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2010 -1 Bonds have already been issued or the Council has covenanted that it will not issue any <br /> additional CFD No. 2010 -1 Bonds (except refunding bonds) to be supported by the Special Tax <br /> in CFD No. 2010 -1. <br /> Further notwithstanding the above, under no circumstances will the Special Tax levied against <br /> any Assessor's Parcel of Residential Property for which a Certificate of Occupancy has been <br /> issued be increased by more than ten percent as a consequence of delinquency or default by the <br /> owner of any other Assessor's Parcel within CFD No. 2010 -1. Such limitation of Residential <br /> Property shall not apply to Hotel Property and Non - Residential Property, of which will still be <br /> subject to 100% of the applicable Maximum Special Tax. <br /> F. EXEMPTIONS <br /> No Special Tax shall be levied on up to 23.6 acres of Public Property and/or Property Owner <br /> Association Property in CFD No. 2010 -1. Tax- exempt status will be assigned by the CFD <br /> Administrator in the chronological order in which property in CFD No. 2010 -1 becomes Public <br /> Property or Property Owner Association Property. However, should an Assessor's Parcel no <br /> longer be classified as Public Property or Property Owner Association Property, it will, from that <br /> point forward, be subject to the Special Tax. <br /> Notwithstanding the above, an Assessor's Parcel in CFD No. 2010 -1 that is transferred to a <br /> public agency or property owner's association prior to the sale of a first bond issue that causes <br /> the Acreage of Public Property and Property Owner Association Property to exceed the 23.6 <br /> Acreage limit that can be designated by the CFD Administrator under this Section F shall also <br /> be exempted from paying the Special Tax. However, all or any portion of an Assessor's Parcel <br /> in CFD No. 2010 -1 that is transferred to a public agency or property owner's association after <br /> the sale of a first bond issue that causes the Acreage of Public Property and/or Property Owner <br /> Association Property to exceed such 23.6 Acreage limit shall not be exempt from the Special <br /> Tax and shall instead require a prepayment of the Special Tax pursuant to Section I.3 herein, <br /> unless the CFD Administrator determines that such transfer will not reduce the amount of <br /> Special Taxes that may be levied on Taxable Property within CFD No. 2010 -1 in all Fiscal Years <br /> to below the sum of (i) 1.10 times the debt service necessary to support the remaining <br /> Outstanding Bonds, and (ii) the Administrative Expenses as defined in this Section A. The <br /> prepayment of the Special Tax for Assessor's Parcels, or portion thereof, requiring such <br /> prepayment shall occur prior to the transfer of the Assessor's Parcel to a public agency or <br /> property owner association. Should the excess Public Property and/or Property Owner <br /> Association Property be transferred without such Special Tax being prepaid, a One Time <br /> Special Tax equivalent to the appropriate Prepayment Amount as calculated under Section I.3 <br /> herein shall be imposed on the public agency or property owner association that now owns the <br /> Assessor's Parcel, to be paid within 30 days of receipt of a demand letter from the CFD <br /> Administrator for payment. <br /> B -14 <br /> 302108_1.doc <br />