ORD 2022-033 2020-2022 - Laserfiche WebLink

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enforcement of the lien of delinquent Special Taxes for so long as any Bonds are outstanding. Accordingly, Section 3 of the Ordinance of Formation is hereby amended to read in its entirety as follows (with stricken material in brackets and new material underscored): SECTION 3. Levy 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 in the payment of the Special Tax, the Special Tax shall be enforced in the same manner and shall be subject to penalties, interest, fees and charges at the same rates as are applicable to delinquent real property taxes under Chapter 19, Hawaii County Code (2016 Edition, as Amended), as in effect from time to time; provided, however, that for so long as any Bonds are outstanding: (i) if the Special Tax on a property is not paid when due and the delinquency continues to exist not less than 60 days after the due date q Y Y thereof, the Director of Finance may sell the delinquent property by foreclosure without suit in order to collect the delinquent Special Tax and applicable penalties, interest, fees and charges; (ii) if the Special Tax on a property is not paid when due and the delinquency continues to exist not less than 120 days after the due date thereof, unless foreclosure is pending under clause (i) above, the Director of Finance shall proceed with foreclosure on the delinquent property if required under Section 32-60 in order to collect the delinquent Special Tax and applicable penalties, interest, fees and charges; and (iii) enforcement of the lien of the Special Tax may be subject to such further covenants and agreements as may be set forth in the Indenture. 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] Improvements, to pay debt service on the Bonds or other debt authorized and issued for the District pursuant to Section 5 above, 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. SECTION 7. Credit Enhancement. The Director of Finance is hereby authorized to procure bond insurance or other credit enhancement for the payment of the principal of and interest on some or all of the Bonds of a series if and upon such terms as may be required by the Project Funding Agreement or as otherwise deemed by the Director of Finance to be in the best interest of the County. The Director of Finance is authorized to execute such documents and certificates as may be necessary or appropriate to obtain such bond insurance or other credit enhancement. - 5-