BIL 065 Draft 01 2020-2022 - Laserfiche WebLink

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"Outstanding Bonds" means all Previously Issued Bonds which remain outstanding, with the following exception: if a Special Tax has been levied against, or already paid by, a TMK Parcel making a prepayment, and a portion of the Special Tax will be used to pay a portion of the next principal payment on the Bonds that remain outstanding (as determined by the CFD Administrator), that next principal payment shall be subtracted from the total Bond principal that remains outstanding, and the difference shall be used as the amount of Outstanding Bonds for purposes of this prepayment formula. "Previously Issued Bonds" means all Bonds that have been issued on behalf of CFD No. 1-2021 prior to the date of prepayment. "Public Facilities Requirements" means either $13,229,000 in 2021 dollars, which shall increase by the Public Facilities Inflation Index on July 1, 2022, and each July 1 thereafter, or such lower number as (i) determined by the CFD Administrator as sufficient to fund the public facilities to be provided under the authorized bonding program for CFD No. 1-2021, or (ii) shall be determined by the County Council concurrently with a covenant that it will not issue any more Bonds to be supported by Special Taxes levied under this RMA as described in Section D above. "Public Facilities Inflation Index" means the annual percentage change in the Honolulu Construction Cost Index: Single Family Residence, measured as of December of the calendar year which ends in the previous Fiscal Year. In the event this index ceases to be published, the Public Facilities Inflation Index shall be another index as determined by the CFD Administrator that is reasonably comparable to the Honolulu Construction Cost Index: Single Family Residence. "Remaining Facilities Costs" means the Public Facilities Requirements (as defined above), minus public facility costs funded by Previously Issued Bonds (as defined above), developer equity, Special Tax prepayments, and/or any other source of funding. 1. Full Prepayment The Special Tax obligation may be prepaid and the obligation of a TMK Parcel in Tax Zone 1 to pay the Special Tax permanently satisfied as described herein, provided that a prepayment may be made only if there are no delinquent Special Taxes with respect to such TMK Parcel at the time of prepayment. An owner of a TMK Parcel intending to prepay the Special Tax obligation shall provide the County with written notice of intent to prepay. Within 30 days of receipt of such written notice, the CFD Administrator shall notify such owner of the prepayment amount for such TMK Parcel; the CFD Administrator may charge a fee for providing this service. Prepayment must be made not less than 75 days prior to any redemption date for Bonds to be redeemed with the proceeds of such prepaid Hawai'i Counly CFD No. 1-2021 15 .Tune 23,2021