A. The Lincoln County board of county commissioners hereby creates the "Coyote Springs - Lincoln County fire protection and emergency medical service general improvement district" as a body corporate and politic, and a quasi-municipal corporation (fire district"). (Ord. 2005-06, 9-6-2005, eff. 10-1-2005)
B. Creation of the Coyote Springs - Lincoln County fire protection and emergency medical service general improvement district does not relieve CSI of its obligations outlined in the development agreement.
Any bonds that are issued for the costs of the construction, acquisition, or servicing of any improvements within any portion of an approved service plan component or which are issued for the administration of such improvements shall be based on a ratio of a taxable value to the amount the bonds issued for such costs which in the judgment of the governing body or their designee shall be sufficient to result in the complete repayment of such bonds. Such ratio may be different for each component as the governing body so determines.
It is agreed that any board of trustees for the Coyote Springs - Lincoln County fire protection and emergency medical service general improvement district would be restricted from voting for any increase in the property tax levy of the district that would exceed the property tax rate of the highest existing tax district in unincorporated Lincoln County as provided in and in accordance with the Coyote Springs - Lincoln County fire protection and emergency medical service general improvement district enacting ordinance.
It is also agreed that any board of trustees for the Coyote Springs - Lincoln County fire protection and emergency medical service general improvement district would be restricted, under any circumstance, from imposing a district property tax levy amount that would cause the Lincoln County School District (LCSD) board to be unable to increase the LCSD property tax levy amount necessary to fund LCSD budget requirements within any state imposed property tax rate limitation.
Additionally, should any action of the Coyote Springs - Lincoln County fire protection and emergency medical service general improvement district board cause an adverse effect upon the LCSD's ability to service the debt required to retire any bonds authorized for issuance by the LCSD on or before May 1, 2005, whether such bonds have been issued or not at the time of the service plan approval, the Coyote Springs - Lincoln County fire protection and emergency medical service general improvement district board shall promptly pay Lincoln County an administrative fee in an amount equal to the deficit caused by the adverse action of the Coyote Springs - Lincoln County fire protection and emergency medical service general improvement district board in immediately available funds. Lincoln County shall take all steps necessary to transfer all such funds received to LCSD. (Res. 2005-07, 5-4-2005)