1988-06-14 Minutes - Laserfiche WebLink

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follows. (A copy of Resolution No. 847 is~ exhibited in Appendix E of this Official Statement). All-revenues of the Facility shall be segregated and kept in special accounts separate and apart from all other funds of the Commission and shall be used in the operation, repair and maintenance of the Facility, and in payment of lease rentals. All revenues of the Facility shall be set aside in the following order of priority. Parking Facility Maintenance Account. Funds in the Maintenance Account shall be used to pay expenses of operation, repair, and maintenance of the Facility, maintaining a balance equal to the estimated operating and maintenance expenses for the next six months. Net Revenue Account. Remaining revenues of the Facility shall be set aside in this account. Redevelopment District Bond Fund. This Fund will consist of a Principal and Interest Account and such other accounts as the Commission may establish. Parking Garage Principal and Interest Account. On each August I during the term of the Lease, an amount of money in the Net Revenue Account shall be deposited in the Principal and Interest Account equal to the "Required Deposit" (as hereinafter defined) to pay lease rental payments. The Required Deposit is the amount, together with money on deposit in the Principal and Interest Account, sufficient to pay all lease rental payments due in the 12-month period beginning on January I of the following calendar year. The Commission shall levy in each calendar year, beginning in 1988, a special tax on all taxable property in the District, in the total amount sufficient, together with any Required Deposit made on August I of such calendar year, and all other funds in the Principal and Interest Account deposited in the 12 months prior to August I of such calendar year, as to pay all lease rental payments payable in the 12- . month period beginning on January I of the following calendar year. Such taxes shall be deposited in the Principal and Interest Account. Excess Funds. Any funds remaining in the Net Revenue Account after the Required Deposit shall be deemed Excess Funds and be paid to the Commission for appropriation and use as permitted by law. Procedures for Property Assessment, Tox Levy and Collection, and Tax Abatements Real Property in the State is assessed each year as of March I. On or before August I each year, the County Auditor must submit to each underlying unit a statement of (i) the estimated assessed value of the unit as of March I of that year, and (ii) an estimate of the taxes to be distributed to the unit during the last six months of the current budget year. The estimated assessed value is based on abstracts delivered to the Auditor by the Township Assessor or his designee on or before July I5. The estimated value is used when the Common Council meets to establish its budget for the next fiscal year (January I through December 31), and to set .tax rates and levies. By statute, this must be done not later than the last Monday in August. The budget, tax levy and tax rate is subject to review and revision by the State Board of Tax Commissioners. On or before December 31, the County Auditor prepares and delivers the final abstract. The County Treasurer mails tax statements the following April. Property taxes are due and payable to the County Treasurer in two installments on May 10 and November 10. -7 -