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Special Taxes. The Prepayment Amount shall be calculated as follows <br /> (capitalized terms as defined below): <br /> Bond Redemption Amount <br /> plus Remaining Facilities Amount <br /> plus Redemption Premium <br /> plus Defeasance Requirement <br /> plus Administrative Fees and Expenses <br /> less Reserve Fund Credit <br /> equals Prepayment Amount <br /> As of the proposed date of prepayment, the Prepayment Amount shall be <br /> determined by the CFD Administrator pursuant to the following steps: <br /> Step 1: Confirm that no Special Tax delinquencies apply to such TMK <br /> Parcel, <br /> Step 2: Compute the total Maximum Special Tax that could be levied on <br /> the TMK Parcel prepaying the Special Tax in the Fiscal Year in <br /> which prepayment would be received by the County, as set forth in <br /> Section C above. For TMK Parcels of Developed Property, the <br /> Maximum Special Tax equals the greater of the Assigned Special <br /> Tax and Backup Special Tax. <br /> Step 3: (a) Divide the Maximum Special Tax computed pursuant to Step 2 <br /> for such TMK Parcel by the total estimated Maximum Special Tax <br /> Revenues that could be levied in that Fiscal Year on property <br /> within Tax Zone 1, as set forth in Section C above, excluding any <br /> TMK Parcels which have prepaid their Special Tax obligation, and <br /> (b) Divide the Maximum Special Tax computed pursuant to Step 2 <br /> for such TMK Parcel by the Maximum Special Tax Revenues that <br /> could be generated at buildout for the entire Tax Zone 1 area as <br /> determined by the CFD Administrator based on the Development <br /> Plan and other information currently available, excluding any <br /> TMK Parcels which have prepaid their Special Tax obligation. <br /> Step 4: Multiply the larger quotient computed pursuant to Steps 3(a) or <br /> 3(b) by the Outstanding Bonds to compute the amount of <br /> Outstanding Bonds to be retired and prepaid (the `Bond <br /> Redemption Amount"). <br /> Step S: Compute the current Remaining Facilities Costs (if any). <br /> Step 6: Multiply the larger quotient computed pursuant to Steps 3(a) or <br /> 3(b) by the amount determined pursuant to Step 5 to compute the <br /> Hawai'i County CFI)No.1-2021 16 Tune 23,2021 <br />