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• <br /> 3. Calculation of Buydown Requirement <br /> If a Buydown calculation is required as determined by the CFD Administrator pursuant to <br /> paragraph 2 above, the CFD Administrator shall review the current Development Plan for CFD <br /> No. 2010 -1 in consultation with the current property owners for all remaining Undeveloped <br /> Property in CFD No. 2010 -1, and shall prepare an updated version of Table 2 identifying the <br /> revised number of residential dwelling units or the amount of non - residential Acreage anticipated <br /> within each Land Use Class. The CFD Administrator shall not be responsible for any delays in <br /> preparing the updated Table 2 that result from a refusal on the part of one or more current <br /> property owners of Undeveloped Property to provide information on their future development. <br /> The CFD Administrator shall then review the updated Table 2 and determine the Buydown <br /> Requirement, if any, to be applied to the property identified in the request for Letter of <br /> Compliance to assure CFD No. 2010 -1's ability to collect the Maximum Special Tax equal to <br /> 110% debt service coverage on the Outstanding Bonds, plus the Administrative Expenses as <br /> defined in Section A herein. The calculations shall be undertaken by the CFD Administrator, <br /> based on the data in the updated Table 2, as follows: <br /> Step 1. Compute the sum of the Maximum Special Tax authorized to be levied on all <br /> Developed Property and Update Property within CFD No. 2010 -1, plus the sum of <br /> the Maximum Special Tax authorized to be levied on all future development as <br /> identified in the current Development Plan assuming buildout, as determined by <br /> the CFD Administrator in consultation with the property owner(s). <br /> Step 2. Determine the amount of Maximum Special Taxes required to provide 110% debt <br /> service coverage on the Outstanding Bonds, plus the Administrative Expenses as <br /> defined in Section A herein. <br /> 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 <br /> 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. <br /> Divide 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 /> Community Facilities District No. 2010 -1 February 16, 2011 <br /> City of Redwood City (One Marina) Page 10 <br />