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8.A. - Page 35
<br /> Fund). The City will also deposit into the Special Tax Fund certain amounts transferred from
<br /> the Costs of Issuance Fund and the Surplus Fund pursuant to the Fiscal Agent Agreement.
<br /> Notwithstlnding the foregoing, (i) in each Fiscal Year, from the first remittance of Special
<br /> Taxes received from the County, the City will transfer an amount equal to that year's Annual
<br /> Administrative Expense Deposit to the Administrative Expense Fund, and (ii) any proceeds of
<br /> Special Tax Prepayments shall be transferred by the Director of Fi�lance to the Fiscal Agent for
<br /> deposit by the Fiscal Agent in the Series 2012 Prepayments Account established pursuant to
<br /> the Fiscal Agent Agreement. "Annual Administrative Expense Deposit," as defined in the
<br /> Fiscal Agent Agreement, means, in each Fiscal Year, an amount of Special Taxes initially equal
<br /> to $25,000; increasing, commencing in Fiscal Year 2012/13 and in each Fiscal Year thereafter,
<br /> by an amount equal to two percent (2%) of the Annual Administrative Expense Deposit for
<br /> the previous Fiscal Year. Moneys in the Special Tax Fund will be held in trust by the City for
<br /> the benefit of the Owners of the Bonds, will be disbursed as described below and, pending such
<br /> disbursement, will be subject to a lien in favor of the Owners of the Bonds.
<br /> Disbursements. No later than ten (10) Business Days prior to each Interest Payment
<br /> Date, the City shall withdraw from the Special Tax Fund and transfer, i�1 the following order of
<br /> priority: (i) to the Fiscal Agent for deposit in the Bond Fund an amount, taking into account
<br /> 1ny lmounts then on deposit in the Bond Fund such that the amount in the Bond Fund equals
<br /> the principal, premium, if any, and interest due on the Bonds on the next Interest Payment
<br /> Date, and (ii) to the Reserve Fund an amount such that the amount then on deposit therein is
<br /> equal to the Reserve Requirement.
<br /> Any remainiilg Special Taxes and other amounts, if any, shall remain in the Special Tax
<br /> Fund until the end of the Bond Year. At the end of the Bond Year any remaining funds in the
<br /> Special Tax Fund wllich are not required to cure a deluzquency in the payment of principal and
<br /> interest on then-outstanding Bonds, or to restore the Reserve Fund to the amount of the
<br /> Reserve Requirement, shall, without further action by any party, be deposited in the Surplus
<br /> Fund and used in accordance with the Fiscal Agent Agreement and shall be free and clear of
<br /> any lien thereon or pledge under the Fiscal Agent Agreement; provided, any funds which are
<br /> required to cure any delinquency described above shall be retained in the Specill Tax Fund and
<br /> expended or transferred, at the earliest possible date, for such purpose.
<br /> Sununary of Rate and Method
<br /> Special Tax Formula - Calculation of Annual Special Tax. The Rate and Method is
<br /> used to allocate tlle amount of the Special Tax that is needed to be collected each fiscal year
<br /> among the Taxable Parcels within the District, based upon their respective Commercial Square
<br /> Footage, subject to a maximum tax rate. The Rate and Method is set forth in full in Appendix
<br /> B; the following is a summary of the Special Tax formula.
<br /> Definitions. The following capitalized terms used in this summary of certain
<br /> provisions of the Rate and Method have the following meanings:
<br /> "Accessory Parcel" means the lots numbered 11 through 16 as shown on Exhibit
<br /> B-1 to the Development Agreement, or as they may be modified from time to time, and
<br /> any other plrcel (other than a Common Parcel) used exclusively for purposes accessory
<br /> to commercial/office development, including but ilot limited to fitness, multi-media,
<br /> day care/education, marina resources, aquatic, conference, restaurant/cafe, retreat,
<br /> grounds and building maintenance, or public rest rooms.
<br /> "Annual Costs" means, for each Fiscal Year, the total of 1) an amount sufficient
<br /> to pay Debt Service, 2) Administrative Expenses, and 3) any amounts needed to
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