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Backup Special Tax shall be calculated by application of the <br />following steps: <br />Step 1: Determine the Maximum Special Tax Revenues needed <br />to maintain Required Coverage. <br />Step 2: Increase Proportionately the Assigned Special Tax for <br />each Land Use Class within the Expected Land Uses <br />that was not Developed Property in the prior Fiscal Year <br />up to the amounts needed so that the Expected <br />Maximum Special Tax Revenues equal the amount <br />computed in Step 1. <br />Step 3: The Backup Special Tax for each Land Use Class of <br />Expected Land Uses that was not Developed Property in <br />the prior Fiscal Year shall be the amount calculated in <br />Step 2. <br />Step 4: The Backup Special Taxes identified in Step 3 shall <br />increase on July I of the next Fiscal Year, and each July <br />I thereafter, by an amount equal to two percent (2.0%) <br />of the amount in effect for the prior Fiscal Year. <br />After determining the Backup Special Tax, the CFD <br />Administrator shall adjust Attachment 2 to reflect the Expected <br />Land Uses and Expected Maximum Special Tax Revenues after <br />the Land Use Change that necessitated the levy of the Backup <br />Special Tax. <br />The duties imposed on the CFD Administrator to review Land Use <br />Changes, Final Plat Maps, and Building Permits, and to make the <br />calculations set forth above, are intended only to facilitate <br />administration of the Special Tax and to better ensure the <br />sufficiency of tax capacity to pay debt service on Bonds. Such <br />duties are not intended to give any developer, subdivider, or owner <br />of property in CFD No. 1-2021 any right to receive notice of the <br />potential impact of Land Use Changes, but each such developer, <br />subdivider, or owner of property is responsible for understanding <br />that a Backup Special Tax may be levied because of a Land Use <br />Change. Further, each developer, subdivider, or owner of property <br />in CFD No. 1-2021 that is not Developed Property is required to <br />provide information and documentation to, and to coordinate with, <br />the CFD Administrator on at least a quarterly basis to confirm <br />anticipated Land Use Changes and determine Expected Land Uses. <br />Hawaii County CFD No. 1-2021 10 June 23, 2021 <br />