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10/26/2020 Prior to July 1 of the Fiscal Year for which the Facilities Special Taxes are being levied, commencing with the determination of the tax levy in the first Fiscal Year following acceptance of the Facilities by the City and continuing each Fiscal Year that there is a Remaining Installment Payment Obligation, the Facilities Special Tax rate allocable to each Fully Taxable Parcel in the CFD shall be established as follows: Step 1 The City Manager shall determine the Principal Installment Payment coming due on September 1 of the calendar year commencing in such upcoming Fiscal Year by referencing Schedule A to the Purchase Agreement. Step 2 The City Manager shall calculate the interest due and owing for the calendar year commencing in such upcoming Fiscal Year by multiplying the Remaining Installment Payment Obligation, less the Principal Installment Payment coming due on September 1 of the calendar year commencing in the Fiscal Year preceding the Fiscal Year for which the Facilities Special Taxes are being levied, by the Adjusted Market Interest Rate. With respect to the first levy of the Facilities Special Tax, the interest calculation should also include interest at the Adjusted Market Interest Rate for the period from date of acceptance of the Facilities by the City to June 30. Step 3 The City Manager shall determine the amount, if any, of delinquent Facilities Special Taxes for the Fiscal Year preceding the Fiscal Year for which the Facilities Special Taxes are being levied. For purposes of the calculation in Step 4, this amount shall not exceed 10% of the sum of Steps 1 and 2. Step 4 The City Manager shall determine the Facilities Special Tax rate by dividing the sum of Steps 1 through 3 above by the aggregate Building Square Feet of Fully Taxable Parcels (the "Annual Facilities Special Tax Rate"). Step 5 The Facilities Special Tax for each Fully Taxable Parcel shall be calculated by multiplying the number of Building Square Feet allocable to each such Fully Taxable Parcel by the rate determined in Step 4 above. Services Special Taxes: Prior to July 1 of the Fiscal Year for which the Services Special Taxes are being levied, commencing in Fiscal Year 2021-22 and continuing in perpetuity, the Services Special Tax rates allocable to Seaport Centre Taxable Parcels, and Seaport Plaza Taxable Parcel, if applicable, shall be established as follows: Step 6 The City Manager shall determine the respective costs and expenses of Services for Levees and Services for Wet Utilities based upon the Maintenance Budget for the upcoming Fiscal Year. Annual Administrative Expenses of the CFD shall be added each Fiscal Year to the Maintenance Budget and allocated to the respective costs and expenses of Services for Levees and Services for Wet Utilities on a pro -rata basis, based on the aggregate operation and maintenance costs and expenses related to each of the Wet Utilities and Existing Levees or Levees, as applicable. ATTY/RESO.0121/CC RESO REDWOOD CITY ROI ESTABLISH REV: 11-02-2020 MI Page 15 of 22 RESO. NO. 15901 MUFF NO. 506