RES 158 Draft 01 2020-2022 - Laserfiche WebLink

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WHEREAS, in connection with the proceedings for an improvement district and improvement district bonds originally contemplated under Chapter 12, the County and the Petitioner entered into a Deposit and Reimbursement Agreement dated May 17, 2019 (the "Original Deposit and Reimbursement Agreement") pursuant to which the Petitioner (i) initially deposited the sum of $75,000 with the County for the purpose of paying costs incurred by the County in connection with the then -proposed establishment of an improvement district and issuance of improvement district bonds under Chapter 12, Hawaii County Code, and (ii) agreed to replenish such deposit as needed for such purpose upon request of the County; and WHEREAS, in view of the withdrawal of the Original Petition and submission of the new Petition, the Petitioner proposes to enter into an Amendment to Deposit and Reimbursement Agreement (the "Amendment to Deposit and Reimbursement Agreement") with the County for the purpose of amending the Original Deposit and Reimbursement Agreement so as to provide for the funding of costs incurred by the County in connection with establishment of the Proposed District and issuance of Special Tax Bonds under Chapter 32; and WHEREAS, Section 32-20 provides that proceedings for the establishment of a community facilities district pursuant to Chapter 32 shall be instituted by the adoption of a resolution of intention containing the matters set forth in said Section 32-20, as provided hereafter in this resolution; now therefore, BE IT RESOLVED BY THE COUNCIL OF THE COUNTY OF HAWAII that. 1. The Council hereby finds and determines that: (a) the Petition satisfies the requirements of Chapter 32 pertaining thereto; (b) the Petition is signed by authorized representatives of the owners in fee simple of all of the land to be included within the Proposed District; (c) there are no lessees of the land to be included within the Proposed District who, by the express terms of any existing leases, are obligated to pay the Special Taxes; (d) appropriate provision has been made under the Original Deposit and Reimbursement Agreement, as amended by the Amendment to Deposit and Reimbursement Agreement, to ensure that sufficient funds have been and will be provided to pay the costs to be incurred by the County in connection with the formation of the Proposed District and issuance of the Special Tax Bonds and, accordingly, no additional deposit of funds by the Petitioner will be required for such purposes; and (e) the establishment of the Proposed District is in the public interest. 2. The Proposed District is to be established under the terms of Chapter 32 and shall be named the Hawaii County Community Facilities District No. 1-2021 (Kaloko Heights Project). 415903.6