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E Value Test — Undeveloped Property. The aggregate Land Value <br />of the non -delinquent TMK Parcels in Tax Zone I that were <br />classified as Undeveloped Property for such Fiscal Year is not less <br />than three times the product of the principal amount of Outstanding <br />Bonds multiplied by a fraction, the numerator of which is the <br />aggregate Special Taxes received from Taxable Property in CFD <br />No. 1-2021 from the levy of such Fiscal Year's Special Tax (as <br />opposed to receipts from prior Fiscal Years and penalties and <br />interest) on TMK Parcels in Tax Zone I that were classified as <br />Undeveloped Property for such Fiscal Year, and the denominator <br />of which is such Fiscal Year's Tax Zone I Special Tax <br />Requirement. <br />The satisfaction of the conditions listed above in the CFD Administrator's written <br />notification to the County Council would, for purposes of Section 32-56 of the <br />Code, be deemed a prepayment and permanent satisfaction of the obligation to <br />pay the Special Tax applicable to the TMK Parcels in Tax Zone 2. Accordingly, <br />the County Council shall promptly cause to be prepared and filed with the Bureau <br />of Conveyances and/or Land Court a notice of cancellation of Special Tax for all <br />TMK Parcels in Tax Zone 2, all as provided for in said Section 32-56 of the Code. <br />Hawaii County CFD No. 1-2021 21 June 23, 2021 <br />