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Tax be levied in Tax Zone 2 after the earlier of (i) June 30, 2081, or (ii) the date <br />on which the CFD Administrator files with the County Council a written <br />notification (which the CFD Administrator shall file as soon as reasonably <br />practicable after the close of a Fiscal Year) that the following events all occurred <br />in the prior Fiscal Year: <br />a. Debt Service Test. The County Council has resolved or <br />covenanted that it will not issue any additional Bonds for CFD No. <br />1-2021 except for refunding purposes, provided that the debt <br />service in any Fiscal Year on all outstanding Bonds after such <br />issuance does not exceed the debt service on the Bonds before the <br />refunding; and <br />b. Special Tax Revenue Test — Developed Property. The aggregate <br />Special Taxes received from Taxable Property in CFD No. 1-2021 <br />from the levy of such Fiscal Year's Special Tax (as opposed to <br />receipts from prior Fiscal Years and penalties and interest) on <br />TMK Parcels in Tax Zone I that were classified as Developed <br />Property for such Fiscal Year were not less than 50% of such <br />Fiscal Year's Tax Zone I Special Tax Requirement; and <br />C. Special Tax Revenue Test — Developed Propertv Plus Final <br />Mapped Property. The aggregate Special Taxes received from <br />Taxable Property in CFD No. 1-2021 from the levy of such Fiscal <br />Year's Special Tax (as opposed to receipts from prior Fiscal Years <br />and penalties and interest) on TMK Parcels in Tax Zone I that <br />were classified as Developed Property or as Final Mapped <br />Property for such Fiscal Year were not less than 75% of such <br />Fiscal Year's Tax Zone I Special Tax Requirement; and <br />d. Special Tax Revenue Test — Developed Property Plus Final <br />Mapped Property Plus Undeveloped Property. The aggregate <br />Special Taxes received from Taxable Property in CFD No. 1-2021 <br />from the levy of such Fiscal Year's Special Tax (as opposed to <br />receipts from prior Fiscal Years and penalties and interest) on <br />TMK Parcels in Tax Zone I that were classified as Developed <br />Property, as Final Mapped Property, or as Undeveloped Property <br />for such Fiscal Year were not less than 100% of such Fiscal Year's <br />Tax Zone I Special Tax Requirement; and <br />e. Value Test. The "value of real property," as defined in Section <br />32-57(c) of the Code, of the Taxable Property in Tax Zone I is at <br />least three times the principal amount of Bonds then outstanding; <br />and <br />Hawaii County CFD No. 1-2021 20 June 23, 2021 <br />