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i <br /> I <br /> i <br /> i <br /> I <br /> J <br /> f. Value Test—Undeveloped Property. The aggregate Land Value <br /> of the non-delinquent TMK Parcels in Tax Zone 1 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 /> i <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 1 that were classified as <br /> Undeveloped Property for such Fiscal Year, and the denominator <br /> of which is such Fiscal Year's Tax Zone 1 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 />