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03/22/2011 Exhibit C ATTACHMENT 1 the sale of a first bond issue that causes the Acreage of Public Property and /or Property Owner Association Property to exceed such 23.6 Acreage limit shall not be exempt from the Special Tax and shall instead require a prepayment of the Special Tax pursuant to Section J.3 herein, unless the CFD Administrator determines that such transfer will not reduce the amount of Special Taxes that may be levied on Taxable Property within CFD No 2010 -1 in all Fiscal Years to below the sum of (i) 1.10 times the debt service necessary to support the remaining Outstanding Bonds, and (ii) the Administrative Expenses as defined in this Section A. The prepayment of the Special Tax for Assessor's Parcels, or portion thereof, requiring such prepayment shall occur prior to the transfer of the Assessor's Parcel to a public agency or property owner association. Should the excess Public Property and /or Property Owner Association Property be transferred without such Special Tax being prepaid, a One Time Special. Tax equivalent to the appropriate Prepayment Amount as calculated under Section J.3 herein shall be imposed on the public agency or property owner association that now owns the Assessor's Parcel, to be paid within 30 days of receipt of a demand letter from the CFD Administrator for payment. G. RELEASE OF PROPERTY Upon recordation ofa map which creates separate legal lots for such property, all property within the Future Excluded Area shall be removed from the boundaries of CFD No 2010 -1 and the City shall cause (i) an amended boundary map to be recorded in compliance with the Act to indicate that such property is not in CFD No 2010 -1, and (ii) a suitable notice to be recorded in compliance with the Act to indicate the release of the Special Tax lien on such property. H. APPEALS AND INTERPRETATIONS Any landowner or resident who feels that the amount of the Special Tax levied on his Assessor's Parcel is in error may submit a written appeal to the CFD Administrator. The CFD Administrator shall review the appeal and if the CFD Administrator concurs, the amount of the Special Tax levied shall be appropriately modified through an adjustment to the Special Tax levy in the following Fiscal Year. No refunds shall be given. The CFD Administrator may interpret this First Amended Rate and Method of Apportionment for purposes of clarifying any ambiguity and make determinations relative to the annual administration of the Special Tax and any landowner or resident appeals. I. MANNER OF COLLECTION The Special Tax will be collected in the same manner and at the same time as ordinary ad valorem property taxes; provided, however, that CFD No. 2010 -1 may directly bill the Special Tax, may collect Special Taxes at a different time or in a different manner if necessary to meet its financial obligations, and may covenant to foreclose and may actually foreclose on delinquent Assessor's Parcels as permitted by the Act. J. PREPAYMENT OF SPECIAL TAX Under this First Amended Rate and Method of Apportionment, an Assessor's Parcel within CFD No. 2010 -1 is permitted to prepay the Special Tax. The obligation of the Assessor's Parcel to pay the Special Tax may be fully or partially prepaid and permanently satisfied as described Community Facilities District No. 2010-1 February 16, 2011 . City of City (One Marina) Page 13 Reso # 15102 MUFF # 506