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a <br /> #3 <br /> I <br /> 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 /> refilnding; 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 1 that were classified as Developed <br /> Property for such Fiscal Year were not less than 50% of such <br /> Fiscal Year's Tax Zone l Special Tax Requirement; and <br /> C. Special Tax Revenue Test — Developed Property 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 1 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 1 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 1 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 1 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 1 is at <br /> least three times the principal amount of Bonds then outstanding; <br /> and <br /> I <br /> i <br /> Hawai'i County CFD No. 1-2021 20 Ane 23,2021 <br />