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"Public Property" means, for each Fiscal Year, all Taxable Zone Property that (i) is owned <br /> by or irrevocably offered for dedication to the federal government, the State, the County, or <br /> any other public agency, provided however that any property leased by a public agency to a <br /> private entity and subject to taxation under Section 32-54 of the Code shall be taxed and <br /> classified in accordance with its use; or (ii) is encumbered by a road, access, public utility <br /> easement or other easement or recorded restriction for community or public use making <br /> impractical its use for any purpose other than that set forth in the easement or recorded <br /> restriction. <br /> "Residential Floor Area" means all of tre square footage of living area within the <br /> perimeter of a residential structure, not including any carport, walkway, garage, overhang, <br /> patio, enclosed patio, or similar area. The determination of Residential Floor Area shall be <br /> made by reference to the building permit(s) issued for such TMK Parcel. <br /> "Residential Property" means all TMK Parcels of Developed Property for which a building <br /> permit has been issued for purposes of constructing one or more residential dwelling units. <br /> "Special Tax" means the special tax to be levied in each Fiscal Year on each TMK Parcel <br /> of Developed Property, Approved Property, Undeveloped Property, Taxable Property Owner <br /> Association Property, Taxable Public Property, and Taxable Non-Taxable Zone Property to <br /> fund the Special Tax Requirement. <br /> "Special Tax Requirement" means that amount required in any Fiscal Year for IA No. 1 <br /> to: (i) pay debt service on all Outstanding Bonds; (ii) pay periodic costs on the Outstanding <br /> Bonds, including but not limited to, credit enhancement and rebate payments on the <br /> Outstanding Bonds; (iii) pay Administrative Expenses; (iv) pay any amounts required to <br /> establish or replenish any reserve funds for all Outstanding Bonds; (v) pay directly for <br /> acquisition or construction of facilities eligible to be financed by IA No. 1 to the extent that <br /> the inclusion of such amount does not increase the Special Tax levy on Undeveloped <br /> Property; (vi) pay for reasonably anticipated delinquent Special Taxes based on the <br /> delinquency rate for Special Taxes levied in the previous Fiscal Year; less (vii) a credit for <br /> funds available to reduce the annual Special Tax levy, as determined by the CFD <br /> Administrator pursuant to the Indenture. <br /> "State" means the State of Hawaii. <br /> "Tax Map" means an official map of the County designating parcels by Tax Map Key <br /> number. <br /> "Tax Map Key Parcel" or "TMK Parcel" means a lot or parcel shown on a Tax Map with <br /> an assigned tax map key number. A TMK Parcel may include a portion of a lot or two or <br /> more lots. <br /> "Taxable Non-Taxable Zone Property" means all TMK Parcels of Non-Taxable Zone <br /> Property that are not exempt pursuant to Section E below. <br /> County ojHawai`i <br /> <br /> IA No. 1 of CFD No. ! -The Villages ojAina Le`a Page 4 <br /> <br />