RES 542 Draft 01 2022-2024 - Laserfiche WebLink

Home

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