Levy of special assessment.

(b) There is levied for each fiscal year a Special Assessment upon all real property in the Southwest Waterfront Improvement Benefit District in an amount equal to the Maximum Special Assessment. The Special Assessment shall be an amount equal to the Special Assessment Requirement. The Special Assessment Requirement for any fiscal year shall be estimated by the administrator and determined by the Chief Financial Officer and shall be an amount equal to:

(1) The amount required in such fiscal year to pay:

(A) Debt Service and other periodic costs, including deposits to sinking funds, on the bonds;

(B) Any amount required to replenish any reserve fund established in association with the bonds;

(C) Any amount equal to the estimated delinquencies expected in payment of the Special Assessment not otherwise taken into account; and

(D) The costs of remarketing, credit enhancement, bond insurance, and liquidity facility fees, including fees for instruments that serve as the basis of a reserve fund related to any indebtedness in lieu of cash; less

(2) The Special Assessment Credit equal to the sum of:

(A) TIF Revenues and PILOT Revenues available to apply to the Special Assessment Requirement for that fiscal year;

(B) Any credits available pursuant to the Indenture of Trust, such as capitalized interest, reserves, and investment earnings on any account balances; and

(C) Any other revenues available to apply to the Special Assessment Requirement.

(c) Commencing with the fiscal year in which bonds are first issued and for each following fiscal year, the District shall determine the Special Assessment Requirement, if any, as provided in subsection (b) of this section for the fiscal year and shall collect the Special Assessment proportionately from each lot in arrears in an amount up to the Adjusted Maximum Special Assessment from each lot such that the total of the Special Assessment to be collected shall equal the Special Assessment Requirement. The administrator shall provide an estimate to the Chief Financial Officer each fiscal year of the Special Assessment to be collected from each lot in conformance with the provisions of this section.

(d) The Maximum Special Assessment shall be established by the Chief Financial Officer at the time the bonds are issued to reflect the rate of interest on the bonds, and the amount of the bonds issued, in an amount that provides for adequate Special Assessment revenue to pay Debt Service and any other expected amounts of the Special Assessment Requirement as provided in the Indenture of Trust. The Maximum Special Assessment for each lot shall be the Maximum Special Assessment divided by the Equivalent Units of all lots subject to Special Assessment multiplied by the Equivalent Unit of each lot, which may be calculated separately for each phase and the bonds issued with respect to each phase. The Adjusted Maximum Special Assessment for the lot shall be equal to the Maximum Special Assessment for the lot less the Special Assessment Credit for the lot. The Special Assessment Credit applied to all lots shall not exceed the TIF Revenues and the PILOT Revenues taken into account in determining the Special Assessment Requirement.

(e) The Special Assessment to be collected from any lot may be increased as a result of a default in the payment of the Special Assessment levied on any other lot only in accordance with the provisions of this section. The Special Assessment to be collected from any lot shall not be increased above the Adjusted Maximum Special Assessment as a result of a default in the payment of the Special Assessment levied on any other lot. If the Special Assessment to be collected from any lot is less than the Adjusted Maximum Special Assessment for such lot, the Special Assessment may be increased up to the Adjusted Maximum Special Assessment as a result of the default in the payment of the Special Assessment levied on any other lot.

(f) The Special Assessment shall be an assessment for purposes of §§ 47-832 through 47-835 relating to subdivision of lots, parcels, or tracts.