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<br />The levy rate for special assessments may vary for each class or subclass based <br />on the level of benefit derived from services or improvements funded, provided or <br />caused to be provided by the District. <br />(c) The District is authorized by the CID Act to assess and collect an <br />annual special assessment on all property within the District. It is anticipated that <br />the District will establish one (1) class of real property within the District for <br />purposes of special assessments, which class shall consist of all residential units <br />within the District (the “Residential Class”). Special assessments applicable to <br />the Residential Class shall not exceed $2.50 per each $100 of the Original Sale <br />Price paid by the initial purchaser of a residential unit (the “Original Sale Price”) <br />for each residential unit of real property within the District (each, a “Unit”), <br />beginning for each respective Unit on the date, as determined by the Assessor of <br />St. Louis County, Missouri (the “Assessor”), of the commencement of tax <br />abatement for such Unit (for each Unit, the “Initial Assessment Date”). For any <br />Units which remain unsold on the Initial Assessment Date, the special assessment <br />shall be determined using the average sale price for comparably sized and <br />equipped units as of the Initial Assessment Date. <br />(d) The District shall have no power to levy any real property tax upon <br />real property within its boundaries. <br />Section Three <br />. The District is authorized by the CID Act, at any time, to <br />issue obligations, or to enter into agreements with other entities with the authority <br />to issue obligations, for the purposes of carrying out any of its powers, duties, or <br />purposes. Such obligations shall be payable out of all, part or any combination of <br />the revenues of the District and may be further secured by all or any part of any <br />property or any interest in any property by mortgage or any other security interest <br />granted. Such obligations shall be authorized by resolution of the District, and if <br />issued by the District, shall be such date or dates, and shall mature at such time <br />or times, but not more than twenty (20) years from the date of issuance, as the <br />resolution shall specify. Such obligations shall be in such denomination, bear <br />interest at such rate or rates, be in such form, be payable in such place or places, <br />September 4, 2007 <br />J-4-h <br /> <br />