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8.B. - Page 77 classifying the Parcels in the CFD. If the land use code on the secured property tax roll is incorrect, the City may assign the appropriate code based on its review of the status of the property. Commercial Parcels without Developed Commercial Square Feet or Approved Commercial Square Feet shall be classified as Inactive Parcels. Developed Commercial Parcels and Approved Commercial Parcels shall be classified as either Taxable Parcels or, if the Special Taxes for such Parcels have been prepaid, Prepaid Parcels. Residential Parcels and Public Parcels shall be classified as Tax-Exempt Parcels. Once a Parcel is classified as a Taxable Parcel it may not be removed from such classification unless i) Special Taxes allocable to such Parcel have been prepaid pursuant to Section 7 hereof, in which case such Parcel shall be reclassified as a Prepaid Parcel, or ii) the City Manager determines that such removal shall not cause the Special Tax rate per commercial square foot on remaining Taxable Parcels to exceed their respective Maximum Annual Special Tax Rates. Once the number of Approved Commercial Square Feet and Developed Commercial Square Feet has been initially allocated to a Taxable Parcel (provided such initial allocation is not in error), such number may not be reduced unless the City Manager determines that such reduction shall not cause the Special Tax rate per commercial square foot on remaining Taxable Parcels to exceed their respective Maximum Annual Special Tax Rates. Approved Commercial Parcels may be reclassified as Developed Commercial Parcels and, if warranted, their taxable commercial square feet reduced subject to the preceding sentence. The Special Tax shall be levied only on Taxable Parcels. The amount of the Special Tax for each Taxable Parcel shall be determined in accordance with the provisions of Section 6 hereof. Each Taxable Parcel's Special Tax for the next Fiscal Year shall be levied against such Parcel's assessor's parcel number as it was shown on the County Assessor's records of Parcels in the CFD as of the prior January 11ien date, or such other lien date established by the County Assessor. Section 4. Termination of the Special Tax When all of the CFD's Administrative Expenses and Debt Service obligations are satisfied and no Bonds authorized for issuance by the CFD remain either unissued or outstanding, the City Council shall determine that the Special Tax shall cease to be levied. The City Council shall then direct the City Clerk to record a Notice of Cessation of Special Tax as provided by law. Notwithstanding the foregoing, in no event shall the Special Tax be levied after the Fiscal Year ending June 30, 2036. Section 5. Maximum Annual Special Tax Rate For each Taxable Parcel, the Maximum Annual Special Tax Rate shall be established for both Developed Commercial Square Feet and Approved Commercial Square Feet as that Maximum Annual Special Tax Rate applicable in the year in which such commercial square footage first becomes subject to taxation. The Maximum Annual Special Tax Rate applicable to particular Developed Commercial Square Feet or Approved Commercial Square Feet shall not increase after the year in which it is first so applied. A Taxable Parcel may have more than one Maximum Annual Special Tax Rate applicable to it. Maximum Annual Special Tax Rates shall be established in accordance with the following schedule. B-4