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08/09/2010 EXHIBIT C E. METHOD OF APPORTIONMENT OF THE SPECIAL TAX ATTACHMENT 2 Commencing with Fiscal Year 2010 -2011, and for each following Fiscal Year, the CFD Administrator shall determine the Special Tax Requirement and shall provide for the levy of the Special Tax until the total Special Tax levy equals the Special Tax Requirement. The Special Tax shall be levied each Fiscal Year as follows: First The Special Tax shall be levied on each Assessor's Parcel of Developed Property in an amount equal to 100% of the applicable Maximum Special Tax; Second If additional monies are needed to satisfy the Special Tax Requirement after the first step has been completed, the Special Tax shall be levied Proportionately on each Assessor's Parcel of Undeveloped Property at up to 100% of the applicable Maximum Special Tax for Undeveloped Property. Notwithstanding the above the CFD Administrator may, in any Fiscal Year, calculate a levy Proportionately less than 100% of the Maximum Special Tax in step one (above), when (i) the CFD Administrator is no longer required to provide for the levy of the Special Tax pursuant to step two (above) in order to meet the Special Tax Requirement, and (ii) all authorized CFD No. 2010 -1 Bonds have already been issued or the Council has covenanted that it will not issue any additional CFD No. 2010 -1 Bonds (except refunding bonds) to be supported by the Special Tax in CFD No. 2010 -1. Further notwithstanding the above, under no circumstances will the Special Tax levied against any Assessor's Parcel of Residential Property for which a Certificate of Occupancy has been issued be increased by more than ten percent as a consequence of delinquency or default by the owner of any other Assessor's Parcel within CFD No. 2010 -1. Such limitation of Residential Property shall not apply to Hotel Property and Non - Residential Property, of which will still be subject to 100% of the applicable Maximum Special Tax. F. EXEMPTIONS No Special Tax shall be levied on up to 23.6 acres of Public Property and /or Property Owner Association Property in CFD No. 2010 -1. Tax - exempt status will be assigned by the CFD Administrator in the chronological order in which property in CFD No. 2010 -1 becomes Public Property or Property Owner Association Property. However, should an Assessor's Parcel no longer be classified as Public Property or Property Owner Association Property, it will, from that point forward, be subject to the Special Tax. Notwithstanding the above, an Assessor's Parcel in CFD No. 2010 -1 that is transferred to a public agency or property owner's association prior to the sale of a first bond issue that causes the Acreage of Public Property and Property Owner Association Property to exceed the 23.6 Acreage limit that can be designated by the CFD Administrator under this Section F shall also be exempted from paying the Special Tax. However, all or any portion of an Assessor's Parcel in CFD No. 2010 -1 that is transferred to a public agency or property owner's association after the sale of a first bond issue that causes the Acreage of Public Property and /or Property Owner Association Property to exceed such 23.6 Acreage limit shall not be exempt from the #15048 MUFF # 506