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reasonably expected to provide at least one hundred ten percent (110%) debt service coverage for each year of the term of such bonds; and (ii) such CFD establishes, and covenants to cause special taxes to be levied in an amount sufficient to maintain, for the term of such bonds (provided, however, that depletion may occur to pay debt service in the last two (2) years of such term), a reserve fund securing such bonds in an amount equaling the lowest of (i) ten percent (10%) of the original proceeds of such bonds, or (ii) the largest amount, for any bond year during the term of such bonds, of principal and interest payable on such bonds, or (iii) one hundred twenty-five percent (125%) of the average amount payable, for any bond year, of principal and interest on the outstanding bonds of such bond issue. Further, it is the policy of the City to comply with all provisions of the Act including, but not limited to, Section 53345.8, as such Section may be amended from time to time. If the criteria set forth above are met, such bond issues need not be rated by nationally -recognized rating agencies. III. Stens to be Taken to Ensure that Prospective Property Purchasers are Fully Informed About Their Taxpaying Obligations. It is the goal of the City that all taxpayers residing within, or owning property within, the boundaries of a CFD heretofore or hereafter established by the City will receive the form of notice required by Section 53341.5 of the Act, at the time set forth therein, as such Section may be amended from time to time. In order to comply with this goal, it is the policy of the City to provide Section 53340.2 notice of special tax to any individual requesting such notice or any owner of property subject to a special tax levied by the City within five (5) working days of receiving a request for such notice. IV. Criteria for Evaluating the Equity of Tax Allocation Formulas. and Concerning Desirable and Maximum Amounts of Special Tax to be Levied Against Any Parcel. It is the goal of the City that each taxpayer residing within, or owning property within, the boundaries of any CFD hereafter established by the City pay special taxes which generally reflect such taxpayer's fair and reasonable share of their projected benefit from, and/or burden upon, the facilities to be constructed and/or maintained or of any refunding of existing debt within the CFD by such CFD. It is the goal of the City that maximum Mello -Roos special taxes on residential owner -occupied property, when taken together with ad valorem taxes, any other special taxes levied pursuant to the Act and assessments applicable to such property, do not exceed in any year two percent (2%) of the greater of the assessed value or appraised value of such property. Nevertheless, special taxes, when taken together with ad valorem taxes, any other special taxes levied pursuant to the Act and assessments applicable to such property, may exceed in any year two percent (2%) of the greater of the assessed value or appraised value of such property if the City determines at the time of formation of a CFD that over the term of the bonds, the special taxes, ad valorem taxes and assessments are expected to average two percent (2%) or less per year of the greater of the assessed value or appraised value of such property. It is further the policy of the City to comply with the provisions of Section 53321 of the Act with respect to the escalation of maximum taxes. ATTY/RESO.2186/ ISSUANCE AND SALE OF SPECIAL TAX REFUNDING BONDS (PACIFIC SHORES PROJECT) REV:12/19/11