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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 1 of the next Fiscal Year, and each July <br /> 1 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 j <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 /> i <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 /> Hawat'i County CFD No. I-2021 10 June 23,2021 <br /> i <br /> i <br />