RES 158 Draft 01 2020-2022 - Laserfiche WebLink

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pursuant to Step 6 shall be deposited into the Construction Fund. The amount computed pursuant to Step 11 shall be retained by the County for CFD No. 1-2021. The Special Tax Prepayment Amount may be sufficient to redeem other than a $5,000 increment of Bonds. In such cases, the increment above $5,000, or integral multiple thereof, will be retained in the appropriate fund established under the Indenture to be used with the next prepayment of Bonds or to make debt service payments as provided in the Indenture. For any TMK Parcel that is prepaid, the County Council shall cause a suitable notice to be recorded and filed with the Bureau of Conveyances and/or Land Court in compliance with the Code, to indicate the prepayment of Special Taxes and the release of the Special Tax lien on such TMK Parcel, and the obligation of such TMK Parcel to pay the Special Tax shall cease. The CFD Administrator shall mail a copy of the notice to the owner and any known lessee of the property. Notwithstanding the foregoing, no Special Tax prepayment shall be allowed unless the amount of Assigned Special Tax that may be levied on Taxable Property (excluding Taxable Property Owner Association Property) at buildout of the entire Tax Zone I area, as determined by the CFD Administrator based on the Development Plan and other information currently available. both prior to and after the proposed prepayment, is at least 1.1 times the maximum annual debt service on all Outstanding Bonds plus the estimated Administrative Expenses. 2. Partial Prepayment The Special Tax on a TMK Parcel of Taxable Property in Tax Zone I may be partially prepaid. The amount of the prepayment shall be calculated as in Section G.1, except that a partial prepayment shall be calculated by the CFD Administrator according to the following formula: PP = (PF—AE) x % + AE. The terms above have the following meaning: PP = the partial prepayment PF = the Prepayment Amount (full prepayment) for the Special Tax calculated according to Section G.1 AE = the Administrative Fees and Expenses determined pursuant to Step 11 above % = the percentage by which the owner of the TMK Parcel(s) is partially prepaying the Special Tax The Special Tax partial prepayment amount must be sufficient to redeem at least a $5,000 increment of Bonds. Hawaii County CFD No. 1-2021 18 June 23, 2021