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i D. On July 7, 2021, in response to a Petition filed by the Developer, the Council adopted Resolution No. 158-21 (the "Resolution of Intention") to authorize the initiation of proceedings for the establishment of the District, designated as the "Hawaii County Community Facilities District No. 1-2021 (Kaloko Heights Project)," comprised of the lands owned by the Developer within the Project Area (the "District"), the funding of the cost of the Improvements and incidental expenses pertaining to the District ("Incidental Expenses") and the levy of a special tax on properties within the District (the "Special Tax") to fund such costs and Incidental Expenses, including debt service on up to $22,000,000 of bonds to be issued by the County and secured by the Special Tax(the"Bonds"), all in accordance with HCC Chapter 32. i E. On July 30, 2021, DEM submitted a report to the Council (the "CFD Report") as provided in HCC Section 32-21, concluding, among other things, that the Improvements are in the public interest and meet the needs of the District. The CFD Report was filed with the Council and accepted by the Council at its meeting held on August 8, 2021. F. Pursuant to Ordinance No. 21-67, as approved by the Council on September 22, 2021 and approved by the Mayor on October 6, 2021 (the "Ordinance of Formation"), the County has established the District and authorized the levy of the Special Tax to fund the costs of the Improvements and Incidental Expenses, including debt service on the Bonds, if issued. The Special Tax will be levied annually in accordance with the final Rate and Method of Apportionment of Special Tax(the "RMA") approved in the Ordinance of Forma--Jon. G. The Ordinance of Formation further determined that funds to pay the costs of the Improvements shall be disbursed in accordance with a "Project Funding Agreement' to be entered into between the County and the Developer or their authorized representatives in a form approved by the Council. H. Pursuant to Ordinance No. , as approved by the Council on , 2021 and approved by the Mayor on , 2021 (the "Bond Ordinance"), the County has auChorized the issuance of the Bonds, in one or more series, in an aggregate principal amount not to exceed $22,000,000, subject to adoption by the Council, with respect to each series of Bonds, of a resolution (each, a "Series Resolution") authorizing the issuance of such series of Bands and approving the principal bond financing documents in substantially the forms to be executed. I. Pursuant to the Bond Ordinance, the Council also approved the form of this Agreement, which is being entered into as the Project Funding Agreement: required by the Ordinance of Formation for the purpose of setting forth the terms and conditions .ruder which the Improvements are to be constructed by the Developer and dedicated to and acquired by the County and the costs of the Improvements and Incidental Expenses are to be paid for and disbursed by the County. NOW, THEREFORE, in consideration of the mutual covenants and promises herein made, and for other good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, the parties to this Agreement do hereby agree as follows: 2