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8A-31 _ STATE OF CALIFORNIA OR ANY OF ITS POLITICAL SUBDIVISIONS IN CONTRAVENTION OF ANY CONSTnunONAL OR STATUTORY LBffrATION OR RESTRICTION. Special Taxes The District has covenanted in the Fiscal Agent Agreement that in Fiscal Year 2002 -03 and in each Fiscal Year thereafter so long as any Bonds issued under the Fiscal Agent Agreement are outstanding, the legislative body of the District will levy the Special Tax in an amount sufficient, together with other amounts on deposit in the Special Tax Fund, to pay (1) the principal (including Sinking Fund Payments) of and interest on the Bonds when due, (2) to the extent permitted by law, the Administrative Expenses, and (3) any amounts required to replenish the Reserve Account of the Special Tax Fund to the Reserve Requirement The Special Taxes prepaid by Oracle are not pledged forpayment of the Bands and the Oracle Parcels are not securityfor the Bonds. Because the Special Tax levy is limited to the maximum Special Tax rates set forth in the Rate and Method, no ass can be given that, in the event of Special Tax delinquencies, the receipts of Special Taxes will, in fact, be collected in sufficient amounts in any given year to pay debt service on the Bonds. Rate and Method GeneraL The Special Tax is levied and collected according to the Rate and Method set forth in "APPENDIX B - Rate and Method of Apportionment for District No. 99 -1." The qualified electors of the District approved the Rate and Method on July 30, 1999. The following is a brief summary of the Rate and Method. Capitalized terms used in the following paragraphs but not defined herein have the — meanings given them in the Rate and Method. The Rate and Method provides the means by which the City Council may annually levy the Special Taxes on parcels within the District (each, a "Parcel ") up to the Maximum Special Tax. The Rate and Method provides that the Annual Special Tax may not be levied after June 30, 2036. Classification ofparcels. On each June 1 of the Fiscal Years that the Special Taxes are to be levied, each Parcel within the District's boundaries is classified as a (i) "Residential Parcel ", which means any Parcel zoned for single or multi -family residential use or (11) "Commercial Parcel ", which means any Parcel which is designated for commercial use pursuant to the land use approved for such Parcel by the Redwood Shores Specific Plan or other land use planning document approved by the City (in the event the City has no official land use designation for a Parcel, the land use code on the secured tax rolls of the County may be used to classify such Parcel). Residential Parcels are further classified as "Tax - Exempt Parcels." Tax - Exempt Parcels are not subject to the levy of Special Taxes. Each Commercial Parcel in the District is further classified in one of the following categories: Developed Commercial Parcel - any Commercial Parcel for which a building permit has been issued by the City. Under the Rate and Method, a Developed Commercial Parcel is a "Taxable Parcel." Approved Commercial Parcel - any Commercial Parcel that has been approved for commercial development by the City pursuant to a vested Development Agreement or a recorded final map approved by the City and is not a Developed Parcel. Under the Rate and Method, an Approved Commercial Parcel is a "Taxable Parcel." Public Parcel - any Parcel that is, or intended to be publicly owned and which is normally exempt from ad valorem taxes under California law, including public streets, schools, school district -14-