii) the total Debt Service Amount utilized to compute the Debt Service Component for the Tuscawilla Local Improvement Assessment Roll and (b) multiplying the result by the Annual Debt Service Component included on the Tuscawilla Local Improvement Assessment Roll for the Tax Parcel, from (2) the Adjusted Prepayment Amount utilized to compute the Annual Tuscawilla Local Improvement Assessment included on the Tuscawilla Local Improvement Assessment Roll for such Tax Parcel. 21 (K) APPLICATION OF ASSESSMENT PROCEEDS. Proceeds from the annual Tuscawilla Local Improvement Assessments received during each Fiscal Year shall be applied by the City as follows: (A) payment of the Collection Cost, (B) payment of any credit or liquidity enhancement facility fees, administrative fees or remarketing fees attributable to the Obligations, (C) payment or prepayment of any principal and interest becoming due on the Obligations during such Fiscal Year, (D) reimbursement of any amounts advanced by the City to pay principal and interest on the Obligations, and (E) prepayment of principal on the Obligations becoming due in any future Fiscal Year. SECTION 3.07. INITIAL PREPAYMENT OPTION. (A) Following adoption of the Final Local Improvement Assessment Resolution, the City Manager shall provide first class mailed notice to the owner of each Tax Parcel subject to the Tuscawilla Local Improvement Assessment of the owner's option to prepay all future annual Tuscawilla Local Improvement Assessments. On or prior to the date specified in such notice (which shall not be earlier than the 30th calendar day following the date on which the notice is delivered to the possession of the U.S. Postal Service), or such later date as the City Commission may allow in its sole discretion, the owner of each Tax Parcel subject to the Tuscawilla Local Improvement Assessment shall be entitled to tender the Initial Prepayment Amount to the City and prepay all future annual Tuscawilla Local Improvement Assessments for such Tax Parcel. (B) The amount of all prepayments made pursuant to this Section 3.07 shall be final. The City shall not be required to refund any portion of a prepayment if (1) annual Tuscawilla Local Improvement Assessments will not be imposed for the full number of years 22 anticipated at the time of such prepayment or (2) there is a subsequent increase in the total number of ERUs which would have decreased the amount of such prepayment. SECTION 3.08. ADDITIONAL PREPAYMENT OPTION. (A) Following the date specified in the notice provided pursuant to Section 3.07 hereof, or such later date as the City Commission may allow in its sole discretion, the owner of each Tax Parcel subject to the Tuscawilla Local Improvement Assessments shall be entitled to prepay all future unpaid annual Tuscawilla Local Improvement Assessments upon payment of an amount equal to the sum of (1) the Adjusted Prepayment Amount for such Tax Parcel, and (2) interest on the Adjusted Prepayment Amount, computed at a rate one full percentage point in excess of the rate on the Obligations, from the most recent date to which interest on the Obligations has been paid to the next date following such prepayment on which the City can redeem Obligations after providing all notices required to redeem all or any portion of the Obligations. (B) During any period commencing on the date the annual Tuscawilla Local Improvement Assessment Roll is certified for collection pursuant to the Uniform Assessment Collection Act and ending on the next date on which unpaid ad valorem taxes become delinquent, the City may reduce the amount required to prepay the future unpaid annual Tuscawilla Local Improvement Assessments for the Tax Parcel by the amount of the Tuscawilla Local Improvement Assessment that has been certified for collection with respect to such Tax Parcel. (C) Except as provided in Section 3.10 hereof, the amount of all prepayments made pursuant to this Section 3.08 shall be final. The City shall not be required to refund 23 any portion of a prepayment if annual Tuscawilla Local Improvement Assessments will not be imposed for the full number of years anticipated at the time of such prepayment. SECTION 3.09. MANDATORY PREPAYMENT. (A) If at any time a tax certificate has been issued and remains outstanding in respect of any Tax Parcel subject to the Tuscawilla Local Improvement Assessment, the owner shall prepay all future unpaid annual Tuscawilla Local Improvement Assessments for such Tax Parcel if the City, at its sole option, elects to accelerate the Tuscawilla Local Improvement Assessment. The amount required to prepay the future unpaid annual Tuscawilla Local Improvement Assessments will be equal to the sum of (1) the Adjusted Prepayment Amount for such Tax Parcel, and (2) interest on the Adjusted Prepayment Amount, computed at a rate one full percentage point in excess of the rate on the Obligations, from the most recent date to which interest on the Obligations has been paid to the next date following such prepayment on which the City can redeem Obligations after providing all notices required to redeem all or any portion of the Obligations. (8) During any period commencing on the date the annual Tuscawilla Local Improvement Assessment Roll is certified for collection pursuant to the Uniform Assessment Collection Act and ending on the next date on which unpaid ad valorem taxes become delinquent, the City may reduce the amount required to prepay the future unpaid annual Tuscawilla Local Improvement Assessments for the Tax Parcel by the amount of the Tuscawilla Local Improvement Assessment that has been certified for collection with respect to such Tax Parcel. 24 (C) The amount of all prepayments made pursuant to this Section 3.09 shall be final. The City shall not be required to refund any portion of a prepayment if annual Tuscawilla Local Improvement Assessments will not be imposed for the full number of years anticipated at the time of such prepayment. SECTION 3.10. FUTURE SUBDIVISION OR DEVELOPMENT. (A) If any Parcel Unit is subdivided into two or more Parcel Units prior to the date on which the Tuscawilla Improvement Assessment has been prepaid: (1) one ERU shall be assigned to each of the subdivided Parcel Units on the next June 1, or such later date on which the Property Appraiser provides the City with data to prepare the Assessment Roll for the ensuing Fiscal Year, and (2) the Adjusted Prepayment Amounts shall be adjusted in the manner described in Section 3.06(0) hereof. (B) If any Parcel Unit is subdivided into two or more Parcel Units following the date on which the Tuscawilla Improvement Assessment has been prepaid: (1) the prepayment previously made shall be attributed to the subdivided Parcel Unit selected in writing by the owner of the parent Parcel Unit or if no written selection is provided, to a subdivided Parcel Unit selected by the City Manager, (2) one ERU shall be assigned to each of the remaining subdivided Parcel Units on the next June 1, or such later date on which the Property Appraiser provides the City with data to prepare the Assessment Roll for the ensuing Fiscal Year, and (3) the Adjusted Prepayment Amounts shall be adjusted in the manner described in Section 3.06(0) hereof. (C) If any Vacant Parcel is developed prior to the date on which the Tuscawilla Improvement Assessment has been prepaid: (1) ERUs shall be assigned to the Vacant 25 Parcel in the manner described in Section 3.04(0) hereof, and (2) the Adjusted Prepayment Amounts shall be adjusted in the manner described in Section 3.06(0) hereof. (0) If any Vacant Parcel is developed prior to the date on which the Tuscawilla Improvement Assessment has been prepaid: (1) ERUs shall be assigned to the Vacant Parcel in the manner described in Section 3.04(0) hereof, (2) the number assigned shall be reduced by one ERU to reflect the prepayment previously made, and (3) the Adjusted Prepayment Amounts shall be adjusted in the manner described in Section 3.06(0) hereof. 26 ARTICLE IV GENERAL PROVISIONS SECTION 4.01. METHOD OF COLLECTION. The Tuscawilla Local Improvement Assessments shall be collected pursuant to the Uniform Assessment Collection Act. SECTION 4.02. SEVERABILITY. If any clause, section or provision of this resolution shall be declared unconstitutional or invalid for any reason or cause, the remaining portion of this resolution shall be in full force and effect and be valid as if such invalid portion thereof had not been incorporated herein, SECTION 4.03. EFFECTIVE DATE. This resolution shall take effect immediately upon its adoption. DULY ADOPTED this 12th day of July, 1999. CITY OF WINTER SPRINGS, FLORIDA (SEAL) By: Paul P. Partyka Mayor ATTEST: Margo Hopkins City Clerk APPROVED AS TO FORM: Frank C. Kruppenbacher City Attorney 27 APPENDIX A FORM OF NOTICE TO BE PUBLISHED To Be Published ,1999 [MAP OF TUSCAWILLA IMPROVEMENT AREA] NOTICE OF HEARING TO IMPOSE AND PROVIDE FOR COLLECTION OF NONftAD VALOREM ASSESSMENTS Notice is hereby given that the City Commission of Winter Springs, Florida, will conduct a public hearing to consider creation of the Tuscawilla Improvement Area, as shown above, and to impose special assessments against certain parcels of property located therein. The hearing will be held at 6:30 p.m. on August 9, 1999, in the City Commission Chambers of City Hall at 1126 East State Road 434, Winter Springs, Florida. In accordance with the Americans with Disabilities Act, persons needing a special accommodation or an interpreter to participate in this proceeding should contact insert name} at [insert telephone number} at least 48 hours prior to the date of the hearing. All affected property owners have a right to appear at the hearing and to file written objections with the City Commission within 20 days of this notice. Any person wishing to appeal any decision of the City Commission with respect to any matter considered will need a record and may wish to ensure that a verbatim record is made. The assessments have been proposed to fund capital and maintenance costs for wing walls, median improvements, street lights and street monuments within the Tuscawilla Improvement Area. The capital and maintenance assessment for each parcel of property will be based upon the number of ERUs ("equivalent residential units") contained within the Tuscawilla Improvement Area. A more specific description is set forth in the Tuscawilla Improvement Area Initial Local Improvement Assessment Resolution and the Tuscawilla Service Area Initial Related Service Assessment Resolution adopted by the City Commission on July 12, 1999. Copies of the Tuscawilla Improvement Area Initial Local Improvement Assessment Resolution and the Tuscawilla Service Area Initial Related Service Assessment Resolution, the plans and specifications for the Tuscawilla Improvements, and the preliminary assessment roll are available for inspection at the offices of the City Manager, located at 1126 East State Road 434, Winter Springs, Florida. Annual capital and maintenance assessments to fund the Tuscawilla Improvements will be payable for a period of 30 years. Annual capital and maintenance assessments will be collected on the ad valorem tax bill, as authorized by Section 197.3632, Florida Statutes. Failure to pay the assessment will cause a tax certificate to be issued against the property which may result in a loss of title. Future annual capital assessments to fund the Tuscawilla Improvements may be prepaid at the option of the property owner. If you have any questions, please contact the City Manager=s office at [insert telephone number]. WINTER SPRINGS, FLORIDA APPENDIX B FORM OF NOTICE TO BE MAILED * * * * * THIS IS NOT A BILL * * * * * WINTER SPRINGS, FLORIDA NOTICE OF HEARING TO IMPOSE AND PROVIDE FOR COLLECTION OF SPECIAL ASSESSMENTS IN TUSCAWILLA IMPROVEMENT AREA _' 1999 [Property Owner Name] [Street Address] [City, State and zip] Re: Tax Parcel Number [Insert Number] Tuscawilla Improvement Area Dear Property Owner: The Tuscawilla Improvement Area is being created to provide wing walls, median improvements, street lights and street monuments within that area. The project to provide such improvements is known as the Tuscawilla Improvements. The construction and maintenance costs of the Tuscawilla Improvements will be funded by assessments against the property located within the Tuscawilla Improvement Area. The construction and maintenance assessment for each parcel of property is based on the number of ERUs ("equivalent residential units") contained within the Tuscawilla Improvement Area. A more specific description of the assessment program is set forth in the Tuscawilla Improvement Area Initial Local Improvement Assessment Resolution and the Tuscawilla Service Area Initial Related Service Assessment Resolution adopted by the City Commission on July 12, 1999. Copies of the Tuscawilla Improvement Area Initial Local Improvement Assessment Resolution, the Tuscawilla Service Area Initial Related Service Assessment Resolution, the plans and specifications for the Tuscawilla Improvements, and the preliminary Tuscawilla Assessment Roll including capital and maintenance assessments are available for your review at the offices of the City Manager, located at 1126 East State Road 434, Winter Springs, Florida. Information regarding the assessment for your specific property is attached to this letter. The City intends to issue bonds to finance the capital costs of this assessment project. This will permit the capital cost attributable to your property to be amortized over a period of thirty years. The estimated principal amount of the bonds required to finance construction of the improvements is $ . However, you may choose to prepay your capital assessment in full ($ per ERU) and avoid the additional financing cost. Please do not send payment now. If the assessments are imposed, you will receive a separate notice of time and place for payment. If you do not choose to prepay during the period described in the next notice you will receive, the amount necessary to pay your assessment in full will be increased by your share of the financing cost. The City anticipates that financing costs will increase the prepayment amount by approximately _ percent to $ per ERU. The annual assessment will include: X your share of the principal and interest on the bonds (unless you chose to prepay that amount); X your share of the maintenance costs; X your share of the collection cost of the assessments; and X the maximum discount allowed for early payment under the Uniform Assessment Collection Act. The City expects to collect approximately $ per year for this purpose. The City intends to include annual assessments on your ad valorem tax bill. Failure to pay your assessments will cause a tax certificate to be issued against the property which may result in a loss of title. The City Commission will hold a public hearing at 6:30 p.m. on August 9, 1999, in the City Commission Chambers, City Hall, 1126 East State Road 434, Winter Springs, Florida, for the purpose of receiving comments on the proposed assessments, including collection on the ad valorem tax bill. You are invited to attend and participate in the hearing. You may also file written objections with the City Commission prior to or during the hearing. If you decide to appeal any decision made by the City Commission with respect to any matter considered at the hearing, you will need a record of the proceedings and may need to ensure that a verbatim record is made, including the testimony and evidence upon which the appeal is to be made. In accordance with the Americans with Disabilities Act, if you need a special accommodation or an interpreter to participate in this proceeding, please contact [insert name] at [insert telephone number] at least 48 hours prior to the date of the hearing. If you have any questions, please contact the City Manager's office at [insert telephone number). WINTER SPRINGS, FLORIDA * * * * * SEND NO MONEY NOW. THIS IS NOT AN INVOICE * * * * * Tuscawilla Improvement Area [PROPERTY OWNER NAME] Tax Parcel Number [INSERT NUMBER] Total number of ERUs attributed to property: [INSERT NUMBER] Initial prepayment amount (excludes financing cost): $ [INSERT AMOUNT] Adjusted prepayment amount (includes financing cost): $ [INSERT AMOUNT] Annual Capital Assessment: $[INSERT AMOUNT] Annual Maintenance Assessment: $[INSERT AMOUNT] Total Annual Assessment: $[INSERT AMOUNT] Number of annual payments: 30 Expected date of first bill: November 1999 Total amount of annual payments: $ [INSERT AMOUNT] * * * * * SEND NO MONEY NOW. THIS IS NOT AN INVOICE * * * * * APPENDIX C DESCRIPTION OF TUSCAWILLA IMPROVEMENT AREA TUSCA WILLA IMPROVEMENT AREA GENERAL BOUNDARY DESCRIPTION The Tuscawilla Improvement Area shall be defined as all that land lying within the City of Winter Springs, Florida, Tuscawilla Planned Unit Development, less Oak Forest Subdivision in its entirety; St. Johns Landing (Plat Book 53, Pages 45-49); Tuscawilla Parcel 90 (aka Arbor Glen, Plat Book 43, Pages 57-58); Creeks Run (Plat Book 53, Pages 1-3); Tuscawilla Unit 5 (Plat Book 20, Page 18); Tuskawilla Trail Subdivision (Plat Book 41, Page 6); Grand Reserve Subdivision (Plat Book 48, Pages 73-74); Tuscawilla Tract 15, Parcels I-B and l-C (Yeager property south of SR 434); St. Stephen's Catholic Church; Church of the New Covenant; Lord of Life Lutheran Church; Indian Trails Middle School; Keeth Elementary School; and as more specifically defined in attachment "A", entitled the Tuscawilla Improvement Area Legal Description by reference to plat book and pages, and attachment "B" entitled Tuscawilla Improvement Area Boundary Map. Attachment "A" Plat Book Page (inclusive) Plat Book Page (inclusive) 50 42-50 Howell Creek Reserve 10-12 49 48 52-54 50 82-84 26 57 -59 52 87 -88 44 35-37 Reserve at 31-(37) minus Tuskawilla tract C, (35) 48 minus tract I 41 42-45 48 36-40 37 53-54 50 3-9 40 98-100 No Plat Book and Page for Tuscany Place 42 35-36 48 18-25 29 35 43 57 -58 30 97 -98 33 17 -19 45 82-83 20 18 46 64-65 21 32-33 52 13-14 22 46-47 48 47-51 23 25-28 48 89-92 24 72-73 46 25-26 Tuscawilla Unit 22 (A) 23 22 4-6 25 57 -58 23 78-80 26 51-52 25 33-37 26 53-54 45 18-20 26 55-56 49 8-9 28 98-102 50 20-21 27 22 23 96-98 29 1-2 33 54 32 21-24 49 78-82 37 6-10 55 37-39 36 11-12 40 14-21 20 56-57 40 21 21 11-12 43 53-56 21 13-14 37 1-4 24 33-35 37 5 54 76-77 46 12ft15 16 82-83 46 91-94 17 89-90 33 1-4 18 6-8 40 42-44 24 97-98 32 32 24 97 ft98 (Replat) 41 24 TUSCAWILLA IMPROVEMENT AREA LEGAL DESCRIPTION BY REFERENCE TO PLAT BOOK AND PAGES Attachment "B" Tuscawilla Improvement Area Boundary Map (Diagram) WINTER SPRINGS, FLORIDA TUSCAWILLA IMPROVEMENT AREA INITIAL LOCAL IMPROVEMENT ASSESSMENT RESOLUTION ADOPTED JULY 12,1999 SECTION 1.01. SECTION 1.02. SECTION 1.03. SECTION 2.01. SECTION 2.02. SECTION 2.03. SECTION 2.04. SECTION 2.05. SECTION 3.01. SECTION 3.02. SECTION 3.03. SECTION 3.04. SECTION 3.05. SECTION 3.06. SECTION 3.07. SECTION 3.08. SECTION 3.09. SECTION 3.10. SECTION 4.01. SECTION 4.02. SECTION 4.03. TABLE OF CONTENTS PAGE ARTICLE I DEFINITIONS AND CONSTRUCTION DEFINITIONS................................................................................. 2 INTERPRETATION. ...... ............ ......................... ........ .... ................ 9 GENERAL FINDINGS. .... ................... ............ ..... ...........................9 ARTICLE II NOTICE AND PUBLIC HEARING ESTIMATED CAPITAL COST .......... .... .......... .............. ........ ........ 12 ASSESSMENT ROLL................................................................... 12 PUBLIC HEARING ..... .................. ..... ..... .... .......... ......... ............... 12 NOTICE BY PUBLICATION.......................................................... 13 NOTICE BY MAIL..... .......... ...... ......................... ......... ........... ....... 13 ARTICLE III TUSCAWILLA LOCAL IMPROVEMENT ASSESSMENTS DESCRIPTION OF PROPOSED IMPROVEMENT AREA ............14 IMPOSITION OF ASSESSMENTS............................................... 14 CLASSIFICATION OF TAX PARCELS......................................... 14 ERU ASSIGNMENTS. ........................ ....................... ................... 15 PREPAYMENT AMOUNTS ...... ........ .................. .......... ...... ...... .... 17 COMPUTATION OF ASSESSMENTS.......................................... 1 8 INITIAL PREPAYMENT OPTION ................................................. 22 ADDITIONAL PREPAYMENT OPTION ........................................ 23 MANDATORY PREPAYMENT. ........ ................ ............. ............... 24 FUTURE SUBDIVISION OR DEVELOPMENT. ............................ 25 ARTICLE IV GENERAL PROVISIONS METHOD OF COLLECTION. ........... ........... ................................. 27 SEVERABILITY. ...........................................................................27 EFFECTIVE DATE. .... .................. ................................. ............... 27 APPENDIX A - APPENDIX B - APPENDIX C - FORM OF PUBLISHED NOTICE FORM OF MAILED NOTICE DESCRIPTION OF TUSCAWILLA IMPROVEMENT AREA July 9, 1999 Via E-mail and Facsimile Ronald McLemore City Manager, City of Winter Springs 1126 East S. R. 434 Winter Springs, Florida 32708 Re: Initial Resolutions for Tuscawilla Dear Mr. McLemore: Enclosed please find the Tuscawilla Improvement Area Initial Local Improvement Assessment and Initial Related Services Assessment Resolutions. The City Commission has scheduled these resolutions to be discussed and approved on Monday, July 12, 1999. The resolutions do not contain a specific description of the geographic area to be assessed. Consequently, the resolutions indicate that the area descriptions are attached as an appendix. When you develop a geographic description, all you need to do is attach it as an appendix and then the resolutions will be complete. Please call me with any questions or comments you may have. Very truly yours, Virginia Saunders Delegal VSDI Enclosures cc: Robert D. Guthrie, Jr. (w/encl.)(via e-mail) WINTER SPRINGS, FLORIDA TUSCAWILLA IMPROVEMENT AREA INITIAL LOCAL IMPROVEMENT ASSESSMENT RESOLUTION ADOPTED JULY 12, 1999 SECTION 1.01. SECTION 1.02. SECTION 1.03. SECTION 2.01. SECTION 2.02. SECTION 2.03. SECTION 2.04. SECTION 2.05. SECTION 3.01. SECTION 3.02. SECTION 3.03. SECTION 3.04. SECTION 3.05. SECTION 3.06. SECTION 3.07. SECTION 3.08. SECTION 3.09. SECTION 3.10. SECTION 4.01. SECTION 4.02. SECTION 4.03. TABLE OF CONTENTS PAGE ARTICLE I DEFINITIONS AND CONSTRUCTION DEFINITIONS................................................................................. 2 INTERPRETATION............................................................ ............ 9 GENERAL FINDINGS. ................... ................................................9 ARTICLE \I NOTICE AND PUBLIC HEARING ESTIMATED CAPITAL COST ......................................................12 ASSESSMENT ROLL.................... ............................................... 12 PUBLIC HEARING....................................................................... 12 NOTICE BY PUBLICATION.......................................................... 13 NOTICE BY MAIL.............. ........................... ....... ......................... 13 ARTICLE III TUSCAWILLA LOCAL IMPROVEMENT ASSESSMENTS DESCRIPTION OF PROPOSED IMPROVEMENT AREA ............ 14 IMPOSITION OF ASSESSMENTS ........ ............... .......... ........ ...... 14 CLASSIFICATION OF TAX PARCELS......................................... 14 ERU ASSIGNMENTS. ............. ....... ..................... ............. ............ 15 PREPAYMENT AMOUNTS.......................................................... 17 COMPUTATION OF ASSESSMENTS.......................................... 18 INITIAL PREPAYMENT OPTION ................................................. 22 ADDITIONAL PREPAYMENT OPTION ........................................ 23 MANDATORY PREPAYMENT ......................... ............. ...............24 FUTURE SUBDIVISION OR DEVELOPMENT. ............................25 ARTICLE IV GENERAL PROVISIONS METHOD OF COLLECTION. ....................................................... 27 SEVERABILITY. ..... ....... ............ ...... ...... .......... .... .... .... ..... ...... ...... 27 EFFECTIVE DATE. ....... ........... ....... .................. ....... .................... 27 -,..._~..--.-~......~.._-,~-~.,~-,-_....,._"-.--,~......-----,_...............~-~""'" APPENDIX A - APPENDIX B - APPENDIX C - FORM OF PUBLISHED NOTICE FORM OF MAILED NOTICE DESCRIPTION OF TUSCAWILLA IMPROVEMENT AREA