SPECIAL LEVY Clause Samples
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SPECIAL LEVY. The Special Levy, as defined in the Rate and Method of Apportionment of Special Levy (the “Rate and Method”) attached to the District General Plan as Exhibit shall be imposed on the taxable parcels of real property located in the PID (as identified in Section and Exhibit of the District General Plan) and the revenues of the Special Levy shall secure the debt service payments due on PID Bonds, as provided in the Act.
(i) The PID may issue Special Levy Revenue Bonds in an estimated maximum aggregate principal amount of $ , in one or more series, the proceeds of which shall be used to defray the cost of constructing the Eligible Infrastructure not otherwise reimbursed to TSVI from other sources and for such other purposes authorized under the Act.
(ii) At or after the time the PID has incurred a reimbursement obligation as provided in the Amended and Restated Master Development Agreement, the PID may issue reimbursement certificates or other obligations to ▇▇▇▇ providing for reimbursement of TSVI from accumulated Special Levy revenues for Reimbursable Costs.
(iii) The Special Levy shall meet the following conditions, as set forth in Exhibit of the PID Feasibility Study:
SPECIAL LEVY. The Special Levy, as defined in the Rate and Method of Apportionment of Special Levy (the "Rate and Method") attached to the District General Plan as Exhibit shall be imposed on the taxable parcels of real property located in the PID (as identified in Section and Exhibit of the District General Plan) and the revenues of the Special Levy shall secure the debt service payments due on PID Bonds, as provided in the Act.
(i) The PID shall issue Special Levy Revenue Bonds in an estimated maximum aggregate principal amount of $ , in one or more series, the proceeds of which shall be used to defray the cost of constructing the Eligible Infrastructure not otherwise reimbursed to TSVI from other sources and for such other purposes authorized under the Act.
(ii) The Special Levy shall meet the following conditions, as set forth in Exhibit of the PID Feasibility Study:
SPECIAL LEVY. Notwithstanding anything to the contrary stipulated for in this sale agreement, it is agreed between the parties that if a special levy is pro-rated by the Body Corporate as contemplated in Section 3(3) of the Sectional Title Schemes Management Act, 2011 the Purchaser will be liable for such portion which is payable after date of registration of transfer and the Seller liable for such portion for periods prior thereto.
SPECIAL LEVY. 6.01 A levy on members can be imposed only for a specific purpose and may not exceed a term in excess of twelve (12) calendar months. A levy does not refer to, nor include, regular monthly MRSA dues.
6.02 Special levies are recommended by the MRSA Executive and approved by vote of the membership.
6.03 The MRSA Executive will make a recommendation to the membership when a specified levy is required. A meeting of the membership will be set to discuss the specified levy. Ten (10) days prior notice of the meeting must be given to all members via email address last provided by MRU, or the last provided personal email address of the member. A vote will be held following the meeting and conducted in accordance with MRSA Policy. The special levy will be implemented if accepted by the majority of members participating in the vote.
SPECIAL LEVY. 6.1 Funds raised by the Special Area Levy being imposed by the City shall only be utilized for the acquisition of the Stonebridge Golf Course and its operation as a golf course or as Open Space/Green Space, except as permitted in clause 5.7 above.
6.2 Funds raised by the Special Area ▇▇▇▇, and any interest earned by such funds, shall be held in a special account, the Stonebridge Levy Reserve.
6.3 Should the Stonebridge Golf Course be owned or leased by the SCA or a nominee corporation, funds shall be released from the Stonebridge Levy Reserve to the SCA or nominee corporation upon certification satisfactory to the City Treasurer that such funds are necessary for the then current year’s operation (capital, maintenance/repair, daily operations) of the Stonebridge Golf Course.
6.4 The owner, lessee and/or third party service provider shall make their records in respect of the Stonebridge Golf Course (as either a golf course or open space/green space) available, upon 15 days written notice, to the City’s Auditor General or the City’s external auditor.
SPECIAL LEVY. If after acceptance hereof but before transfer is effected, the body corporate passes any resolution imposing a special levy to cater for any future improvements to the scheme the PURCHASER shall be liable for the payment thereof. The SELLER warrants that it/he is not aware of any pending resolution and further undertakes to timeously notify the PURCHASER of any meeting of the Body Corporate to be held between date of acceptance of this agreement and date of transfer.