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(2) Each assessment unit existing as of the date that <br /> assessments begin to accrue on assessment units within the Improvement <br /> District(the "Commencement Date") shall be subject to an assessment <br /> J <br /> calculated by dividing the Net Project Costs by the number of assessment <br /> units within the Improvement District as of the Commencement Date. <br /> iii. Minimum Number of Assessments. The minimum number of <br /> assessments shall be five (5) annual, or sixty (60) monthly installments of <br /> principal. <br /> e. Maximum Term. The maximum term of the bonds to be issued to <br /> represent unpaid installments (the"Bonds") shall be as the Director of Finance shall <br /> determine in the Director of Finance's reasonable judgment; however, such term shall not <br /> exceed thirty-five years (35) years following the date of issuance thereof <br /> f. Maximum Rate of Interest. The rate of interest to be borne by the Bonds <br /> shall be as the Director of Finance shall determine in the Director of Finance's reasonable <br /> discretion; provided, however, that such interest shall not exceed three and twenty-five <br /> one hundredths percent (3.25%). <br /> g. Maximum Premium. The premium to be paid on the advance payment of <br /> installments or the call and redemption of any Bond prior to its maturity shall be as the <br /> Director of Finance shall determine in the Director of Finance's reasonable judgment; <br /> provided, however, that such premium shall not exceed three percent(3%). <br /> h. Maximum Amount of Reserve Fund. The Director of Finance may <br /> establish a reserve fund for the Bonds;provided, however,that the amount of such <br /> reserve fund shall not exceed the maximum annual debt service requirements on the <br /> Bonds. <br /> i. General Boundaries of Improvement District. The Improvement District <br /> shall be comprised of all assessment units located within the Subdivision, comprised of <br /> TMKs 7-3-019-002 through 020, excluding 7-3-19-11 which is the road lot, and includes <br /> 7-3-19-37, which is not part of the Subdivision. <br /> j. Maximum Estimated Units of Assessment. The current estimated <br /> maximum number of assessment units within the Improvement District is eighteen(18). <br /> Assuming Net Project Costs of$275,000, the anticipated assessment per assessment unit <br /> will be $15,278. <br /> 3. Assessed Tax Valuation. The Real Property Tax Division of the Department of <br /> Finance has confirmed that the current assessed tax valuation of the assessment units is <br /> $2,471,200 in total 2022-23 land value and$4,546,600 in 2022-23 building value, which is at <br /> least twice the estimated Net Project Costs of the water system for the proposed Improvement <br /> District. Accordingly, the proposed Improvement District meets the qualifying criteria specified <br /> in Section 12-10(h), Hawai`i County Code. <br /> 4 <br />