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EXHIBIT C-1 <br /> RATE AND METHOD OF APPORTIONMENT FOR <br /> IMPROVEMENT AREA NO. 1 OF <br /> COMMUNITY FACILITIES DISTRICT NO. 1 - <br /> THE VILLAGES OF AINA LE`A <br /> A Special Tax as hereinafter defined shall be levied on all Tax Map Key parcels in Improvement <br /> Area No. 1 ("IA No. 1 of the Community Facilities District No. 1 -The Villages of Aina Le`a of <br /> the County of Hawaii ("CFD No. 1 and collected each Fiscal Year commencing in Fiscal Year <br /> 2007-08, in an amount determined by the CFD Administrator (as defined below) through the <br /> application of the procedures described below. All of the real property in IA No. 1, unless exempted <br /> by law or by the provisions hereof, shall be taxed For the purposes, to the extent and in the manner <br /> herein provided. <br /> A. DEFINITIONS <br /> The terms hereinafter set forth have the following meanings: <br /> "Acre or Acreage" means the number of acres of land area of a TMK Parcel as shown on <br /> the applicable Tax Map, or if the land area is not shown on such Tax Map, the land azea <br /> shown on the applicable Final Map, parcel map, condominium plan, or other recorded pazcel <br /> map. If such maps are not available, the land area of the TMK Pazcel shall be calculated by <br /> the CFD Administrator. <br /> "Administrative Expenses" means the following actual or reasonably estimated costs <br /> related to the administration of IA No. 1: the costs of computing the Special Taxes and <br /> preparing the annual Special Tax collection schedules (whether by the County or designee <br /> thereof or both); the costs of collecting the Special Taxes (whether by the County, through <br /> foreclosure proceedings, or otherwise); the costs of remitting the Special Taxes to the <br /> Trustee; the costs of the Trustee (including its legal counsel) in the discharge of the duties <br /> required of it under the Indenture; the costs to the County, IA No. 1 or any designee thereof <br /> of complying with azbitrage rebate requirements; the costs to the County, IA No. 1 or any <br /> designee thereof of complying with County, IA No. 1 or obligated persons disclosure <br /> requirements associated with applicable federal and state securities laws and of the Code; the <br /> costs associated with preparing Special Tax disclosure statements and responding to public <br /> inquiries regazding the Special Taxes; the costs of the County, IA No. 1 or any designee <br /> thereof related to an appeal of the Special Tax; the costs associated with the release of funds <br /> from an escrow account; and the County's annual administration fees and third party <br /> expenses. Administrative Expenses shall also include amounts estimated or advanced by the <br /> County or IA No. 1 for any other administrative purposes of IA No. 1, including attorney's <br /> fees and other costs related to commencing and pursuing to completion any foreclosure of <br /> delinquent Special Taxes. <br /> County of Hawaii <br /> <br /> /A No. ! ojCFD No. 1-The Vi[[ages of Aina Le'a Page 1 <br /> <br />