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10/26/2020 EXHIBIT B RATE AND METHOD OF APPORTIONMENT OF SPECIAL TAXES CITY OF REDWOOD CITY COMMUNITY FACILITIES DISTRICT NO. 2020-1 (SEAPORT CENTRE/SEAPORT PLAZA) Special Taxes applicable to each Taxable Parcel in the City of Redwood City Community Facilities District No. 2020-1 (Seaport Centre/Seaport Plaza) shall be levied and collected according to the tax liability determined by the City Manager through the application of the appropriate rate for Taxable Parcels, as described below. SECTION 1 DEFINITIONS The defined terms below shall apply wherever such terms are used in this Rate and Method of Apportionment of Special Taxes. "Acquisition Price" means the final cost of the Facilities being acquired by the City pursuant to the Purchase Agreement. "Act" means the Mello -Roos Community Facilities Act of 1982 (Chapter 2.5, Part 1, Division 2, Title 5 of the California Government Code), as amended from time to time. "Adjusted Market Rate Interest" means the Wall Street Journal Prime Rate in effect on June I" of the prior fiscal year, plus two hundred (200) basis points, calculated on the basis of a 360 -day year consisting of twelve 30 -day months or, if such rate is no longer published by the Wall Street Journal, the prime rate as published by a similar source as determined by the Property Owners to be appropriate, as consented to by the City, which consent shall not be unreasonably withheld. "Administrative Expenses" means the actual or estimated costs incurred by the City on behalf of itself or the CFD to: determine, levy and collect the Special Taxes, including salaries of City employees and the fees of consultants, attorneys, bond paying agents, fiscal agents and bond trustees; collect installments of the Special Taxes; respond to property owner inquiries regarding the Special Taxes; administer appeals or requests for interpretation associated with the Special Taxes and this Rate and Method of Apportionment of Special Taxes; prepare and maintain required records and reports; prepare financial audits; prepare continuing disclosure by the City, if appropriate; costs incurred by the County in connection with the levy and collection of the Special Taxes; the costs of and any other costs required to administer the CFD or any bonds or other debt of the CFD. "Annual Facilities Special Tax Rate" means, in any given Fiscal Year, the annual rate per Building Square Foot that may be levied for Facilities Special Taxes on a Fully Taxable Parcel in accordance with Section 5 hereof. ATTY/RESO.0121/CC RESO REDWOOD CITY ROI ESTABLISH RESO. NO. 15901 REV: 11-02-2020 MI MUFF NO. 506 Page 7 of 22