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Step 3. If the total sum computed pursuant to step 1 is greater than or equal to the amount <br /> computed pursuant to step 2, then no Buydown will be required and a Letter of <br /> Compliance shall immediately be issued by the CFD Administrator for all of the <br /> building permits currently being requested. If the total sum computed pursuant to <br /> step 1 is less than the amount computed pursuant to step 2, then continue to step 4. <br /> Step 4. Determine the Maximum Special Tax shortfall by subtracting the total sum <br /> computed pursuant to step 1 from the amount computed pursuant to step 2. Divide <br /> this difference by the amount computed pursuant to step 2. <br /> Step 5. Multiply the quotient computed pursuant to Step 4 by the Outstanding Bonds and <br /> round up to the nearest increment of $5,000 to compute the amount of <br /> Outstanding Bonds to be retired and prepaid. <br /> Step 6. Multiply the amount computed pursuant to Step 5 by the applicable redemption <br /> premium, if any, on the Outstanding Bonds to be redeemed. <br /> Step 7. Compute the amount needed to pay interest on the amount computed pursuant to <br /> Step 5 from the first bond interest and/or principal payment date following the <br /> current Fiscal Year until the earliest possible redemption date for the Outstanding <br /> Bonds, and subtract therefrom the estimated amount of interest earnings to be <br /> derived from the reinvestment of the amounts computed pursuant to Step 5 and <br /> Step 6 until such redemption. <br /> Step 8. The administrative fees and expenses of CFD No. 2010 -1 are as calculated by the <br /> CFD Administrator and include the costs of computation of the Buydown <br /> Requirement, the costs to invest the Buydown Requirement proceeds and the costs <br /> of redeeming CFD No. 2010 -1 Bonds. <br /> Step 9. The Buydown Requirement is equal to the sum of the amounts computed pursuant <br /> to Steps 5, 6, 7 and 8 (the ` Buydown Requirement "). <br /> Step 10. The reserve fund credit shall equal the lesser of: (a) the expected reduction in the <br /> reserve requirement (as specified in the Indenture), if any, associated with the <br /> redemption of Outstanding Bonds as a result of the Buydown, or (b) the amount <br /> derived by subtracting the new reserve requirement (as defined in the Indenture) <br /> in effect after the redemption of Outstanding Bonds as a result of the Buydown <br /> from the balance in the reserve fund on the Buydown date, but in no event shall <br /> such amount be less than zero. No reserve fund credit shall be granted if the <br /> amount then on deposit in the reserve fund for the Outstanding Bonds is below <br /> 100% of the reserve requirement (as defined in the Indenture). <br /> The Buydown Requirement computed under Step 9 shall be billed directly to the property owner <br /> of each Assessor' s Parcel identified in the request for Letter of Compliance and shall be due <br /> B -12 <br /> 302108_1 .doc <br /> A _ <br />