BIL 065 Draft 01 2020-2022 - Laserfiche WebLink

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(e) The Incidental Expenses to be Paid from the Special Tax and the Bonds. The Incidental Expenses authorized to be paid from the proceeds of the Special Tax and/or the proceeds of the sale of Bonds, if issued, shall be the Incidental Expenses described in Exhibit B attached hereto and by this reference incorporated herein. The Rate and Method of Apportionment of the Special Tax. The Special Tax shall be determined and apportioned in accordance with the Final Rate and Method of Apportionment (the "RMA") in the form attached as Exhibit C hereto and by this reference incorporated herein. (g) The Principal Amount of Bonds of the District. The aggregate principal amount of Bonds to be issued and sold with respect to the District shall not exceed $22.0 Million, the proceeds of which Bonds shall be used to pay all or a portion of the costs of the Improvements and the Incidental Expenses relating to the Improvements and the issuance of the Bonds. The issuance of such Bonds shall be authorized by further ordinance enacted pursuant to Article 6. (h) Project Funding Agreement. Funds to pay the costs of the Improvements shall be disbursed in accordance with a Project Funding Agreement(the "Project Funding Agreement")to be entered into between the County and the Petitioner or Petitioner's authorized representative(s). The form and execution of the Project Funding Agreement shall be subject to approval by the Council. SECTION 3. Lew of Special Tax. In accordance with Article 5, the Council hereby levies the Special Tax upon all taxable parcels of land within the District. The Special Tax shall be apportioned pursuant to the RMA, and the lien thereof shall be on a parity with the lien of general real property taxes and the lien of assessments levied under Section 46-80, Hawaii Revised Statutes; provided, however, that if collections of real property taxes, Special Taxes and assessments levied on a property (including any proceeds of foreclosure, if in a single foreclosure sale to satisfy all delinquent real property taxes, Special Taxes and assessments) are insufficient to pay the total amount due with respect to all real property taxes, Special Taxes and assessments on the property,then the Director may apply the amount collected first to real property taxes, second to the Special Tax levied hereunder, and third to assessments. In the event of delinquency, the Special Tax shall be subject to penalties, interest, fees and charges at the same rates as are applicable to delinquent real property taxes, as in effect from time to time. The Director of Finance or such official's designee is hereby appointed as the CFD Administrator, as said term is defined in the RMA,to determine, adjust and levy the annual amount of Special Tax due from each owner of Taxable Property, as said term is defined in the RMA, all in accordance with the provisions of the RMA. Proceeds of the Special Tax shall be used only to pay the costs of the Facilities, to pay debt service on the Bonds or other debt authorized and issued for the District pursuant to Article 5, and to pay Incidental Expenses. The Special Tax shall be levied pursuant to this ordinance only as long as needed to pay such costs, debt service and Incidental Expenses. 3