AGENDA BILL 0 - Ot NORTH VILLAGE BENEFIT ASSESSMENT DISTRICT ANNUAL LEVY OF ANNUAL ASSESSMENTS FOR FISCAL YEAR 2013/2014

Agenda Item July 24, 2013 File No. ~ S AGENDA BILL 0 - Ot Subject: NORTH VILLAGE BENEFIT ASSESSMENT DISTRICT 2002-02 ANNUAL LEVY OF ANNUAL ASSESSMENTS FOR FISCAL YEAR 2013/2014 Initiated by: Peter Bernasconi, Sr. Associate Civil Engineer BACKGROUND On June 19th, 2013, the Town Council adopted a resolution initiating proceedings for and declaring its intention to levy and collect annual assessments for Benefit Assessment District 2002-2, North Village District, (North Village BAD 2002-02) for Fiscal Year 13/14 in accordance with the Benefit Assessment Act of 1982, under which the District was formed. The resolution of intention called for this public hearing for the purpose of allowing testimony by any interested person(s). These proceedings must be conducted each year in order to lawfully levy assessments against the properties within the district. ANALYSIS/DISCUSSION The Preliminary Engineer s Report, which was ordered to be prepared and filed with the Town Clerk by the Town Council at its June 19, 2013 meeting, indicated that the budget for FY 12/13 was adequate for the expenditures for the assessment district that year. It is proposed that the assessments be maintained at the same levels as last year, which is 13 percent below the maximum assessment as shown in the Engineer s Report for this year. For a description of the services provided by the district, please see Section 2.2 of the Engineer s Report. No protests to the proposed assessments have been received as of July 16, 2013. If the total of any and all protests filed during and before the public hearing does not constitute more than fifty percent (50%) of the area within the assessment district, the Council may adopt the attached Resolution confirming the assessment diagram and the proposed assessments for FY 13/14. Adoption will then constitute the levy of assessments for the new fiscal year. OPTIONS ANALYSIS Option 1. Adopt the attached Resolution of the Town Council of the Town of Mammoth Lakes approving the Assessment Engineer s Report for proceedings for the levy of assessments within North Village Benefit Assessment District No. 2002-2. And, Adopt the attached Resolution of the Town Council of the Town of Mammoth Lakes ordering the levy and collection of assessments within special

maintenance district North Village Benefit Assessment District No. 2002-02 (North Village BAD 2002-02). Adopting these resolutions will provide funding to finance the public services this fiscal year. Option 2. Decline to adopt the attached Resolutions. This would result in an inability to generate sufficient funds to provide for year-round public services to the district. VISION CONSIDERATIONS Providing sidewalks and adequate pedestrian infrastructure are consistent with the overall goals of providing a pedestrian friendly environment and de-emphasizing the automobile as well as creating a desirable place to live and visit. STAFFING CONSIDERATIONS Staffing for the operation and administration of the assessment districts is included in the current staff levels for Public Works. FINANCIAL CONSIDERATIONS The streets surrounding the Village area are arterial/collector streets that are used by the general community as a whole. The General Benefit component is estimated in the Engineer s Report at about one-third of the cost of the District. This equates to about half of the snow management costs. This is estimated to be about $57,000 for the 2013/2014 fiscal year. The actual contribution will be determined based on actual maintenance costs. ENVIRONMENTAL CONSIDERATIONS Engineer s Reports are Categorically Exempt under the California Environmental Quality Act. LEGAL CONSIDERATIONS The Benefit Assessment Act of 1982 authorizes the Town Council to take the proposed actions and levy assessments. RECOMMENDATION Therefore, it is recommended that after the Town Council takes public testimony, and approve Option 1. Adopt the attached Resolution of the Town Council of the Town of Mammoth Lakes approving the Assessment Engineer s Report for proceedings for the levy of assessments within North Village Benefit Assessment District No. 2002-2; and, Adopt the attached Resolution of the Town Council of the Town of Mammoth Lakes ordering the levy and collection of assessments within special maintenance district North Village Benefit Assessment District No. 2002-02 (North Village BAD 2002-02).

Attachments: Resolution 13- Resolution 13- Final Engineer s Report

RESOLUTION NO. 13- RESOLUTION OF THE TOWN COUNCIL OF THE TOWN OF MAMMOTH LAKES, STATE OF CALIFORMA, APPROVING THE ASSESSMENT ENGINEER S REPORT FOR PROCEEDINGS FOR THE LEVY OF ASSESSMENTS WITHIN NORTH VILLAGE AREA BENEFIT ASSESSMENT DISTRICT NO. 2002-2, ZONE 1 WHEREAS, the TOWN COUNCIL of the TOWN OF MAMMOTH LAKES, CALIFORNIA, pursuant to the terms of the Benefit Assessment Act of 1982, being Division 2, Part 1 of the California Government Code of the State of California (the 1982 Act ), Article XIIID of the Constitution of the State of California ( Article XIIID ) and the Proposition 218 Omnibus Implementation Act (Government Code Section 53750 and following) (the Implementation Act ) (the 1982 Act, Article XIIID and the Implementation Act are referred to collectively as the Assessment Law ) did, by previous Resolution, initiate proceedings and formed a special assessment district and ordered the preparation of an Assessment Engineers Report for the levy of assessments within such proposed district, such special assessment district known and designated as the NORTH VILLAGE AREA BENEFIT ASSESSMENT DISTRICT NO. 2002-2, ZONE 1 (the Benefit Assessment District ); and, WHEREAS, there has now been presented to this TOWN COUNCIL the Fiscal Year 2013-2014 Assessment Engineer s Report (the Report ) as required by the Assessment Law as previously directed by Resolution; and, WHEREAS, this TOWN COUNCIL has now carefully examined and reviewed the Report as presented, and is satisfied with each and all of the items and documents as set forth therein, and is satisfied that the assessments, on a preliminary basis, have been spread in accordance with the special benefits received from the improvements to be maintained, as set forth in the Report. NOW, THEREFORE, BE IT RESOLVED AS FOLLOWS: RECITALS SECTION 1. The above recitals are all true and correct. ASSESSMENT ENGINEER S REPORT SECTION 2. The Assessment Engineer s Report as presented consists of the following: A. Plans and specifications describing the general nature, location, and extent of the improvements to be maintained and of the maintenance work; B. An estimate of the cost of maintenance of the improvements for the Benefit Assessment District for the Fiscal Year 2013-2014; C. A diagram of the Benefit Assessment District, showing the area and properties proposed to be assessed; and D. An annual assessment for Fiscal Year 2013-2014 of the estimated costs of the maintenance of those improvements to be maintained during such Fiscal Year, assessing the net amount upon all assessable lots and/or parcels within the Benefit Assessment District in proportion to the special benefits received; together with a formula pursuant to which such annual assessment may be adjusted annually for inflation pursuant to the Assessment Law without the necessity for additional assessment ballot procedures.

The Assessment Engineer s Report, as presented, is hereby approved, and is ordered to be filed in the Office of the Clerk of the Town Council as a permanent record and to remain open to public inspection. SECTION 3. The Clerk of the Town Council shall certify to the passage and adoption of this Resolution, and the minutes of this meeting shall so reflect the presentation of the Assessment Engineer s Report. Approved and adopted the 24th day of July, 2013. APPROVED: RICK WOOD, Mayor Attest: JAMIE GRAY, Town Clerk

RESOLUTION NO. 13- A RESOLUTION OF THE TOWN COUNCIL OF THE TOWN OF MAMMOTH LAKES, STATE OF CALIFORNIA, ORDERING THE LEVY AND COLLECTION OF ASSESSMENTS WITHIN THE SPECIAL MAINTENANCE DISTRICT NORTH VILLAGE BENEFIT ASSESSMENT DISTRICT NO. 2002-02 (NORTH VILLAGE BAD 2002-02) WHEREAS, the Town Council of the Town of Mammoth Lakes, California pursuant to the terms of the Benefit Assessment Act of 1982, Title 5 Division 2, of the Cal~,fomia Government Code (commencing with Section 54703) (hereafter referred to as the Act ) did approve the Annual Engineer s Report (hereafter referred to as the Report ) as presented or amended which described the assessment against parcels of land within the maintenance district known and designated as a Benefit Assessment District as follows: North Village Area Benefit Assessment District No. 2002-2, Zone 1 (hereinafter referred to as the Maintenance District ) for the fiscal year commencing July 1, 2013 and ending June 30, 2014 to pay the costs and expenses of operating, maintaining, and servicing the improvements located within the maintenance district; and, WHEREAS, the Engineer selected by the Town Council has prepared and filed with the Town Clerk, and the Town Clerk has presented to the Town Council, a Report in connection with the proposed levy and collection upon eligible parcels of land within the maintenance district, and the Town Council did by previous Resolution approve such Report; and, WHEREAS, the Town Council desires to levy and collect assessments against parcels of land within the maintenance district for the fiscal year commencing July 1, 2013 and ending June 30, 2014 to pay the costs and expenses of operating, maintaining, and servicing the improvements within the maintenance district; and, WHEREAS, the Assessment rates within the maintenance district are exempt from the assessment balloting procedures set forth in Section 4 of Proposition 218 because the maintenance district was formed by consent of the land owners, and the proposed Assessments per lot or parcel are not proposed to increase by more than the assessment rates approved by the landowners at the time of annexation into the maintenance district; and, WHEREAS, the assessment levies are not based upon the assessed value of the property within the maintenance district, but are based upon the special benefit received by the parcels within the maintenance district from the improvements. NOW, THEREFORE, IT IS HEREBY RESOLVED AS FOLLOWS: 1. Following notice duly given, the Town Council has held a full and fair Public Hearing regarding its Resolution Approving and or Amending the Report prepared in connection therewith; the levy and collection of assessments, and considered all oral and written statements, protests, and communications made or filed by interested persons. 2. Based upon its review (and amendments, as applicable) of the Report, a copy of which has been presented to the Town Council and which has been filed with the Town Clerk, the Town Council hereby finds and determines that: a. The land within the maintenance district will receive special benefit by the operation, maintenance, and servicing of drainage, street lighting, and appurtenant facilities within the boundaries of the maintenance district. b. The maintenance district includes all of the lands receiving such special benefit. 6

c. The net amount to be assessed upon the land within the maintenance district in accordance with the costs for the fiscal year commencing July 1, 2013 and ending June 30, 2014 is apportioned by a formula and method which fairly distributes the net amount among all eligible parcels in proportion to the estimated special benefit to be received by each parcel from the improvements and services. 3. The Report and assessment as presented to the Town Council and on file in the office of the Town Clerk are hereby confirmed as filed. 4. The Town Treasurer shall deposit all money representing assessments collected by the County of Mono for the maintenance district to the credit of a fund for the maintenance district, and such money shall be expended only for the maintenance, operation, and servicing of the landscaping and appurtenant facilities. 5. The adoption of this Resolution constitutes the maintenance district levy for the Fiscal Year commencing July 1, 2013 and ending June 30, 2014. 6. A certified copy of the levy shall be filed in the office of the Town Clerk and open for public inspection. The foregoing resolution was adopted by the Town Council at a rescheduled regular meeting held on the 24th day of July, 2013. APPROVED: RICK WOOD, Mayor Attest: JAMIE GRAY, Town Clerk

ONBS helping communities fund tomorrow Town of Mammoth Lakes 2013114 Annual Report North Village Area Benefit Assessment District No. 2002-2, Zone I July 17, 2013 Main Office 32605 Temecula Parkway, Suite 100 Temecula, CA 92592 Toll free; 800.676.7516 Fax; 951.296.1998 Regional Office 870 Market Street, Suite 1223 San Francisco, CA 94102 Toll free; 800.434.8349 Fax; 415.391.8439

TABLE OF CONTENTS 1. EXECUTIVE SUMMARY 1-1 2. PLANS AND SPECIFICATIONS 2-1 2.1. Description of the Boundaries of the District 2-1 2.2. Description of Improvements and Services 2-1 3. ESTIMATED COSTS 3-1 3.1. District Budget 3-1 3.2. Definitions of Budget Items 3-2 4. METHOD OF ASSESSMENT 4-1 4.1. Statutory Considerations 4-1 4.2. Method of Assessment Spread 4-2 4.3. Maximum Annual Assessment Increase 4-3 4.4. Time and Manner of Collecting Assessments 4-3 5. APPENDICES 5-1 APPENDIX A - ASSESSMENT DIAGRAM A APPENDIX B ASSESSMENT ROLL B APPENDIX C RATE AND METHOD OF APPORTIONMENT C North Village Area BAD No. 2002-2, Zone 1 Town of Mammoth Lakes Table of Contents Prepared bynbs JuIy 17, 2013

1. EXECUTIVE SUMMARY WHEREAS, the Town Council of the Town of Mammoth Lakes (the Town) previously established the North Village Area Benefit Assessment District No. 2002-2, Zone 1 (the District ) in 2002 pursuant to the Benefit Assessment District Act of 1982; and WHEREAS, the Town desires to provide for the levy and collection of District assessments for the 2013/14 Fiscal Year; and WHEREAS, the Town has directed NBS to prepare and file an annual report describing the general nature, location and extent of the improvements to be maintained, an estimate of the costs of the maintenance, operations and servicing of the improvements, a diagram showing the area and properties to be assessed and an estimate of the costs of the maintenance, operations and servicing of the improvements, assessing the net amount upon all assessable lots and/or parcels within the District in proportion to the special benefit received. NOW THEREFORE, the following assessment, levied in accordance with the assessment methodology adopted and approved by the Town Council at the time of District formation, is made to cover the portion of the estimated costs of maintenance, operation and servicing of said improvements to be paid by the assessable real property within the District in proportion to the special benefit received: SUMMARY OF ASSESSMENT Description Total Estimated 201 3/14 Costs Less: Town Contribution Add: Curb/Gutter/Sidewalk Reserve Add: Snow Management Reserve Less: Excess Fund Balance Add: Contingencies and Replacement Accruals Less: Installment Rounding Balance to Assessment Amount $205,032.00 (57,000.00) 81,000.00 117,732.00 (366,400.00) 157,000.00 (0.78) $137,363.22 Fiscal Year 2013114 Maximum Assessment Rates: Condominium 1 Bedroom/Studio per unit $219.41 Condominium 2 Bedroom per unit 292.55 Condominium 3 Bedroom per unit 365.69 Commercial Use and Gondola Parcel per square foot 0.3047 Apartment Property and Hotel Property per room 219.41 Fiscal Year 2013I14 Actual Assessment Rates: Condominium 1 Bedroom/Studio per unit $191.30 Condominium 2 Bedroom per unit 255.06 Condominium 3 Bedroom per unit 318.82 Commercial Use and Gondola Parcel per square foot 0.2656 Apartment Property and Hotel Property per room 191.30 North Village Area BAD No. 2002-2, Zone 1 Prepared by NBS July 17, 2013 Town of Mammoth Lakes 1 1

2. PLANS AND SPECIFICATIONS The District provides and ensures the continued maintenance, servicing, administration, and operation of various improvements and associated appurtenances located within the public right-of-way and dedicated easements within the boundaries of the District. 2.1. Description of the Boundaries of the District The District is located within the Town s boundaries. The District is described generally as the North Village Specific Plan Area, zoned for commercial resort and consists of residential and commercial uses located along Minaret Road, Forest Trail, Main Street, Canyon Boulevard, Hillside Drive, Berner Street, and Lake Mary Road. The District includes 532 assessable parcels including commercial, residential (condominium units) and undeveloped properties. 2.2. Description of Improvements and Services The District improvements include the installation, upgrade, construction, or reconstruction of irrigation and landscaping, street lighting, streets, sidewalks and driveways, curb and gutter, drainage facilities, and snowmelt tubing systems. The improvements also include the construction, maintenance and servicing of appurtenant facilities and other items necessary for the satisfactory operation of these improvements. The maintenance services include the operation, maintenance, and servicing of the improvements and appurtenant services including, but not limited to, personnel, electrical energy, materials, contracting services, and other items necessary for the satisfactory operation of these improvements and services. This annual report makes reference to the plans and specifications for the improvements, which are on file with the Town. The improvements within the District may include, but are not limited to: snow management, drainage, landscaping, curb, gutter and sidewalk repairs and maintenance. Services provided include all necessary service, operations, administration and maintenance required to keep the improvements in an operational and satisfactory condition. The table below lists specific improvements and services within the District Snow Management (Sidewalk snow removal, snow hauling, and ice melt) Summer Sidewalk Sweeping Curb, Gutter, Sidewalk Repairs Landscaping Streetlights Banners North Village Area BAD No. 2002-2, Zone 1 Town of Mammoth Lakes 2-1 Prepared bynbs July 17, 2013

3. ESTIMATED COSTS 3.1. District Budget The estimated cost of maintenance, operations, servicing the improvements, and administration as described in the Plans and Specifications are summarized below. Each year, as part of the assessment district levy calculation process, the Town reviews the previous year s costs and expenses and estimates the annual costs for the following fiscal year. Descriotion Maintenance Costs: Snow Management Summer Sidewalk Sweeping Landscaping Street Lights Ice melt Banners Curb, Gutter, Maintenance Repairs & Contingency Subtotal Maintenance Costs Administration Costs: Personnel/Overhead/Consultants/County Fees Subtotal Administration Costs Total District Budget Less: Town Contribution for General Benefit Add: Curb/Gutter/Sidewalk Reserve Add: Snow Management Reserve District Property Owner Participation and Reserves Proposed Fiscal Year 2013114 Costs $92,732.00 12,000.00 15,000.00 8,000.00 25,000.00 0.00 4R nnn on $198,732.00 $6,300.00 $6,300.00 $205,032.00 ($57,000.00) 81,000.00 I 1773200 $346,764.00 Fund Balance ($366,400.00) Contingencies & Replacement Accruals 157,000.00 Installment Rounding (0.78) Fiscal Year 201 3I14 District Assessment $137,363.22 North Village Area BAD No. 2002-2, Zone 1 Prepared bynbs July 17, 2013 Town of Mammoth Lakes 3-1

3.2. Definitions of Budget Items The following definitions describe the services and costs included in the District budget: Direct Costs: Maintenance Costs include all regularly scheduled labor, material and equipment required to properly maintain and ensure the satisfactory condition of all drainage systems and appurtenant facilities. Curb, Gutter. Maintenance Repairs & Contingency includes the scheduled repair and rebuilding of pumps and motors in addition to items that are generally unforeseen and not normally included in the yearly maintenance contract costs. This may include repair of damaged equipment due to vandalism, storms, etc. Also included may be planned upgrades that provide a direct benefit to the District. Administration Costs: Personnel/Overhead include the costs to all particular departments and staff of the Town for providing the coordination of District services, operations and maintenance of the improvements, response to public concerns and education, and procedures associated with the levy and collection of assessments. Consultants include the cost associated with contracting with professionals to provide services specific to the administration of the levy. Professional Fees include the cost of contracting with professionals to provide any additional administrative, legal, or engineering services specific to the District. County Administration Fees include the actual cost to the District for Mono County to collect the assessments on the property tax bills and distribute the collections to the Town. Miscellaneous Expenses include funds collected for additional administrative costs such as the cost to prepare and mail notices of the public hearing and to publish notices of the public hearing. Operating Reserve Collection: Operating Reserve Collection is the amount collected to maintain reserves to enable the Town to pay for District operation and maintenance costs incurred during the first six months of the fiscal year and to cover costs associated with the high degree of variability for snow removal up to a reserve equal to the maximum annual assessment. North Village Area BAD No. 2002-2, Zone 1 Town of Mammoth Lakes 3-2 Prepared by NBS July 17, 2013

4. METHOD OF ASSESSMENT 4.1. Statutory Considerations Proposition 218, the Right to Vote on Taxes Act was approved by California voters in 1996, which added Articles XIIIC and XIIID to the California State Constitution. The primary results of Proposition 218 were stricter definitions of assessments, special taxes, fees, and charges, and a general mandate for some type of voter approval for any new or increased tax, assessment, or property-related fee. The Proposition 218 Omnibus Implementation Act ( Implementation Act ) was approved July 1, 1997. The Implementation Act provided for procedures throughout the notice, protest and hearing process. General Benefit Proposition 218 requires that any local agency proposing to increase or impose a special assessment to separate the general benefits from the special benefits conferred on a parcel. The rationale for separating special and general benefits is to ensure that the property owners are not charged with an assessment that pays for general benefits. Thus, a local agency carrying out projects or services that provide both special and general benefits may levy an assessment to pay for the special benefits but must acquire separate funding to pay for those general benefits. The District provides snow management services along Old Mammoth Road, which is an arterial/collector street. The snow management services provide a portion of general benefit to both properties and the public at large. So that properties within the District boundaries do not pay for the general benefit of the snow management services, the Town contributes approximately one half of the annual snow management budget to the total annual District budget. Special Benefit Pursuant to Proposition 218, or more specifically Article XIIID, Section 2(i) Special benefit means a particular and distinct benefit over and above general benefits conferred on real property located in the district or to the public at large. General enhancement of property value does not constitute special benefit. All parcels that have special benefit conferred upon them as a result of the improvements, services and activities provided shall be identified, and the proportionate special benefit derived by each identified parcel shall be determined in relationship to the entire cost of the improvements, services and activities. In accordance with Article XIIID 4(a) No assessment shall be imposed on any parcel which exceeds the reasonable cost of the proportional special benefit conferred on that parcel. Only special benefits are assessable, and an agency shall separate the general benefits from the special benefits conferred on a parcel. Article XIIID also provides that publicly owned properties must be assessed unless there is clear and convincing evidence that those properties receive no special benefit from the assessment. Exempted from the assessment would be the areas of public streets, public avenues, public lanes, public roads, public drives, public easements and rights-of-ways. The maintenance and operation of improvements and services, more fully described in the Plans and Specifications section of this report, within the District are for the benefit of the properties within the District, and as such confer a special and direct benefit to parcels within the District by: allowing individual parcels to be developed and used to their fullest extent by ensuring adequate snow management, drainage, sidewalk sweeping which is essential to the use, preservation and protection of those properties, and improving the livability, appearance, and desirability for properties within the boundaries, through landscaping of the District, and providing for safe vehicular and pedestrian access through proper snow management, drainage, streetlighting, sidewalk maintenance for properties within the District, and North Village Area BAD No. 2002-2, Zone 1 Town of Mammoth Lakes 4-1 Prepared by NBS July 17, 2013

ensuring that the improvements do not reach a state of deterioration or disrepair so as to be materially detrimental to properties within the District. The above mentioned items contribute to a specific enhancement of the properties within the District. Since these improvements were installed and are maintained specifically for the properties within the District; only properties within the District receive a special benefit and are assessed for said maintenance. 4~2. Method of Assessment Spread There are 532 assessable parcels within the District, with 523 parcels being classified as assessable developed parcels for Fiscal Year 2013/14. Parcels within the District receive proportional special benefit from the maintenance, servicing, and operation of the improvements, spread to each parcel as follows: If the Town has issued a building permit or certificate of occupancy in any current or previous fiscal year, the property shall be deemed to be developed and receive special benefit from the improvements. The Director of Public Works shall each year identify those parcels that are developed. The maintenance costs will be assessed to each assessable developed parcel based upon the following table for Fiscal Year 201 3/14: Property Land Use Classification 2013114 Levied Annual Assessment 2013114 Maximum Annual Assessment Condominium 1 Bedroom/Studio $191.30/unit $219.41/unit Condominium 2 Bedroom 255.06/unit 292.55/unit Condominium 3 Bedroom 318.82/unit 365.69/unit Commercial Use 0.2656/square foot 0.3047/square foot Gondola Parcel 0.2656/square foot 0. 3047/square foot Apartment Property 191.30/room 219.41/room Hotel Property 191.30/room 219.41/room Conference Facilities 0.00 0.00 Common Areas 0.00 0.00 If any assessed parcel within the District contains multiple uses, the assessment assigned to that parcel shall be the total of all assessable uses upon that parcel. The Definitions section of the Rate and Method of Apportionment of Special Tax for the Town of Mammoth Lakes Community Facilities District No. 2001-1 (North Village Area) as modified are incorporated herein by reference and attached as Exhibit A. These definitions shall govern for the determination of assessable areas. The following table provides the historical total maximum assessment revenue for the District for the past five fiscal years: Total Maximum Fiscal Year Assessment Revenue 2009/10 $145,488.66 2010/11 148,463.21 2011/12 151,435.86 2012/13 154,460.73 2013/14 157,550.66 North Village Area BAD No. 2002-2, Zone 1 Town of Mammoth Lakes 4-2 Prepared by NBS July 17, 2013

4.3. Maximum Annual Assessment Increase The Fiscal Year 2003/04 maintenance assessment rates set the initial maximum assessment rates for the District. Beginning Fiscal Year 2004/05, the maximum annual assessment rate shall increase 2% over the previous year s maximum annual assessment rate. Regardless of the assessment amount actually levied each year (assessments may be levied at less than the maximum assessment rate), the maximum allowable assessment rate will increase. Any increase in the actual amount of the assessment levied, as long as it does not exceed the maximum allowable assessment for that fiscal year, will not be considered an increase of the assessment as defined by Proposition 218. 4.4. Time and Manner of Collecting Assessments The Town will levy and collect the District assessments in the same manner and at the same time as ordinary ad valorem property taxes. North Village Area BAD No. 2002-2, Zone 1 Town of Mammoth Lakes 4-3 Prepared by NBS July 17, 2013

5. APPENDICES Assessment Diagram A Assessment Roll B Rate and Method of Apportionment C North Village Area BAD No. 2002-2, Zone 1 Town of Mammoth Lakes 5-1 Prepared by NBS July 17, 2013

APPENDIX A - ASSESSMENT DIAGRAM The following page shows the Assessment Diagram for the Old Mammoth Road Benefit Assessment District No. 2002-1.

BOUNDARIES OF TOWN OF MAMMOTH LAKES NORTH VIllAGE BENEFIT ASSESSMENT DISTRICT 2002 2. COUNTY OF MONO1 STATE OF CALIFORNIA Flied In the office of the Town Clerk of the Town of Mammoth takes, this _day of - Clerk to the Town of Mammoth takes I hereby certify that the within map showing boundaries of the Town of Mammoth takes North Village Benefit Assessment, County of Mono, State of California, was approved by the Town Council of the Town of Mammoth takes at a regular meeting thereof held on the _day of _.2002, by Its Resolution No. Clerk to the Town of Mammoth Lakes Flledthls_dayof,Zoolatthehourof o clock _.M. In Book of Maps of Assessment and Community FacIlitIes Districts at Page ~In the Office of the County Recorder in the County of Mono, State of CalifornIa. By~ County Recorder of County of Mono ~1 10US$ I ~~ ~~1$ SHEET 1 OF 1

APPENDIX B - ASSESSMENT ROLL Parcel Identification, for each lot or parcel within the District, shall be the parcel as shown on the Mono County Assessor s map for the year in which this annual report is prepared. A listing of parcels assessed within the District, along with the assessment amounts, is included on the following pages. If any parcel is identified by the County Auditor/Controller to be an invalid parcel number for the current fiscal year, a corrected parcel number and/or new parcel numbers will be identified and resubmitted to the County Auditor/Controller. The assessment amount to be levied and collected for the resubmitted parcel(s) shall be based on the method of assessment spread approved in this report. Therefore, if a single parcel has changed to multiple parcels, the assessment amounts applied to each of the new parcels shall be recalculated and applied according to the approved method of assessment spread rather than a proportionate share of the original assessment.

Town of Mammoth Lakes North Village BAD No. 2002-2 - Zone I Final Detail Report for the 2013114 Billing Account ID Property ID DB Levy Misc Adjs Total 033-020-011-000 033-020-011-000 $0.00 $000 $0.00 033-020-021-000 033-020-021-000 0.00 0.00 0.00 033-020-024-000 033-020-024-000 6915.64 0.00 6915.64 033-020-033-000 033-020-033-000 0.00 0.00 0.00 033-041-015-000 033-041-015-000 0.00 0.00 0.00 033-041-016-000 033-041-016-000 0.00 0.00 0.00 033-043-005-000 033-043-005-000 374.84 0.00 374.84 033-043-016-000 033-043-016-000 0.00 0.00 0.00 033-043-019-000 033-043-019-000 0.00 0.00 0.00 039-030-014-000 039-030-014-000 0.00 0.00 0.00 039-030-01 5-000 039-030-01 5-000 0.00 0.00 0.00 285-001-000-000 285-001-000-000 1,164.84 0.00 1,184.84 285-002-000-000 285-002-000-000 494.12 0.00 494.12 285-003-000-000 285-003-000-000 126.45 (0.01) 126.44 285-201-000-000 285-201-000-000 255.07 (0.01) 255.06 285-202-000-000 285-202-000-000 255.07 (0.01) 255.06 285-203-000-000 285-203-000-000 191.30 0.00 191.30 285-204-000-000 285-204-000-000 191.30 0.00 191.30 285-205-000-000 285-205-000-000 191.30 0.00 191.30 285-206-000-000 285-206-000-000 191.30 0.00 191.30 285-207-000-000 285-207-000-000 191.30 0.00 191.30 285-208-000-000 285-208-000-000 191.30 0.00 191.30 285-209-000-000 285-209-000-000 191.30 0.00 191.30 285-211-000-000 285-211-000-000 255.07 (0.01) 255.06 285-213-000-000 285-213-000-000 191.30 0.00 191.30 285-214-000-000 285-214-000-000 191.30 0.00 191.30 285-215-000-000 285-215-000-000 191.30 0.00 191.30 285-216-000-000 285-216-000-000 191.30 0.00 191.30 285-217-000-000 285-217-000-000 191.30 0.00 191.30 285-221-000-000 285-221-000-000 191.30 0.00 191.30 285-223-000-000 285-223-000-000 191.30 0.00 191.30 285-225-000-000 285-225-000-000 191.30 0.00 191.30 285-226-000-000 285-226-000-000 191.30 0.00 191.30 285-227-000-000 285-227-000-000 191.30 0.00 191.30 285-229-000-000 285-229-000-000 255.07 (0.01) 255.06 285-230-000-000 285-230-000-000 255.07 (0.01) 255.06 285-301-000-000 285-301-000-000 255.07 (0.01) 255.06 285-302-000-000 285-302-000-000 255.07 (0.01) 255.06 285-303-000-000 285-303-000-000 191.30 0.00 191.30 285-304-000-000 285-304-000-000 191.30 0.00 191.30 285-305-000-000 285-305-000-000 191.30 0.00 191.30 285-306-000-000 285-306-000-000 191.30 0.00 191.30 285-307-000-000 285-307-000-000 191.30 0.00 191.30 285-308-000-000 285-308-000-000 191.30 0.00 191.30 285-309-000-000 285-309-000-000 191.30 0.00 191.30 Copyright 1999-2008 NBS Page 1 of 12 7/1/2013 10:31:16AM

Town of Mammoth Lakes North Village BAD No. 2002-2 - Zone I Final Detail Report for the 2013114 Billing Account ID Property ID DB Levy Misc Adis Total 285-311-000-000 285-311-000-000 255.07 (0.01> 255.06 285-313-000-000 285-313-000-000 191.30 0.00 191.30 285-314-000-000 285-314-000-000 191.30 0.00 191.30 285-31 5-000-000 285-31 5-000-000 191.30 0.00 191.30 285-316-000-000 285-316-000-000 191.30 0.00 191.30 285-317-000-000 285-317-000-000 191.30 0.00 191.30 285-318-000-000 285-318-000-000 191.30 0.00 191.30 285-31 9-000-000 285-31 9-000-000 191.30 0.00 191.30 285-320-000-000 285-320-000-000 191.30 0.00 191.30 285-321 -000-000 285-321-000-000 191.30 0.00 191.30 285-323-000-000 285-323-000-000 191.30 0.00 191.30 285-325-000-000 285-325-000-000 191.30 0.00 191.30 285-326-000-000 285-326-000-000 191.30 0.00 191.30 285-327-000-000 285-327-000-000 191.30 0.00 191.30 285-329-000-000 285-329-000-000 255.07 (0.01) 255.06 285-330-000-000 285-330-000-000 255.07 (0.01) 255.06 285-401-000-000 285-401-000-000 255.07 (0.01) 255.06 285-402-000-000 285-402-000-000 255.07 (0.01) 255.06 285-403-000-000 285-403-000-000 191.30 0.00 191.30 285-404-000-000 285-404-000-000 191.30 0.00 191.30 285-405-000-000 285-405-000-000 191.30 0.00 191.30 285-406-000-000 285-406-000-000 191.30 0.00 191.30 285-407-000-000 285-407-000-000 191.30 0.00 191.30 285-408-000-000 285-408-000-000 191.30 0.00 191.30 285-409-000-000 285-409-000-000 191.30 0.00 191.30 285-411-000-000 285-411-000-000 255.07 (0.01) 255.06 285-413-000-000 285-413-000-000 191.30 0.00 191.30 285-414-000-000 285-414-000-000 191.30 0.00 191.30 285-415-000-000 285-415-000-000 191.30 0.00 191.30 285-416-000-000 285-416-000-000 191.30 0.00 191.30 285-417-000-000 285-417-000-000 191.30 0.00 191.30 285-418-000-000 285-418-000-000 191.30 0.00 191.30 285-419-000-000 285-419-000-000 191.30 0.00 191.30 285-420-000-000 285-420-000-000 191.30 0.00 191.30 285-421-000-000 285-421-000-000 191.30 0.00 191.30 285-423-000-000 285-423-000-000 191.30 0.00 191.30 285-425-000-000 285-425-000-000 191.30 0.00 191.30 285-426-000-000 285-426-000-000 191.30 0.00 191.30 285427-000-000 285427-000-000 191.30 0.00 191.30 285429-000-000 285429-000-000 255,07 (0.01) 255.06 285430-000-000 285430-000-000 255.07 (0.01) 255.06 285-501-000-000 285-501-000-000 255.07 (0.01) 255.06 285-502-000-000 285-502-000-000 255.07 (0.01) 255.06 285-503-000-000 285-503-000-000 191.30 0.00 191.30 285-504-000-000 285-504-000-000 191.30 0.00 191.30 Copyright 1999-2008 NBS Page 2 of 12 7/1/2013 10:31:16AM

Town of Mammoth Lakes North Village BAD No. 2002-2 - Zone I Final Detail Report for the 2013114 Billing Account ID Property ID DB Levy Misc Adis Total 285-505-000-000 285-505-000-000 191.30 0.00 191.30 285-506-000-000 285-506-000-000 191.30 0.00 191.30 285-507-000-000 285-507-000-000 191.30 0.00 191.30 285-508-000-000 285-508-000-000 191.30 0.00 191.30 285-509-000-000 285-509-000-000 191.30 0.00 191.30 285-511-000-000 285-511-000-000 255.07 (0.01) 255.06 285-513-000-000 285-513-000-000 191.30 0.00 191.30 285-514-000-000 285-514-000-000 191.30 0.00 191.30 285-515-000-000 285-515-000-000 191.30 0.00 191.30 285-516-000-000 285-516-000-000 191.30 0.00 191.30 285-517-000-000 285-517-000-000 191.30 0.00 191.30 285-518-000-000 285-518-000-000 191.30 0.00 191.30 285-519-000-000 285-519-000-000 191.30 0.00 191.30 285-520-000-000 285-520-000-000 191.30 0.00 191.30 285-521-000-000 285-521-000-000 191.30 0.00 191.30 285-523-000-000 285-523-000-000 191.30 0.00 191.30 285-525-000-000 285-525-000-000 191.30 0.00 191.30 285-526-000-000 285-526-000-000 191.30 0.00 191.30 285-527-000-000 285-527-000-000 191.30 0.00 191.30 285-529-000-000 285-529-000-000 255.07 (0.01) 255.06 285-530-000-000 285-530-000-000 255.07 (0.01) 255.06 285-601-000-000 285-601-000-000 255.07 (0.01) 255.06 285-603-000-000 285-603-000-000 191.30 0.00 191.30 285-604-000-000 285-604-000-000 191.30 0.00 191.30 285-605-000-000 285-605-000-000 191.30 0.00 191.30 285-606-000-000 285-606-000-000 191.30 0.00 191.30 285-607-000-000 285-607-000-000 191.30 0.00 191.30 285-608-000-000 285-608-000-000 191.30 0.00 191.30 285-609-000-000 285-609-000-000 191.30 0.00 191.30 285-611 -000-000 285-611-000-000 255.07 (0.01) 255.06 285-613-000-000 285-613-000-000 191.30 0.00 191.30 285-614-000-000 285-614-000-000 191.30 0.00 191.30 285-615-000-000 285-615-000-000 191.30 0.00 191.30 285-616-000-000 285-616-000-000 191.30 0.00 191.30 285-617-000-000 285-617-000-000 191.30 0.00 191.30 285-618-000-000 285-618-000-000 191.30 0.00 191.30 285-619-000-000 285-619-000-000 191.30 0.00 191.30 285-620-000-000 285-620-000-000 191.30 0.00 191.30 285-621-000-000 285-621-000-000 191.30 0.00 191.30 285-623-000-000 285-623-000-000 191.30 0.00 191.30 285-625-000-000 285-625-000-000 191.30 0.00 191.30 285-626-000-000 285-626-000-000 191.30 0.00 191.30 285-627-000-000 285-627-000-000 191.30 0.00 191.30 285-629-000-000 285-629-000-000 255.07 (0.01) 255.06 285-703-000-000 285-703-000-000 191.30 0.00 191.30 Copyright 1999-2008 NBS Page 3 of 12 7/1/2013 10:31:16AM

Town of Mammoth Lakes North Village BAD No. 2002-2 - Zone I Final Detail Report for the 2013114 Billing Account ID Property ID OB Levy Misc AdIs Total 285-704-000-000 285-704-000-000 191.30 0.00 191.30 285-705-000-000 285-705-000-000 191.30 0.00 191.30 285-706-000-000 285-706-000-000 191.30 0.00 191.30 285-707-000-000 285-707-000-000 191.30 0.00 191.30 285-708-000-000 285-708-000-000 191.30 0.00 191.30 285-709-000-000 285-709-000-000 191.30 0.00 191.30 285-711-000-000 285-711-000-000 255.07 (0.01) 255.06 285-713-000-000 285-713-000-000 191.30 0.00 191.30 285-714-000-000 285-714-000-000 191.30 0.00 191.30 285-715-000-000 285-715-000-000 191.30 0.00 191.30 285-716-000-000 285-716-000-000 191.30 0.00 191.30 285-717-000-000 285-717-000-000 191.30 0.00 191.30 285-718-000-000 285-718-000-000 191.30 0.00 191.30 285-719-000-000 285-719-000-000 191.30 0.00 191.30 285-720-000-000 285-720-000-000 191.30 0.00 191.30 285-721-000-000 285-721-000-000 191.30 0.00 191.30 285-723-000-000 285-723-000-000 191.30 0.00 191.30 285-725-000-000 285-725-000-000 191.30 0.00 191.30 285-726-000-000 285-726-000-000 191.30 0.00 191.30 285-727-000-000 285-727-000-000 191.30 0.00 191.30 286-132-000-000 286-132-000-000 191.30 0.00 191.30 286-136-000-000 286-136-000-000 191.30 0.00 191.30 286-138-000-000 286-138-000-000 191.30 0.00 191.30 286-140-000-000 286-140-000-000 255.07 (0.01) 255.06 286-142-000-000 286-142-000-000 191.30 0.00 191.30 286-144-000-000 286-144-000-000 191.30 0.00 191.30 286-145-000-000 286-145-000-000 255.07 (0.01) 255.06 286-146-000-000 286-146-000-000 255.07 (0.01) 255.06 286-231-000-000 286-231-000-000 191.30 0.00 191.30 286-232-000-000 286-232-000-000 191.30 0.00 191.30 286-233-000-000 286-233-000-000 191.30 0.00 191.30 286-234-000-000 286-234-000-000 191.30 0.00 191.30 286-235-000-000 286-235-000-000 191.30 0.00 191.30 286-236-000-000 286-236-000-000 191.30 0.00 191.30 286-237-000-000 286-237-000-000 191.30 0.00 191.30 286-238-000-000 286-238-000-000 191.30 0.00 191.30 286-240-000-000 286-240-000-000 255.07 (0.01) 255.06 286-241-000-000 286-241-000-000 191.30 0.00 191.30 286-242-000-000 286-242-000-000 191.30 0.00 191.30 286-244-000-000 286-244-000-000 191.30 0.00 191.30 286-245-000-000 286-245-000-000 255.07 (0.01) 255.06 286-246-000-000 286-246-000-000 255.07 (0.01) 255.06 286-331-000-000 286-331-000-000 191.30 0.00 191.30 286-332-000-000 286-332-000-000 191.30 0.00 191.30 286-333-000-000 286-333-000-000 191.30 0.00 191.30 Copyright 1999-2008 NBS Page 4 of 12 7/1/2013 10:31:16AM

Town of Mammoth Lakes North Village BAD No. 2002-2 - Zone I Final Detail Report for the 2013114 Billing Account ID Property ID DB Levy MIsc Adjs Total 286-334-000-000 286-334-000-000 191.30 0.00 191 30 286-335-000-000 286-335-000-000 191.30 0.00 191.30 286-336-000-000 286-336-000-000 191.30 0.00 191.30 286-337-000-000 286-337-000-000 191.30 0.00 191 30 286-338-000-000 286-338-000-000 191.30 0.00 191.30 286-340-000-000 286-340-000-000 255.07 (0.01) 255.06 286-341-000-000 286-341-000-000 191.30 0.00 191.30 286-342-000-000 286-342-000-000 191.30 0.00 191 30 286-344-000-000 286-344-000-000 191.30 0.00 191.30 286-345-000-000 286-345-000-000 255.07 (0.01) 255.06 286-346-000-000 286-346-000-000 255.07 (0.01) 255.06 286-431-000-000 286-431-000-000 191.30 0.00 191.30 286-432-000-000 286-432-000-000 191.30 0.00 191.30 286-433-000-000 286-433-000-000 191 30 0.00 191.30 286-434-000-000 286-434-000-000 191.30 0.00 191.30 286-435-000-000 286-435-000-000 191.30 0.00 191.30 286-436-000-000 286-436-000-000 191.30 0.00 191.30 286-437-000-000 286-437-000-000 191.30 0.00 191.30 286-438-000-000 286-438-000-000 191.30 0.00 191.30 286-440-000-000 286-440-000-000 255.07 (0.01) 255.06 286-441-000-000 286-441-000-000 191.30 0.00 191.30 286-442-000-000 286-442-000-000 191.30 0.00 191.30 286-444-000-000 286-444-000-000 191.30 0.00 191.30 286-445-000-000 286-445-000-000 255.07 (0.01) 255.06 286-446-000-000 286-446-000-000 255.07 (0.01) 255.06 286-531-000-000 286-531-000-000 191.30 0.00 191.30 286-532-000-000 286-532-000-000 191.30 0.00 191.30 286-533-000-000 286-533-000-000 191.30 0.00 191.30 286-534-000-000 286-534-000-000 191.30 0.00 191.30 286-535-000-000 286-535-000-000 191.30 0.00 191.30 286-536-000-000 286-536-000-000 191.30 0.00 191.30 286-537-000-000 286-537-000-000 191.30 0.00 191.30 286-538-000-000 286-538-000-000 191.30 0.00 191.30 286-540-000-000 286-540-000-000 255.07 (0.01) 255.06 286-541-000-000 286-541-000-000 191.30 0.00 191.30 286-542-000-000 286-542-000-000 191.30 0.00 191.30 286-544-000-000 286-544-000-000 191.30 0.00 191.30 286-545-000-000 286-545-000-000 255.07 (0.01) 255.06 286-546-000-000 286-546-000-000 255.07 (0.01) 255.06 286-631-000-000 286-631-000-000 191.30 0.00 191.30 286-632-000-000 286-632-000-000 191.30 0.00 191.30 286-633-000-000 286-633-000-000 191.30 0.00 191.30 286-634-000-000 286-634-000-000 191.30 0.00 191.30 286-635-000-000 286-635-000-000 191.30 0.00 191.30 286-636-000-000 286-636-000-000 191.30 0.00 191.30 Copyright 1999-2008 NBS Page 5 of 12 7/1/2013 10:31:16AM

Town of Mammoth Lakes North Village BAD No. 2002-2 - Zone I Final Detail Report for the 2013114 Billing Account ID Property ID DB Levy Misc Adjs Total 286-637-000-000 286-637-000-000 191.30 0.00 191 30 286-638-000-000 286-638-000-000 191.30 0.00 191.30 286-640-000-000 286-640-000-000 255.07 (0.01) 255 06 286-641-000-000 286-641-000-000 191.30 0.00 191.30 286-642-000-000 286-642-000-000 191.30 0.00 191.30 286-644-000-000 286-644-000-000 191.30 0.00 191 30 286-645-000-000 286-645-000-000 255.07 (0.01) 255.06 286-731-000-000 286-731-000-000 191.30 0.00 191.30 286-732-000-000 286-732-000-000 191.30 0.00 191.30 286-733-000-000 286-733-000-000 191.30 0.00 191.30 286-734-000-000 286-734-000-000 191.30 0.00 191.30 286-735-000-000 286-735-000-000 191.30 0.00 191.30 286-736-000-000 286-736-000-000 191.30 0.00 191.30 286-737-000-000 286-737-000-000 191.30 0.00 191 30 286-738-000-000 286-738-000-000 191.30 0.00 191.30 286-740-000-000 286-740-000-000 255.07 (0.01) 255.06 286-741-000-000 286-741-000-000 191.30 0.00 191.30 286-742-000-000 286-742-000-000 191.30 0.00 191.30 286-744-000-000 286-744-000-000 191.30 0.00 191.30 365-000-100-000 365-000-100-000 2,719.55 (0.01) 2,719.54 365-000-200-000 365-000-200-000 1,522.23 (0.01) 1,522,22 365-000-300-000 365-000-300-000 182.24 0,00 182.24 365-000-400-000 365-000-400-000 1,038,46 0.00 1,038.46 365-000-500-000 365-000-500-000 1,160.66 0.00 1,160.66 365-000-600-000 365-000-600-000 2,167.51 (0.01) 2,167.50 365-000-700-000 365-000-700-000 842.40 0.00 842.40 365-000-800-000 365-000-800-000 181.18 0,00 181.18 365-000-900-000 365-000-900-000 1,023,32 0.00 1,023.32 365-001-000-000 365-001-000-000 4,080,53 (0.01) 4,080.52 365-001-100-000 365-001-100-000 534,50 0.00 534.50 365-210-100-000 365-210-100-000 191.30 0.00 191.30 365-210-200-000 365-210-200-000 191.30 0.00 191.30 365-210-300-000 365-210-300-000 191.30 0.00 191.30 365-210-500-000 365-210-500-000 255,07 (0.01) 255.06 365-210-700-000 365-210-700-000 255.07 (0.01) 255.06 365-211-100-000 365-211-100-000 255.07 (0.01) 255.06 365-211-500-000 365-211-500-000 255.07 (0.01) 255.06 365-211-700-000 365-211-700-000 318.83 (0.01) 318.82 365-212-100-000 365-212-100-000 255.07 (0,01) 255.06 365-212-500-000 365-212-500-000 255.07 (0.01) 255.06 365-212-900-000 365-212-900-000 255.07 (0.01) 255.06 365-220-200-000 365-220-200-000 255.07 (0.01) 255.06 365-220-300-000 365-220-300-000 255.07 (0.01) 255.06 365-220-400-000 365-220-400-000 255.07 (0.01) 255.06 365-220-500-000 365-220-500-000 255.07 (0.01) 255.06 Copyright 1999-2008 NBS Page 6 of 12 7/1/2013 10:31:16AM

Town of Mammoth Lakes North Village BAD No. 2002-2 - Zone I Final Detail Report for the 2013114 Billing Account ID Property ID DB Levy MIsc Adjs Total 365-220-600-000 365-220-600-000 191.30 0.00 191.30 365-220-700-000 365-220-700-000 255.07 (0.01) 255.06 365-220-800-000 365-220-800-000 191.30 0.00 191.30 365-220-900-000 365-220-900-000 255.07 (0.01) 255.06 365-221-000-000 365-221 -000-000 318.83 (0.01) 318.82 365-221-100-000 365-221-100-000 255.07 (0.01) 255.06 365-221-200-000 365-221-200-000 255.07 (0.01) 255.06 365-221-400-000 365-221-400-000 255.07 (0.01) 255.06 365-221-500-000 365-221-500-000 255.07 (0.01) 255.06 365-221-600-000 365-221-600-000 191.30 0.00 191.30 365-221 -700-000 365-221-700-000 318.83 (0.01) 318.82 365-221-800-000 365-221-800-000 191.30 0.00 191.30 365-222-000-000 365-222-000-000 191.30 0.00 191.30 365-222-100-000 365-222-100-000 255.07 (0.01) 255.06 365-222-200-000 365-222-200-000 191.30 0.00 191.30 365-222-400-000 365-222-400-000 191.30 0.00 191.30 365-222-500-000 365-222-500-000 255.07 (0.01) 255.06 365-222-600-000 365-222-600-000 255.07 (0.01) 255.06 365-222-800-000 365-222-800-000 191.30 0.00 191.30 365-222-900-000 365-222-900-000 255.07 (0.01) 255.06 365-223-000-000 365-223-000-000 318.83 (0.01) 318.82 365-223-100-000 365-223-100-000 255.07 (0.01) 255.06 365-230-200-000 365-230-200-000 255.07 (0.01) 255.06 365-230-300-000 365-230-300-000 255.07 (0.01) 255.06 365-230-400-000 365-230-400-000 255.07 (0.01) 255.06 365-230-500-000 365-230-500-000 255.07 (0.01) 255.06 365-230-600-000 365-230-600-000 191.30 0.00 191.30 365-230-700-000 365-230-700-000 255.07 (0.01) 255.06 365-230-800-000 365-230-800-000 191.30 0.00 191.30 365-230-900-000 365-230-900-000 255.07 (0.01) 255.06 365-231-000-000 365-231-000-000 318.83 (0.01) 318.82 365-231-100-000 365-231-100-000 255.07 (0.01) 255.06 365-231-200-000 365-231-200-000 255.07 (0.01) 255.06 365-231-400-000 365-231-400-000 255.07 (0.01) 25506 365-231-500-000 365-231-500-000 255.07 (0.01) 255.06 365-231-600-000 365-231-600-000 191.30 0.00 191.30 365-231-700-000 365-231-700-000 318.83 (0.01) 318.82 365-231-800-000 365-231-800-000 191.30 0.00 191.30 365-232-000-000 365-232-000-000 191.30 0.00 191.30 365-232-100-000 365-232-100-000 255.07 (0.01) 255.06 365-232-200-000 365-232-200-000 191.30 0.00 191.30 365-232-400-000 365-232-400-000 191.30 0.00 191.30 365-232-500-000 365-232-500-000 255.07 (0.01) 255.06 365-232-600-000 365-232-600-000 255.07 (0.01) 255.06 365-232-800-000 365-232-800-000 191.30 0.00 191.30 Copyright 1999-2008 NBS Page 7 of 12 7/1/2013 10:31:16AM

Town of Mammoth Lakes North Village BAD No. 2002-2 - Zone I Final Detail Report for the 2013114 Billing Account ID Property ID DB Levy Misc Adis Total 365-232-900-000 365-232-900-000 255.07 (0.01> 255.06 365-233-000-000 365-233-000-000 318.83 (0.01> 318.82 365-233-100-000 365-233-100-000 255.07 (0.01> 255.06 365-240-200-000 365-240-200-000 255.07 (0.01) 255.06 365-240-300-000 365-240-300-000 255.07 (0.01) 255.06 365-240-400-000 365-240-400-000 255.07 (0.01) 255.06 365-240-500-000 365-240-500-000 191.30 0.00 191.30 365-240-600-000 365-240-600-000 191.30 0.00 191.30 365-240-700-000 365-240-700-000 255.07 (0.01) 255.06 365-240-800-000 365-240-800-000 191.30 0.00 191.30 365-240-900-000 365-240-900-000 255.07 (0.01) 255.06 365-241-000-000 365-241-000-000 318.83 (0.01) 318.82 365-241-100-000 365-241-100-000 255.07 (0.01) 255.06 365-241-200-000 365-241-200-000 255.07 (0.01) 255.06 365-241-400-000 365-241-400-000 255.07 (0.01) 255.06 365-241-500-000 365-241-500-000 255.07 (0.01) 255.06 365-241-600-000 365-241-600-000 191.30 0.00 191.30 365-241-700-000 365-241-700-000 318.83 (0.01) 318.82 365-241-800-000 365-241-800-000 191.30 0.00 191.30 365-242-000-000 365-242-000-000 191.30 0.00 191.30 365-242-100-000 365-242-100-000 255.07 (0.01) 255.06 365-242-200-000 365-242-200-000 191.30 0.00 191.30 365-242-400-000 365-242-400-000 191.30 0.00 191.30 365-242-500-000 365-242-500-000 191.30 0.00 191.30 365-242-600-000 365-242-600-000 255.07 (0.01) 255.06 365-242-800-000 365-242-800-000 191.30 0.00 191.30 365-242-900-000 365-242-900-000 255.07 (0.01> 255.06 365-243-000-000 365-243-000-000 318.83 (0.01) 318.82 365-243-100-000 365-243-100-000 255.07 (0.01) 255.06 365-310-100-000 365-310-100-000 191.30 0.00 191.30 365-310-200-000 365-310-200-000 191.30 0.00 191.30 365-312-000-000 365-312-000-000 255.07 (0.01) 255.06 365-312-200-000 365-312-200-000 255.07 (0.01) 255.06 365-312-300-000 365-312-300-000 191.30 0.00 191.30 365-312-500-000 365-312-500-000 191.30 0.00 191.30 365-312-600-000 365-312-600-000 255.07 (0.01) 255.06 365-312-700-000 365-312-700-000 191.30 0.00 191.30 365-312-800-000 365-312-800-000 255.07 (0.01> 255.06 365-312-900-000 365-312-900-000 255.07 (0.01> 255.06 365-320-200-000 365-320-200-000 255.07 (0.01> 255.06 365-320-300-000 365-320-300-000 255.07 (0.01> 255.06 365-320-400-000 365-320-400-000 255.07 (0.01) 255.06 365-320-500-000 365-320-500-000 191.30 0.00 191.30 365-320-700-000 365-320-700-000 191.30 0.00 191.30 365-320-800-000 365-320-800-000 255.07 (0.01) 255 06 Copyright 1999-2008 NBS Page 8 of 12 7/1/2013 10:31:16AM

Town of Mammoth Lakes North Village BAD No. 2002-2 - Zone I Final Detail Report for the 2013114 Billing Account ID Property ID DB Levy Misc Adjs Total 365-320-900-000 365-320-900-000 191.30 0.00 191.30 365-321-000-000 365-321-000-000 255.07 (0.01) 255.06 365-321-100-000 365-321-100-000 191.30 0.00 191.30 365-321 -400-000 365-321-400-000 191.30 0.00 191.30 365-321-500-000 365-321-500-000 255.07 (0.01) 255.06 365-321-700-000 365-321-700-000 318.83 (0.01) 318.82 365-321-800-000 365-321-800-000 318.83 (0.01) 318.82 365-321-900-000 365-321-900-000 318.83 (0.01) 318.82 365-322-000-000 365-322-000-000 255.07 (0.01) 255.06 365-322-100-000 365-322-100-000 255.07 (0.01) 255.06 365-322-200-000 365-322-200-000 255.07 (0.01) 255.06 365-322-300-000 365-322-300-000 191.30 0.00 191.30 365-322-500-000 365-322-500-000 191.30 0.00 191.30 365-322-600-000 365-322-600-000 255.07 (0.01) 255.06 365-322-700-000 365-322-700-000 191.30 0.00 191.30 365-322-800-000 365-322-800-000 255.07 (0.01) 255.06 365-322-900-000 365-322-900-000 255.07 (0.01) 255.06 365-330-200-000 365-330-200-000 255.07 (0.01) 255.06 365-330-300-000 365-330-300-000 255.07 (0.01) 255.06 365-330-400-000 365-330-400-000 255.07 (0.01) 255.06 365-330-500-000 365-330-500-000 191.30 0.00 191.30 365-330-700-000 365-330-700-000 191.30 0.00 191.30 365-330-800-000 365-330-800-000 255.07 (0.01) 255.06 365-330-900-000 365-330-900-000 191.30 0.00 191.30 365-331-000-000 365-331-000-000 255.07 (0.01) 255.06 365-331-100-000 365-331-100-000 191.30 0.00 191.30 365-331-400-000 365-331-400-000 191.30 0.00 191.30 365-331-500-000 365-331-500-000 255.07 (0.01) 255.06 365-331-700-000 365-331-700-000 318.83 (0.01) 318.82 365-331-800-000 365-331-800-000 318.83 (0.01) 318.82 365-331-900-000 365-331-900-000 318.83 (0.01) 318.82 365-332-000-000 365-332-000-000 255.07 (0.01) 255.06 365-332-100-000 365-332-100-000 255.07 (0.01) 255.06 365-332-200-000 365-332-200-000 255.07 (0.01) 255.06 365-332-300-000 365-332-300-000 191.30 0.00 191.30 365-332-500-000 365-332-500-000 191.30 0.00 191.30 365-332-600-000 365-332-600-000 255.07 (0.01) 255.06 365-332-700-000 365-332-700-000 191.30 0.00 191.30 365-332-800-000 365-332-800-000 255.07 (0.01> 255.06 365-332-900-000 365-332-900-000 255.07 (0.01> 255.06 365-340-200-000 365-340-200-000 318.83 (0.01) 318.82 365-340-400-000 365-340-400-000 255.07 (0.01> 255.06 365-340-500-000 365-340-500-000 191.30 0.00 191.30 365-340-700-000 365-340-700-000 191.30 0.00 191.30 365-340-800-000 365-340-800-000 255.07 (0.01> 25506 Copyright 1999-2008 NBS Page 9 of 12 7/1/2013 10:31:16AM

Town of Mammoth Lakes North Village BAD No. 2002-2 - Zone I Final Detail Report for the 2013114 Billing Account ID Property ID DB Levy Misc Adjs Total 365-340-900-000 365-340-900-000 191.30 0.00 191.30 365-341-000-000 365-341-000-000 255.07 (0.01) 255.06 365-341-100-000 365-341-100-000 191.30 0.00 191.30 365-341-400-000 365-341-400-000 191.30 0.00 191.30 365-341-500-000 365-341-500-000 255.07 (0.01) 255.06 365-341-700-000 365-341-700-000 318.83 (0.01) 318.82 365-341-800-000 365-341-800-000 318.83 (0.01) 318.82 365-341-900-000 365-341-900-000 318.83 (0.01) 318.82 365-342-000-000 365-342-000-000 255.07 (0.01) 255.06 365-342-100-000 365-342-100-000 255.07 (0.01) 255.06 365-342-200-000 365-342-200-000 255.07 (0.01) 255.06 365-342-300-000 365-342-300-000 191.30 0.00 191.30 365-342-500-000 365-342-500-000 191.30 0.00 191.30 365-342-600-000 365-342-600-000 255.07 (0.01) 255.06 365-342-700-000 365-342-700-000 191.30 0.00 191.30 365-342-800-000 365-342-800-000 318.83 (0.01) 318.82 366-002-000-000 366-002-000-000 1,160.92 0.00 1,160.92 366-201-000-000 366-201-000-000 255.07 (0.01) 255.06 366-202-000-000 366-202-000-000 255.07 (0.01) 255.06 366-203-000-000 366-203-000-000 255.07 (0.01) 255.06 366-204-000-000 366-204-000-000 255.07 (0.01) 255.06 366-205-000-000 366-205-000-000 191.30 0.00 191.30 366-207-000-000 366-207-000-000 255.07 (0.01) 255.06 366-209-000-000 366-209-000-000 255.07 (0.01) 255.06 366-211-000-000 366-211-000-000 191.30 0.00 191.30 366-213-000-000 366-213-000-000 191.30 0.00 191.30 366-214-000-000 366-214-000-000 191.30 0.00 191.30 366-215-000-000 366-215-000-000 255.07 (0.01) 255.06 366-216-000-000 366-216-000-000 191.30 0.00 191.30 366-218-000-000 366-218-000-000 191.30 0.00 191.30 366-220-000-000 366-220-000-000 191.30 0.00 191.30 366-301-000-000 366-301-000-000 255.07 (0.01) 255.06 366-302-000-000 366-302-000-000 255.07 (0.01) 255.06 366-303-000-000 366-303-000-000 255.07 (0.01) 255.06 366-304-000-000 366-304-000-000 255.07 (0.01) 255.06 366-305-000-000 366-305-000-000 191.30 0.00 191.30 366-306-000-000 366-306-000-000 255.07 (0.01) 255.06 366-307-000-000 366-307-000-000 255.07 (0.01> 255.06 366-308-000-000 366-308-000-000 191.30 0.00 191.30 366-309-000-000 366-309-000-000 255.07 (0.01> 255.06 366-310-000-000 366-310-000-000 191.30 0.00 191.30 366-311-000-000 366-311-000-000 318.83 (0.01) 318.82 366-312-000-000 366-312-000-000 191.30 0.00 191.30 366-313-000-000 366-313-000-000 318.83 (0.01) 318.82 366-314-000-000 366-314-000-000 191.30 0.00 191.30 Copyright 1999-2008 NBS Page 10 of 12 7/1/2013 10:31:16AM

Town of Mammoth Lakes North Village BAD No. 2002-2 - Zone I Final Detail Report for the 2013114 Billing Account ID Property ID DB Levy Misc Adjs Total 366-315-000-000 366-315-000-000 255.07 (0.01) 255.06 366-316-000-000 366-316-000-000 191.30 0.00 191.30 366-318-000-000 366-318-000-000 191.30 0.00 191.30 366-320-000-000 366-320-000-000 191.30 0.00 191.30 366-401-000-000 366-401-000-000 255.07 (0.01) 255.06 366-402-000-000 366-402-000-000 255.07 (0.01) 255.06 366-403-000-000 366-403-000-000 255.07 (0.01) 255.06 366-404-000-000 366-404-000-000 255.07 (0.01) 255.06 366-405-000-000 366-405-000-000 191.30 0.00 191.30 366-406-000-000 366-406-000-000 255.07 (0.01) 255.06 366-407-000-000 366-407-000-000 255.07 (0.01) 255.06 366-408-000-000 366-408-000-000 191.30 0.00 191.30 366-409-000-000 366-409-000-000 255.07 (0.01) 255.06 366-410-000-000 366-410-000-000 191.30 0.00 191.30 366-411-000-000 366-411-000-000 318.83 (0.01) 318.82 366-412-000-000 366-412-000-000 191.30 0.00 191.30 366-413-000-000 366-41 3-000-000 318.83 (0.01) 318.82 366-414-000-000 366-414-000-000 191.30 0.00 191.30 366-415-000-000 366-415-000-000 255.07 (0.01) 255.06 366-416-000-000 366-416-000-000 191.30 0.00 191.30 366-418-000-000 366-418-000-000 191.30 0.00 191.30 366-420-000-000 366-420-000-000 191.30 0.00 191.30 366-501-000-000 366-501-000-000 318.83 (0.01) 318.82 366-503-000-000 366-503-000-000 255.07 (0.01) 255.06 366-504-000-000 366-504-000-000 255.07 (0.01) 255.06 366-505-000-000 366-505-000-000 191.30 0.00 191.30 366-506-000-000 366-506-000-000 255.07 (0.01) 255.06 366-507-000-000 366-507-000-000 255.07 (0.01) 255.06 366-508-000-000 366-508-000-000 191.30 0.00 191.30 366-509-000-000 366-509-000-000 255.07 (0.01) 255.06 366-510-000-000 366-510-000-000 191.30 0.00 191.30 366-511-000-000 366-511-000-000 255.07 (0.01) 255.06 366-512-000-000 366-512-000-000 191.30 0.00 191.30 366-513-000-000 366-51 3-000-000 318.83 (0.01) 318.82 366-514-000-000 366-514-000-000 191.30 0.00 191.30 366-515-000-000 366-515-000-000 255.07 (0.01) 255.06 366-516-000-000 366-516-000-000 191.30 0.00 191.30 366-518-000-000 366-518-000-000 191.30 0.00 191.30 366-520-000-000 366-520-000-000 191.30 0.00 191.30 367-111-700-000 367-111-700-000 191.30 0.00 191.30 367-111-900-000 367-111-900-000 255.07 (0.01) 255.06 367-112-100-000 367-112-100-000 255.07 (0.01) 255.06 367-112-200-000 367-112-200-000 191.30 0.00 191.30 367-112-300-000 367-112-300-000 255.07 (0.01) 255.06 367-112-400-000 367-112-400-000 191.30 0.00 191.30 Copyright 1999-2008 NBS Page 11 of 12 7/1/2013 10:31:16AM

Town of Mammoth Lakes North Village BAD No. 2002-2 - Zone I Final Detail Report for the 2013114 Billing Account ID Property ID DB Levy Misc Adjs Total 367-112-500-000 367-112-500-000 255.07 (001) 255.06 367-112-600-000 367-112-600-000 191.30 0.00 191.30 367-112-800-000 367-112-800-000 191.30 0.00 191.30 367-113-000-000 367-113-000-000 191.30 0.00 191.30 367-113-200-000 367-113-200-000 255.07 (0.01) 255.06 367-121-700-000 367-121-700-000 191.30 0.00 191.30 367-121-900-000 367-121-900-000 255.07 (0.01) 255.06 367-122-100-000 367-122-100-000 255.07 (0.01) 255.06 367-122-200-000 367-122-200-000 191.30 0.00 191.30 367-122-300-000 367-122-300-000 255.07 (0.01) 255.06 367-122-400-000 367-122-400-000 191.30 0.00 191.30 367-122-500-000 367-122-500-000 255.07 (0.01) 255.06 367-122-600-000 367-122-600-000 191.30 0.00 191.30 367-122-800-000 367-122-800-000 191.30 0.00 191.30 367-123-000-000 367-123-000-000 191.30 0.00 191.30 367-123-200-000 367-123-200-000 255.07 (0.01) 255.06 367-131-700-000 367-131-700-000 191.30 0.00 191.30 367-131-900-000 367-131-900-000 255.07 (0.01) 255.06 367-132-100-000 367-132-100-000 255.07 (0.01) 255.06 367-132-200-000 367-132-200-000 191.30 0.00 191.30 367-132-300-000 367-132-300-000 255.07 (0.01) 255.06 367-132-400-000 367-132-400-000 191.30 0.00 191.30 367-132-500-000 367-132-500-000 255.07 (0.01) 255.06 367-132-600-000 367-132-600-000 191.30 0.00 191.30 367-132-800-000 367-132-800-000 191.30 0.00 191.30 367-133-000-000 367-133-000-000 191.30 0.00 191.30 367-133-200-000 367-133-200-000 255.07 (0.01) 255.06 367-141-700-000 367-141-700-000 191.30 0.00 191.30 367-141-900-000 367-141-900-000 255.07 (0.01) 255.06 367-142-100-000 367-142-100-000 255.07 (0.01) 255.06 367-142-200-000 367-142-200-000 191.30 0.00 191.30 367-142-300-000 367-142-300-000 255.07 (0.01) 255.06 367-142-400-000 367-142-400-000 191.30 0.00 191.30 367-142-500-000 367-142-500-000 318.83 (0.01) 318.82 367-142-600-000 367-142-600-000 191 30 0.00 191.30 367-142-800-000 367-142-800-000 191.30 0.00 191.30 367-143-000-000 367-143-000-000 191.30 0.00 191 30 532 Accounts $137,365.32 $(2.1O) $137,363.22 Copyright 1999-2008 NBS Page 12 of 12 7/1/2013 10:31:16AM

APPENDIX C - RATE AND METHOD OF APPORTIONMENT The following pages show the definitions section of the Rate and Method of Apportionment of Special Tax for the Town of Mammoth Lakes Community Facilities District No. 2001-1 (North Village Area).

RATE AND METHOD OF APPORTIONMENT OF SPECIAL TAX TOWN OF MAMMOTH LAKES COMMUNITY FACILITIES DISTRICT NO. 2001-1 (NORTH VILLAGE AREA) DEFINITIONS The terms used herein shall have the following meanings: Acreage or Acre means that acreage shown on the Assessor s Parcel Map for each Assessor s Parcel. In the event that the Assessor s Parcel Map shows no acreage, the Acreage for any Assessor s Parcel shall be determined by the CFD Administrator based upon the applicable condominium plan, final map or parcel map. Act means the Mello-Roos Community Facilities Act of 1982, as amended, being Chapter 2.5, Part 1, Division 2 of Title 5 of the Government Code of the State of California. Administrative Expenses means the following actual or reasonably estimated costs directly related to the administration of the CFD No. 2001-1: the costs of computing the Special Tax Requirement and the annual Special Tax and of preparing the annual Special Tax collection schedules; the costs of collecting the Special Taxes; the costs of remitting the Special Taxes to the fiscal agent or trustee for any Bonds; the costs of the fiscal agent or trustee (including its legal counsel) in the discharge of the duties required of it under any Indenture; the costs of the Town or designee in complying with the disclosure requirements of applicable federal and state securities laws and the California Government Code (including the Act), including public inquiries regarding the Special Taxes, the costs associated with the release of funds from any escrow account (to the extent not paid from other sources); the costs of the Town or designee related to an appeal of the Special Tax and an allocable share of the salaries and an allocable portion of Town overhead costs relating to the foregoing; the costs of the Town or designee related to any rebate calculations for the CFD No. 2001-1; the costs of commencing and pursuing to completion any foreclosure action arising from delinquent Special Taxes in the CFD No. 2001-1; the costs of the Town (including its legal counsel) related to the administration of any letter of credit or other security provided for the payment of Special Taxes or Bonds, any fees or expenses related to any such letters of credit. Administrative Expenses shall also include amounts advanced by the Town for any administrative purposes of the CFD No. 2001-1. Affordable Housing means all property deemed as such by reference to the Housing Policies in the Housing Element section set forth in the North Village Specific Plan. Apartment Property means all Taxable Property, exclusive of Condominiums and Hotel Property, for which a final occupancy permit(s) for building(s) containing attached residential units has been issued as of the January 1 preceding the Fiscal Year for which the Special Tax is being levied but not prior to January 1,2001. Assessor s Parcel means a lot or parcel shown in an Assessor s Parcel Map with an assigned Assessor s Parcel number. Assessor s Parcel Map means an official map of the Assessor of the County designating parcels by Assessor s Parcel number. Association Property means any area designated as community association property or condominium association property on a condominium plan recorded in the Office of the County Recorder and/or any property deeded to or owned by The Village at Mammoth Community Association, any other applicable master association, or any condominium owners association.

Bonds means any bonds or other indebtedness (as defined in the Act), whether in one or more series, secured by the levy of Special Taxes within the CFD No. 2001-1. CFD Administrator means an official of the Town, or designee thereof, responsible for determining the Special Tax Requirement and providing for the levy and collection of Special Taxes. Commercial Units mean all Condominiums, exclusive of Conference Space Units, designed for use for general commercial uses and/or property management uses as shown on a condominium plan recorded in the Office of the County Recorder. Common Area means any area designated as such on a condominium plan recorded in the Office of the County Recorder, including any common area for the exclusive use of one or more owners. Condominium means any element designated as a unit in a condominium plan which was recorded as of the January 1 preceding the Fiscal Year for which the Special Tax is being levied but not prior to January 1, 2001. Conference Space Units means any Condominium, exclusive of Residential Units, designed for the primary purpose of providing meeting or conference space. Council means the Town Council of the Town of Mammoth Lakes, acting as the legislative body of the CFD No. 2001-1. County means the County of Mono, California. Developed Property means, collectively, Residential Units, Commercial Units, Hotel Property, Apartment Property, and Other Commercial Property excluding the Residual Parcel. Equivalent Bedroom Unit or EBU means the factor for use in calculating the Special Tax where one EBU is equal to one (1) bedroom or in the case of Commercial Units and Other Commercial Property 450 Square Feet. Exempt Property means all property located within the boundaries of the CFD No. 2001-1 which is exempt from the Special Tax pursuant Section E below. Fiscal Year means the period starting on each July 1 and ending on the following June 30. Gondola Parcel means that Assessor s Parcel for which a building permit for construction of the bottom terminal of a gondola has been issued as of the January 1 preceding the Fiscal Year for which the Special Tax is being levied but not prior to January 1, 2001. Hotel Property means all Taxable Property, exclusive of Condominiums and Apartment Property, for which a final occupancy permit(s) for (i) a place of lodging that provides sleeping accommodations and related facilities for travelers or (ii) a vacation or resort club (where ownership/membership interest in such club are evidenced by points, share or other interests that entitle the owners/members to occupy rooms on some periodic basis) has been issued as of the January 1 preceding the Fiscal Year for which the Special Tax is being levied but not prior to January 1, 2001. Indenture means the indenture, fiscal agent agreement, trust agreement, resolution or other instrument pursuant to which Bonds are issued, as modified, amended and/or supplemented from time to time, and any instrument replacing or supplementing the same. Maximum Special Tax means the maximum Special Tax, determined in accordance with Section C that can be levied by the Council in any Fiscal Year on any Assessor s Parcel.

Other Units means all Condominiums not classified as Residential Units or Commercial Units as shown on a condominium plan recorded in the Office of the County Recorder. Other Commercial Property means all Taxable Property exclusive of Condominiums, Hotel Property, Apartment Property, and the Gondola Parcel for which a building permit has been issued as of the January 1 preceding the Fiscal Year for which the Special Tax is being levied but not prior to January 1, 2001. Public Property means property within the boundaries of the CFD No. 2001-1 owned by, irrevocably offered or dedicated to, or for which an easement for purposes of public or private road right-of-way has been granted to the federal government, the State of California, the County, the Town, or any local government or other public agency, provided that any property leased by a public agency to a private entity and subject to taxation under Section 53340.1 of the Act shall be taxed and classified according to its use. Residential Units mean all Condominiums designed for use for residential purposes as shown on a condominium plan recorded in the Office of the County Recorder and all Time Share Units. Residual Parcel means Assessor s Parcel 33-041-05. However, if the aforementioned Assessor s Parcel is renumbered, consolidated, and/or then subdivided, the Residual Parcel shall be the subsequent Assessor s Parcel containing more Acreage attributable to 33-041-05 than any other subsequent Assessor s Parcel, or if a condominium plan is recorded on Assessor s Parcel 33-041-05, the Residual Parcel shall be the Commercial Unit with the greatest amount of Square Feet. Special Tax means the Special Tax to be levied in each Fiscal Year on each Assessor s Parcel of Taxable Property to fund the Special Tax Requirement. Square Feet means for Commercial Units, the square footage as indicated on the recorded condominium plan and for Other Commercial Property, means the total of the gross area of the floor surfaces within the exterior wall of the building, not including space devoted to stairwells, basement storage, required corridors, public restrooms, elevator shafts, light courts, vehicle parking and areas incident thereto, mechanical equipment incidental to the operation of such building, and covered public pedestrian circulation areas, including atriums, lobbies, plazas, patios, decks, arcades and similar areas, except such public circulation areas or portions thereof that are used solely for commercial purposes. The determination of Square Feet shall be made by reference to appropriate records kept by the Community Development Department. Special Tax Requirement means (A) that amount with respect to the CFD No. 2001-1 determined by the Council or designee as required in any Fiscal Year to pay: (1) the Administrative Expenses, (2) regularly scheduled debt service for the calendar year which commences in such Fiscal Year on any outstanding Bonds, (3) any amount required to replenish any reserve fund established in connection with Bonds, (4) for reasonably anticipated delinquent Special Taxes based on the delinquency rate for Special Taxes levied in the previous Fiscal Year, (5) the costs of remarketing, credit enhancement and liquidity facility fees (including such fees for instruments that serve as the basis of a reserve fund in lieu of cash related to any such indebtedness), (6) directly for acquisition or construction of facilities eligible to be financed by the CFD No. 2000-1 under the Act; and less (B) available funds as directed under the Indenture. Taxable Property means all property located within the boundaries of the CFD No. 2001-1 which is not exempt from the Special Tax pursuant to Section E below. Time Share Unit means all Condominiums (i) designated for time share use as shown on a condominium plan recorded in the Office of the County Recorder or (ii) where a Condominium owner receives the right to the recurrent or exclusive use or occupancy of a Condominium annually or on some

other periodic basis, for a period of time that has been or will be allotted from the use or occupancy periods into which the Condominiums have been divided. Town means the Town of Mammoth Lakes. Undeveloped Property means all Taxable Property not classified as Developed Gondola Parcel. Property or the