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COUNTY OF HAWAVI STATE OF HAWAVI 1TE O.f•µ.11r BILL NO. 65 I ORDINANCE NO. AN ORDINANCE AUTHORIZING THE FORMATION OF A COMMUNITY FACILITIES DISTRICT,DESIGNATED AS HAWAII COUNTY COMMUNITY FACILITIES DISTRICT NO. 1-2021 (KALOKO HEIGHTS PROJECT),INCLUDING THE TERM AND BOUNDARIES OF THE DISTRICT,THE IMPROVEMENTS AND INCIDENTAL EXPENSES TO BE FUNDED THEREBY AND THE MAXIMUM PRINCIPAL AMOUNT OF BONDS TO BE ISSUED FOR SUCH IMPROVEMENTS AND INCIDENTAL EXPENSES; AUTHORIZING THE LEVY OF A SPECIAL TAX ON PROPERTIES WITHIN SUCH DISTRICT AND THE RATE AND METHOD OF APPORTIONMENT FOR THE SPECIAL TAX; AND MAKING CERTAIN FINDINGS AND DETERMINATIONS REGARDING THE DISTRICT,AND AUTHORIZING CERTAIN FURTHER ACTIONS WITH RESPECT THERETO. BE IT ORDAINED BY THE COUNCIL OF THE COUNTY OF HAWAII: SECTION 1. Purpose of Ordinance; Preliminary Findings and Determinations. The purpose of this ordinance is to provide for(a)the formation of a community facilities district to be known as the "Hawaii County Community Facilities District No. 1-2021 (Kaloko Heights Project)" (the "District") pursuant to the provisions of Chapter 32, Hawaii County Code 1983 (2016 Edition, as Amended) ("Chapter 32," with all references herein to Articles and Sections, unless otherwise defined, being intended to mean and refer to the appropriate Articles and Sections within Chapter 32) and (b) the levy of the special tax on properties within the District (the "Special Tax") pursuant to Chapter 32. In furtherance thereof, the Council (the "Council") of the County of Hawaii (the"County") hereby finds and determines as follows: (a) The Council has received a signed petition dated June 24, 2021 (the "Petition") from RCFC Kaloko Heights, LLC, a Delaware limited liability company, Kaloko Heights BIA Holdings, LLC, a Delaware limited liability company, and Kaloko Heights Investors, LLC, a Delaware limited liability company (collectively, the "Petitioner"), requesting that the Council initiate proceedings pursuant to Chapter 32 to form the District, the boundaries of which are shown on a map attached as Exhibit C to the Petition and filed with the Director of Finance of the County (the "Boundary Map"), for the purpose of financing the acquisition and construction of the special improvements (the "Improvements") described in Exhibit B to the Petition. (b) In response to the Petition, the Council adopted Resolution No. 158-21 on July 7, 2021 (the "Resolution of Intention") to authorize the initiation of proceedings for the establishment of the District, the funding of the cost of the Improvements and incidental expenses pertaining to the District ("Incidental Expenses"), the levy of the Special Tax and the issuance of bonds secured by the Special Tax(the "Bonds"). I