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amount of Remaining Facilities Costs to be prepaid (the <br />"Remaining Facilities Amount"). <br />Step 7. Multiply the Bond Redemption Amount computed pursuant to Step <br />4 by the applicable redemption premium, if any, on the <br />Outstanding Bonds to be redeemed (the "Redemption Premium"). <br />Step 8: Compute the amount needed to pay interest on the Bond <br />Redemption Amount starting with the first Bond interest payment <br />date after which the prepayment has been received until the earliest <br />redemption date for the Outstanding Bonds, which, depending on <br />the Bond offering document, may be as early as the next interest <br />payment date. <br />Step 9: Compute the amount of interest the County reasonably expects to <br />derive from reinvestment of the Bond Redemption Amount plus <br />the Redemption Premium from the first Bond interest payment <br />date after which the prepayment has been received until the <br />redemption date for the Outstanding Bonds. <br />Step 10: Take the amount computed pursuant to Step 8 and subtract the <br />amount computed pursuant to Step 9 (the "Defeasance <br />Requirement"). <br />Step 11: Determine the costs to compute the prepayment amount, the costs <br />to invest the prepayment proceeds, the costs to redeem Bonds, the <br />costs to record any notices to evidence the prepayment and the <br />redemption, and any other administrative costs associated with the <br />prepayment (the "Administrative Fees and Expenses"). <br />Step 12: If and to the extent so provided in the Indenture pursuant to which <br />the Outstanding Bonds to be redeemed were issued, a reserve fund <br />credit shall be calculated as a reduction in the applicable reserve <br />fund for the Outstanding Bonds to be redeemed pursuant to the <br />prepayment (the "Reserve Fund Credit"). No Reserve Fund <br />Credit shall be granted if reserve funds are below 100% of the <br />reserve requirement on the calculation date. <br />Step 13: The Special Tax prepayment is equal to the sum of the amounts <br />computed pursuant to Steps 4, 6, 7, 10, and 11, less the amount <br />computed pursuant to Step 12 (the "Prepayment Amount"). <br />Step 14: From the Prepayment Amount, the amounts computed pursuant to <br />Steps 4, 7, 10, and 12 shall be deposited into the appropriate fund <br />as established under the Indenture and used to retire Outstanding <br />Bonds or make debt service payments. The amount computed <br />Hawai'i County CFD No. 1-2021 17 June 23, 2021 <br />