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11:1 delinquency or default by the owner or owners of any other parcel within the District by more than ten percent (10 %) above the amount that would have been levied in that fiscal year had there never been any such delinquencies or defaults. For the purposes hereof, a residential parcel is used for "private residential purposes" not later than the date on which an occupancy permit for private residential use is issued. Such limitation of residential property shall not apply to non - residential property, all of which will still be subject to 100% of the applicable maximum Special Tax as provided in Exhibit C. Section 6. It is the intention of this City Council, acting as the legislative body for the District, to cause bonds of the City to be issued for the District pursuant to the Law to finance a portion of the costs of the Facilities. If so issued, the bonds shall be issued in one or more series in an aggregate principal amount of not to exceed $17,000,000, shall bear interest payable semi - annually or in such other manner as this City Council shall determine, at a rate not to exceed the maximum rate of interest as may be authorized by applicable law at the time of sale of such bonds, and shall mature not to exceed 40 years from the date of the issuance thereof. Section 7. This City Council reserves to itself the right and authority to allow any interested owner of property in the District, subject to the provisions of Section 53344.1 of the Law and such requirements as it may otherwise impose, and any applicable prepayment penalties as prescribed in the indenture or fiscal agent agreement for any bonds of the City for the District, to tender to the Director of Finance of the City (the "Finance Director ") in full payment or part payment of any installment of special taxes for the District or the interest or penalties thereon which may be due or delinquent, but for which a bill has been received, any bond or other obligation secured thereby, in the manner described in Section 53344.1 of the Law. Section 8. The levy of the proposed special tax in the District shall be subject to the approval of the qualified electors of the District at a special election. The proposed voting procedure shall be by mailed or hand - delivered ballot among the landowners in the proposed District, with each owner having one vote for each acre or portion of an acre of land such owner owns in the District. Section 9. Except as may otherwise be provided by law or the rate and method of apportionment of the special tax for the District, all lands owned by any public entity, including the United States, the State of California and /or the City, or any departments or political subdivisions of any thereof, shall be omitted from the levy of the Special Tax to be made to cover the costs and expenses of the Facilities, the issuance of bonds by the City for the District and any expenses of the District. In the event that a portion of the property within the District shall become for any reason exempt, wholly or in part, from the levy of the Special Tax, this City Council will, on behalf of the District, increase the levy to the extent necessary upon the remaining property within the District which is not exempt in order to yield the required debt service payments and other annual expenses of the District, if any, subject to the provisions of the rate and method of apportionment of the Special Tax. ATTY /RESO /RESO.2040 #15048 080310 MUFF # 506 -3-