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4 I 3 EXHIBIT C HAWAII COUNTY COMMUNITY FACILITIES DISTRICT No. 1-2021 (KALOKO HEIGHTS PROJECT) RATE AND METHOD OF APPORTIONMENT OF SPECIAL TAX A Special Tax applicable to each Tax Map Key Parcel in Hawaii County Community Facilities District No. 1-2021 (Kaloko Heights Project) ("CFD No. 1-2021") shall be levied and collected according to the tax liability determined by the County Council of the County of Hawaii, through the application of the appropriate amount or rate for Taxable Property, as described below. All of the property in CFD No. 1-2021, unless exempted by law or by the provisions of Section F below, shall be taxed for the purposes, to the extent, and in the manner herein provided. A. DEFINITIONS The terms hereinafter set forth have the following meanings: "Acre" or "Acreage" means the land area of a TMK Parcel as shown on a Tax Map, or if the land area is not shown on a Tax Map, the land area shown on the applicable Final Plat Map, Development Plan, condominium plan, or other recorded parcel map. "Administrative Expenses" means the following actual or reasonably estimated costs directly related to the administration of CFD No. 1-2021: the costs of computing the Special Taxes and preparing the annual Special Tax collection schedules; the costs of collecting the Special Taxes (whether by the County or otherwise); the costs of remitting the Special Taxes to the Trustee; the costs of the Trustee (including its legal counsel) in the discharge of the duties required of it under the Indenture; the costs to the County of complying with arbitrage rebate requirements; the costs to the County of complying with disclosure requirements associated with applicable federal and state securities laws and of the Code; the costs associated with preparing Special Tax disclosure statements and responding to public inquiries regarding the Special Taxes; the costs of the County related to an appeal of the Special Tax; the costs associated with the release of funds from any escrow account; the County's administration fees and third party expenses; the costs of County staff time and reasonable overhead relating to CFD No. 1-2021; the costs incurred by the County in connection with the termination of the Special Tax in Tax Zone 2; and amounts estimated or advanced by the County for any other administrative purposes of CFD No. 1-2021, including attorney's fees and other costs related to I commencing and pursuing to completion any foreclosure of delinquent Special Taxes. I Hawaii County CFD No.1-2021 1 June 23,2021