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03/22/2011 Exhibit C ATTACHMENT 1 which, as of the May 1 preceding the Fiscal Year, for which the Special Tax is being levied, has been conveyed, irrevocably dedicated, or irrevocably offered to a property owner's association, including any master or sub - association, provided such conveyance, dedication, or offer is submitted to the CFD Administrator by May 1 preceding the Fiscal Year for which the Special Tax is being levied. "Proportionately means, for Developed Property, that the ratio of the actual Special Tax levy to the Maximum Special Tax is equal for all Assessor's Parcels of Developed Property. For Undeveloped Property, "Proportionately" means that the ratio of the actual Special Tax levy per acre to the Maximum Special Tax per acre for such property is equal for all Assessor's Parcels of Undeveloped Property. "Public Property" means, for each Fiscal Year, any property within the boundaries of CFD No. 2010 -1 that is (i) owned by, irrevocably offered or dedicated to the federal government, the State, the County, the City, or any Iocal government or other public agency, provided that any property leased by a public agency to a private entity and subject to taxation under Section 53340.1 of the Act shall be taxed and classified according to its use; or (ii) encumbered by a public utility easement making impractical its use for any purpose other than that set forth in the easement. "First Amended Rate and Method of Apportionment" means this First Amended Rate and Method of Apportionment for CFD No. 2010 -1. "Residential Floor Area" means all of the square footage of living area within the perimeter of a residential structure, not including any carport, walkway, garage, overhang, patio, enclosed patio, or similar area The determination of Residential Floor Area for an Assessor's Parcel shall be made by reference to the building permit(s) issued for such Assessor's Parcel and /or to the appropriate records kept by the Building Inspection Division, or other applicable City department, as reasonably determined by the CFD Administrator. Such determination shall be final following the issuance of a Certificate of Occupancy for the residential dwelling unit. "Residential Property" means all Assessor's Parcels of Developed Property for which a building permit permitting the construction thereon of one or more residential dwelling units has been issued by the City. "Special Tax" means the special tax to be levied in each Fiscal Year on each Assessor's Parcel of Taxable Property within CFD No. 2010 -1 to fund the Special Tax Requirement. "Special Tax Requirement" means that amount required in any Fiscal Year for CFD No. 2010- 1 to (i) pay debt service on all Outstanding Bonds due in the calendar year commencing in such Fiscal Year; (ii) pay periodic costs on the CFD No. 2010 -1 Bonds, including but not limited to, credit enhancement and rebate payments on the CFD No 2010 -1 Bonds due in the calendar year commencing in such Fiscal Year; (iii) pay Administrative Expenses; (iv) pay any amounts required to establish or replenish any reserve funds for all Outstanding Bonds; (v) pay directly for acquisition or construction of Authorized Facilities to the extent that the inclusion of such amount does not increase the Special Tax levy on Undeveloped Property; (vi) pay for reasonably anticipated Special Tax delinquencies based on the delinquency rate for the Special Tax levy in the previous Fiscal Year less (vii) a credit for funds available to reduce the annual Special Tax, as determined by the CFD Administrator pursuant to the Indenture. Community Facilities District No. 2010 -1 February 16, 2011 City of Redwood City (One Marina) Page 5 Reso # 15102 MUFF # 506