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"Taxable Property" means, for each Fiscal Year, all property which is not exempt from the <br /> Special Tax pursuant to law or Section E below. <br /> "Taxable Property Owner Association Property" means all TMK Parcels of Property <br /> Owner Association Property that are not exempt pursuant to Section E below. <br /> "Taxable Public Property" means all TMK Parcels of Public Property that are not exempt <br /> pursuant to Section E below. <br /> "Taxable Zone Property" means (i) ail TMK Parcels within the boundaries of IA No. 1 for <br /> which the zoning according to the Hawaii County Code Chapter 25, Article 5 is RS (Single- <br /> Family Residential Districts), RD (Double-Family Residential Districts), RM (Multiple- <br /> Family Residential Districts), RCX (Residential-Commercial Mixed Use Districts), RA <br /> (Residential and Agricultural Districts), V (Resort-Hotel Districts), CN (Neighborhood <br /> Commercial Districts), CG (General Commercial Districts), CV (Village Commercial <br /> Districts), MCX (Industrial-Commercial Mixed Districts), ML (Limited Industrial Districts), <br /> or MG (General Industrial Districts); or (ii) any other TMK Parcel within the boundaries of <br /> IA No. 1 on which one or more residential dwelling units is or are constructed. <br /> "Trustee" means the trustee or fiscal agent under the Indenture. <br /> "Undeveloped Property" means, for each Fiscal Year, all Taxable Property not classified <br /> as Developed Property, Approved Property, Taxable Property Owner Association Property, <br /> Taxable Public Property, or Taxable Non-Taxable Zone Property. <br /> B. ASSIGNMENT TO LAND USE CATEGf)RiF,S <br /> Each Fiscal Year, all Taxable Property within IA No. 1 shall be classified as Developed <br /> Property, Approved Property, Taxable Public Property, Taxable Property Owner Association <br /> Property, Taxable Non-Taxable Zone Property, or Undeveloped Property, and shall be <br /> subject to Special Taxes in accordance with the rate and method of apportionment <br /> determined pursuant to Sections C and D below. <br /> C. MAXIMUM SPECIAL TAX RATE <br /> 1. Developed Property <br /> a. Maximum Special Tax <br /> The Maximum Special Tax for each TMK Parcel classified as Developed <br /> Property shall be the greater of (i) the Assigned Special Tax or (ii) the <br /> Backup Special Tax. <br /> County of Hawaii <br /> <br /> /A No. / ofCFD No. / -The Vi!inges ofAina Le`a Page 5 <br /> <br />