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8.A Page 19 Exhibit C ATTACHMENT 1 current Fiscal Year until the earliest possible redemption date for the Outstanding Bonds, and subtract therefrom the estimated amount of interest earnings to be derived fro►n the reinvestment of the amounts computed pursuant to Step 5 and Step 6 unti! such redemption. Step 8. The administrative fees and expenses of CFD No. 2010-1 are as calculated by the CFD Administrator and include the costs of computation of the Buydown Requirement, the casts to invest the Buydown Requirement proceeds and the costs of redeeming CFD No. 2014-1 Bonds. Step 9. The Buydo�vn Requirement is equal to the sum af the amounts computed pursuant to Steps �, 6, 7 and 8(the 'Buydown Requirement"}. Step 10. The reserve fund credit shaU equal the lesser of: (a) the expected reduction in the reserve requirement (as specified in the Indenture), if any, associated with the redemption of Outstanding Bonds as a result of the Buydown, or (b) the amount derived by subtracting the ne«t reserve requirement (as defined in the lndenture) in effect after the redemption of Outstanding Bonds as a result of the Buydown from the balance in the reserve fiind on the Buydown date, but in no event shall such amount be less than zero. No reserve fund credit shall be granted if the amount then on deposit in the reserve fund for the Outstanding Bands is below 100°l0 of the reserve requirement (as defined in the Indenture}. The Buydown Requirement computed under Step 9 sha(l be billed directly to the property owner of each Assessor's Parcel identified in the request for Letter of Compliance and shall be due c��ithin 30 days of the biliing date. If the Buydown Requirement is not paid wiThin 4� days of the billing date, a Letter of Compliance will i�ot� be xssued to the City andlor property owner by the � GFD Administrator and the authorization of the requested building permits far the subject � property will not be approved until such Buydown Requirement is paid. Upon receipt of the Buydc�«�n Requirement, the CFD Administrator shall issue a Letter of Compliance and a �' Certificate of Satisfaction of Bu}�down for the subject property. The reserve fund credit �, caiculated pursuant to Step 10 above shall be credited to thz property owner against the I Buydown Requirement of each Assessar's Parcel identified in the request for Le�ter of �, Compiiance once the CFD Administrator has confirmed receipt of ali Special Taxes due for such � property owner(s) in the Fiscal Year the Buydawn Requirement was made. If the Buydown Requirement has been paid prior to such determination by the CFD Administrator, the amount equal to the reserve fund credit shall be reimbursed to the payee within 30 ciays following such confirmati0n. �. Costs and Expenses Related ta lmplernentation of Buyc�o�vn of Oatstanding Bands The costs of the CFD Administrator ar other consultants required to review the application for building permits and issue Letters of Compliance, as identified in Sections D.l and D.2 above, shai] be paid out of the administrative expenses account as defined in the Indenture. The ' property owner of each Assessor's Parcel identified in the request for Letter of Compliance shatl � pa�� all costs of the CFD Administrator or other consultants required to calculate the Bu}�down, I issue Letters of Compliance and any oth�r actians required under Section D.3. Such pa}�ments I �, sha[1 be due 30 davs after recei t of in�oice bv such ro ert owner. A de osit ma he re uired � . P � p P Y P Y q Convntnrity Faci[ilres District No. 2010-1 Februnry J6, 2011 Cilp of Rettwood Cit�� (One Marina) Page I1