Also, I believe I posted this earlier in this epic thread but I’ll repost it as clueless included it in part of a message to me and I hope he/she posts more details about their CFD #99-1 experience.
This is what I think is in most CFD’s and probably how they will justify stopping to end CFD pre-pay offs in the future.
“Notwithstanding the foregoing, no prepayment will be allowed for Assessor’s Parcels eligible for prepayment pursuant to the first paragraph of this Section G (the above paragraph) or pursuant to the paragraph immediately above unless the amount of Annual Special Taxes that may be levied on Taxable Property, net of Administrative Expenses, shall be at least 1.1 times the regularly scheduled annual interest and principal payments on all currently outstanding Bonds in each future Fiscal Year and such prepayment will not impair the security of all currently outstanding Bonds, as reasonably determined by the Board.”
The key phrase I believe they will use is, “and such prepayment will not impair the security of all currently outstanding Bonds, as reasonably determined by the Board”.
