Overlapping Debt definition

Overlapping Debt means, with respect to any property within the Improvement Area , the sum of (a) the aggregate amount of all unpaid assessments which are a lien on such property and which are pledged to secure the repayment of bonds, plus (b) a portion of the principal amount of any outstanding bonds of other community facilities districts which are payable at least partially from special taxes to be levied on such property (the “Other CFD Bonds”) determined by multiplying the aggregate principal amount of the Other CFD Bonds by a fraction, the numerator of which is the amount of special taxes levied for the Other CFD Bonds on such property and the denominator of which is the total amount of special taxes levied for the Other CFD Bonds on all parcels of property which are subject to the levy of such special taxes, based upon information which is available for the then current Fiscal Year.
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Examples of Overlapping Debt in a sentence

  • For residential parcels, the Overlapping Debt Burden at the time of bond issuance shall not exceed two percent (2.0%) of the projected assessed value of each improved parcel within the district.

  • The maximum annual special tax, together with ad valorem property taxes, special assessments or special taxes for an overlapping financing district, including such potential taxes and assessments relating to authorized but unissued debt of public entities other than the City (collectively, the "Overlapping Debt Burden"), in relation to the expected assessed value of each parcel upon completion of the private improvements to the parcel is of great importance to the City in evaluating the proposed financing.

  • For residential parcels, the Overlapping Debt Burden, or overall Effective Tax Rate, shall not exceed 1.80% of the projected assessed value of each improved parcel within the District.

  • This fee does not include the one-time fee of $650 for Overlapping Debt tables from data provided by CalMuni.