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03/22/2011 Exhibit C ATTACHMENT 1 3. Calculation of Buydown Requirement If a Buydown calculation is required as determined by the CFD Administrator pursuant to paragraph 2 above, the CFD Administrator shall review the current Development Plan for CFD No 2010 -1 in consultation . with the current property owners for all remaining Undeveloped Property in CFD No 2010 -1, and shall prepare an updated version of Table 2 identifying the revised number of residential dwelling units or the amount of non - residential Acreage anticipated within each Land Use Class. 'The CFD Administrator shall not be responsible for any delays in preparing the updated Table 2 that result from a refusal on the part of one or more current property owners of Undeveloped Property to provide information on their future development. The CFD Administrator shall then review the updated Table 2 and determine the Buydown Requirement, if any, to be applied to the property identified in the request for Letter of Compliance to assure CFD No. 2010 -1's ability to collect the Maximum Special Tax equal to 110% debt service coverage on the Outstanding Bonds, plus the Administrative Expenses as defined in Section A herein. The calculations shall be undertaken by the, CFD Administrator, based on the data in the updated Table 2, as follows: Step 1. Compute the sum of the Maximum Special Tax authorized to be levied on all Developed Property and Update Property within CFD No. 2010 -1, plus the sum of the Maximum Special Tax authorized to be levied on all future development as identified in the current Development Plan assuming buildout, as determined by the CFD Administrator in consultation with the property owner(s). Step 2. Determine the amount of Maximum Special Taxes required to provide 110% debt service coverage on the Outstanding Bonds, plus the Administrative Expenses as defined in Section A herein. Step 3. if the total sum computed pursuant to step 1 is greater than or equal to the amount computed pursuant to step 2, then no Buydown will be required and a Letter of Compliance shall immediately be issued by the CFD Administrator for all of the building permits currently being requested. If the total sum computed pursuant to step 1 is less than the amount computed pursuant to step 2, then continue to step 4. Step 4. Determine the Maximum Special Tax shortfall by subtracting the total sum computed pursuant to step 1 from the amount computed pursuant to step 2. Divide this difference by the amount computed pursuant to step 2. Step 5. Multiply the quotient computed pursuant to Step 4 by the Outstanding Bonds and round up to the nearest increment of $5,000 to compute the amount of Outstanding Bonds to be retired and prepaid. Step 6. Multiply the amount computed pursuant to Step 5 by the applicable redemption premium, if any, on the Outstanding Bonds to be redeemed. Step 7. Compute the amount needed to pay interest on the amount computed pursuant to Step 5 from the first bond interest and /or principal payment date following the Community Facilities District No. 2010 -1 February 16, 2011 Clty of Redwood CIO (One Marina) Page, 10 Reso # 15102 MUFF #506