RES 158 Draft 01 2020-2022 - Laserfiche WebLink

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amounts referred to in clauses (ii) and (iii) of the preceding sentence may be reduced in any Fiscal Year by: (i) interest earnings on or surplus balances in funds and accounts for the Bonds to the extent that such earnings or balances are available to apply against debt service pursuant to the Indenture; (ii) proceeds received by the County for CFD No. I- 2021 from the collection of penalties associated with delinquent Special Taxes; and (iii) any other revenues available to pay debt service on the Bonds as determined by the CFD Administrator. "Tax Zone 2" means the geographic area that was identified at CFD Formation by TMK Parcel 3-7-3-009-019, is designated in Attachment I of this RMA as Tax Zone 2, and is commonly referred to as Kaloko Heights Phase 2. "Tax Zone 2 Special Tax Requirement" means the amount necessary at any point in time to cure delinquencies in the payment of Special Taxes levied in Tax Zone I on Final Mapped Property and Undeveloped Property. "Trustee" means the trustee or fiscal agent under the Indenture. "Undeveloped Property" means, for each Fiscal Year, all Taxable Property not classified as Developed Property, Final Mapped Property, or Taxable Property Owner Association Property. "Unit" means an individual single-family detached or attached home, townhome, condominium, apartment, or other residential dwelling unit, including each separate living area within a half-plex, duplex, triplex, fourplex, or other residential structure. B. DATA FOR ADMINISTRATION OF THE SPECIAL TAX Each Fiscal Year, beginning with Fiscal Year 2021-22, all Taxable Property within CFD No. 1-2021 shall be assigned to Tax Zone I or Tax Zone 2 and, within each Tax Zone, shall be classified as Developed Property, Final Mapped Property, Undeveloped Property, or Taxable Property Owner Association Property, and shall be subject to Special Taxes in accordance with this RMA as determined pursuant to Sections C and D below. TMK Parcels of Developed Property within Tax Zone I shall be further classified as Single Family Detached Property, Single Family Attached Property, Other Residential Property, or Non -Residential Property. TMK Parcels of Single Family Detached Property shall be assigned to Land Use Classes I through 7, as listed in Table I below based on the Residential Floor Area of the Units on such TMK Parcels, and TMK Parcels of Single Family Attached Property shall be assigned to Land Use Class 8. Also, Other Residential Property shall be assigned to Land Use Class 9, and Non -Residential Property shall be assigned to Land Use Class 10. The Expected Maximum Special Tax Revenues shown in Attachment 2 were calculated based on the Expected Land Uses at the time of adoption of this RMA and are subject to modification upon the occurrence of Land Use Changes and prepayments, as described Hawai'i County CFD No. 1-2021 7 June 23, 2021