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interest after delinquency as do ad valorem real property taxes. Notwithstanding the foregoing, the Special Tax may be collected in the same manner and at the same time as ordinary ad valorem real property taxes. E. COLLECTION OF SPECIAL TAX i The Special Taxes in Tax Zone 1 will be collected in the same manner and at the same time as ordinary ad valorem real property taxes; provided, however, that prepayments are permitted as set forth in Section G below and provided further that the County may directly bill the Special Taxes and may collect Special Taxes at a different time or in a different manner if necessary to meet its financial obligations, and may covenant to foreclose and may actually foreclose on delinquent TMK Parcels as permitted by the Code. F. EXEMPTIONS No Special Tax shall be levied on up to 60.0 Acres of Property Owner Association Property in Tax Zone 1. Tax-exempt status will be assigned by the CFD Administrator in the chronological order in which property becomes Property Owner Association Property within Tax Zone 1. Property Owner Association Property that is not exempt from the Special Tax under this section shall be subject to the levy of a Special Tax and shall be taxed Proportionately as part of the fifth step in Section D.l above, or part of the fourth step in Section D.2 above, up to 100% of the applicable Maximum Special Tax for Taxable Property Owner Association Property. Also, the nonexempt owner of a leasehold or possessory interest in Public Property shall be subject to the levy of a Special Tax pursuant to Section 32-54 of the Code and shall be classified and taxed as Developed Property, Final Mapped Property, Undeveloped Property, or Taxable Property Owner Association Property. No Special Tax shall be levied in any Fiscal Year on TMK Parcels in Tax Zone 1 that have fully prepaid the Special Tax obligation pursuant to the formula set forth below in Section G. G. PREPAYMENT OF SPECIAL TAX The Special Tax obligation of a TMK Parcel in Tax Zone I may be prepaid; however, the Special Tax obligation of a TMK Parcel in Tax Zone 2 cannot be prepaid. The following definitions apply to this Section G: "Construction Fund" means funds or accounts (regardless of their names) identified in the Indenture to hold monies that are available to acquire or construct public facilities eligible under the Code. Hawai'i County CFD No. 1-2421 14 Jame 23,2021 I