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WHEREAS, although Resolution No. 86-19, the Original Petition and Resolution No.
<br />502-1 contemplated that the Improvements would be constructed through the establishment of an
<br />improvement district and issuance of bonds pursuant to Chapter 12, Hawaii County Code, the
<br />Petitioner and the County of Hawaii Department of Finance have jointly determined, upon
<br />consultation, that it would be more appropriate to construct the Improvements through the
<br />establishment of a community facilities district and the issuance of bonds pursuant to Chapter 32,
<br />Hawaii County Code.
<br />WHEREAS, in view of such determination, the Petitioner has submitted a new Petition
<br />dated June 24, 2021 (the "Petition") whereby it (i) has withdrawn the Original Petition and its
<br />request thereunder for the County's assistance under Chapter 12, Hawaii County Code, and (ii)
<br />is requesting, in accordance with Section 32-18(a), Hawaii County Code, that the Council: (a)
<br />institute the procedure for the establishment of a community facilities district pursuant to the
<br />provisions of Chapter 32, Hawaii County Code, by adoption of a Resolution of Intention
<br />pursuant to Section 32-20, Hawaii County Code, and (b) undertake and carry out any and all
<br />things necessary to complete and establish the community facilities district at Kaloko and
<br />Kohanaiki, North Kona, Hawaii.
<br />WHEREAS, in response to the Petition, the Council proposes (i) to establish a
<br />community facilities district (the "Proposed District") within the County of Hawaii (the
<br />"County") under the terms of Chapter 32 of the Hawaii County Code ("Chapter 32"), with the
<br />boundaries of the Proposed District to be as shown on the Boundary Map, which is attached to
<br />the Petition and on file with the Director of Finance of the County, and (ii) to provide for the
<br />issuance of one or more series of bonds (the "Special Tax Bonds") pursuant to Article 6 of
<br />Chapter 32 (all references hereafter in this resolution to Articles and Sections shall be deemed to
<br />be references to the corresponding Article or Section as set forth in Chapter 32 unless indicated
<br />otherwise) in an aggregate principal amount not to exceed $22,000,000 to finance (a) all or a
<br />portion of the costs of the special improvements (the "Improvements") described in Exhibit A
<br />attached hereto, and (b) all or a portion of certain "incidental expenses," as defined in Section
<br />32-16 and more particularly identified in Exhibit B attached hereto (the "Incidental Expenses"),
<br />which Exhibits are, by this reference, incorporated herein and made a part hereof, and
<br />WHEREAS, the Special Tax Bonds shall be secured by the special taxes to be levied
<br />upon taxable property in the Proposed District, as herein provided; and
<br />WHEREAS, the Council further intends, except where funds are otherwise available, to
<br />provide for the annual levy of a special tax upon the taxable parcels within the Proposed District
<br />(the "Special Taxes") in an amount sufficient to pay for the costs of the Improvements and
<br />Incidental Expenses, including the debt service on any Special Tax Bonds issued to finance or
<br />refinance any Improvements and Incidental Expenses, said Special Taxes to be calculated in
<br />accordance with the rate and method of apportionment thereof (the "Rate and Method of
<br />Apportionment") set forth in Exhibit C, attached hereto and by this reference incorporated herein
<br />and made a part hereof, and
<br />WHEREAS, the Council intends to establish the Proposed District for a term of sixty
<br />(60) years, commencing with the fiscal year ending June 30, 2022, subject to the further
<br />provisions hereof regarding such term; and
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