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Rate Adjustment <br />Process <br />0 <br />Initial Capita <br />)rovement Loan <br />w w w w w e <br />;• Source Term Annual Payment Amount - <br />Y ® $ 25,000,000 c <br />1 1.75 %o]0yr estimated <br />Debt Service (20 yrs) $ 1,482,500 <br />$ 50,000,000 <br />4.5F o 20 yr estimated <br />Debt Service (20 yrs) $ 3.796,000 <br />Total Debt 20 years $ 5,278,500 <br />Service <br />Funding available at the time of financing: $ 5,000,000 <br />Total SMART -Santa Ana Budget for Construction: $ 80,000,000 <br />(Prop 218) <br />• In 1966 CA voters approved Prop. 218 which <br />requires agencies to have a vote by the impacted <br />t <br />' <br />property of a proposed /increased fee j <br />S <br />• Revenues collected can only be used for their <br />W�: <br />ax f2 { <br />intended purpose <br />rr"��, sr <br />• Property owners can protest the fee <br />z s <br />v`$ss <br />• Notices must be sent to all property owners <br />impacted and a public hearing must be held <br />If 50% A property owners oppose a fee increase, it <br />cannot be implemented <br />0 <br />Initial Capita <br />)rovement Loan <br />w w w w w e <br />;• Source Term Annual Payment Amount - <br />Y ® $ 25,000,000 c <br />1 1.75 %o]0yr estimated <br />Debt Service (20 yrs) $ 1,482,500 <br />$ 50,000,000 <br />4.5F o 20 yr estimated <br />Debt Service (20 yrs) $ 3.796,000 <br />Total Debt 20 years $ 5,278,500 <br />Service <br />Funding available at the time of financing: $ 5,000,000 <br />Total SMART -Santa Ana Budget for Construction: $ 80,000,000 <br />