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City of San Leandro July 8, 2022 CFD No. 2022-1 (Monarch Bay Shoreline Facilities & Services) Page B-9 service coverage assumed in connection with the sale of CFD No. 2022-1 Bonds, no further action is needed, and the CFD Administrator shall update Table 2 to show the revised Expected Revenues. If the Special Tax revenue from the levy of Special Taxes on Taxable Property in each respective Land Use Class calculated based on the Land Use Class change are less than the respective revenue reflected in Table 2, and the CFD Administrator determines that the reduction in Expected Revenues would reduce debt service coverage below any minimum debt service coverage assumed in connection with the sale of CFD No. 2022-1 Bonds, the Special Tax that can be levied on the Taxable Property subject to a Land Use Class change will be subject to one of the following: (i) the landowner requesting the Land Use Class change may make a partial prepayment of Special Taxes for the Taxable Property subject to the Land Use Class change in an amount that will ensure that the reduced Expected Revenues are sufficient to meet any minimum debt service coverage assumed in connection with the sale of CFD No. 2022-1 Bonds or (ii) if a prepayment is not selected, the Assigned Special Tax on the Taxable Property subject to the Land Use Class change shall be increased proportionately until the Expected Revenues are sufficient to maintain any minimum debt service coverage assumed in connection with the sale of CFD No. 2022-1 Bonds. There is no Backup Special Tax for Tax Zone B. c. Increase in the Assigned Special Tax and Backup Special Tax for Tax Zones A and B On each July 1, commencing on July 1, 2023, the Assigned Special Tax and the Backup Special Tax for Developed Property and Final Map Property shall be increased by an amount equal to two percent (2%) of the amount in effect for the previous Fiscal Year. d. Multiple Land Use Classes In some instances, Taxable Property that is Developed Property and Final Map Property may contain more than one Land Use Class. The Special Tax levied on Taxable Property shall be the sum of the Special Tax for all Land Use Classes located on that Taxable Property. 2. Undeveloped Property a. Maximum Special Tax The Maximum Special Tax for each Taxable Property that is Undeveloped Property shall be $65,250 per Acre in Fiscal Year 2022/23 for Tax Zone A. b. Increase in the Maximum Special Tax On each July 1, commencing on July 1, 2023, the Maximum Special Tax for Undeveloped Property shall be increased by an amount equal to two percent (2%) of the amount in effect for the previous Fiscal Year for Tax Zone A.