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Section VI <br />TERMS OF THE SPECIAL ASSESSMENTS <br />A. Amount of Special Assessments and Annual Installments for Parcels <br />The Special Assessments and Annual Installments for the Assessed Property are shown on <br />the Assessment Roll in Appendix A. The Special Assessment and Annual Installments shall <br />not be changed except as authorized under the terms of this SAP and the PID Act. The <br />Annual Installments shall be collected in an amount sufficient to pay (i) the principal and <br />interest on the PID Bonds, (ii) to fund the Prepayment Reserve for the PID Bonds, (iii) to <br />fund the Delinquency Reserve for the PID Bonds, and (iv) to cover the Administrative <br />Expenses of the PID Bonds. <br />B. Reallocation of Assessments for Parcels Located Within Assessed PropertX <br />1. Upon Subdivision by a Recorded Subdivision Plat <br />Upon the subdivision of any Parcel or Lot, the Special Assessment for the Parcel or Lot <br />prior to the subdivision shall be reallocated among the new subdivided Parcels or Lots <br />according to the following formula: <br />A=Bx(C-D) <br />Where: <br />A = the Special Assessment for each new subdivided Parcel or Lot <br />B = the Special Assessment for the Parcel or Lot prior to subdivision <br />C = the estimated buldout value of each new subdivided Parcel or Lot <br />D = the sum of the estimated buildout value to be built on all new subdivided Parcels or <br />Lots <br />The calculation of the estimated buildout value of a Parcel or Lot shall be performed by the <br />Administrator and confirmed by the City Council based on information provided to the City, <br />including any market studies required under Section IV.D. The estimate as confirmed by <br />City Council shall be conclusive. <br />The sum of the Special Assessment for all newly subdivided Parcels or Lots shall equal the <br />Special Assessment for the parcel or lot prior to subdivision. The calculation shall be made <br />separately for each newly subdivided Parcel or Lot. Any reallocation pursuant to this <br />section shall be reflected in an Annual Service Plan Update approved by the City Council. <br />19 <br />