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• <br /> shall-establish and administer the propertY assessed financing program <br /> within the a County of Kaua`i,_ and the County of Kaua`i shall.levy, property <br /> assessed financing assessments on benefitted properties, which terms shall <br /> include thefollowing: <br /> (a), The authority shall establish-and administer the applicable <br /> .eligibility-_standards and requirements for participation b_y property. <br /> assessed financing lenders and property- owners in the property assessed <br /> financing program and for the :aualifving improvements for properties to be. <br /> financed under the program. The authority shall be responsible for <br /> 'approving all applications for_participation b F_ the property assessed <br /> financing lenders and ,property) owners and for the financing of Qualifying <br /> improvements in accordance with such standards and requirements. The <br /> authority shall be responsible for the preparation and dissemination of all <br /> informational materials regarding the offering of the property assessed <br /> financing program and the_ standards and requirements relating <br /> thereto. <br /> {fo). The property assessed financing, assessment on each property <br /> shall include the amounts necessary to repay the property' owner's debt <br /> obligations to the property assessed financing lender with respect to the <br /> financing. The assessment may also include such reasonable administrative <br /> expenses of the authority and the County of Kauai as determined in <br /> accordance with the financing :Program administration agreement and set <br /> :forth in the applicable property assessed financing-assessment.contract. <br /> (c) As administrator of the property.' assessed financing' Program, <br /> the authority shall enter into the property assessed financing assessment <br /> contract for each financing with the.property assessed financing lender and <br /> the_property owner. Upon execution and delivery of each property assessed. <br /> financing .assessment• contract. the authority shall cause the property <br /> assessed financing' -lender to record the contract.. or a summary <br /> memorandum thereof, in accordance with Chanter 196. Part Nl•• .and, <br /> Section 46-80(b). Hawaii Revised Statutes. and Section 6,16.6 hereof. If <br /> .agreed to by the_ County=. of Kaua`i in the financing-program administration <br /> agreement, the authority shall act as servicing agent under the property <br /> assessed financing assessmentcontracts during their respective terms. <br /> (d? The -Director shall levy and collect. the property assessed <br /> financing assessments- in the amounts approved and certified by the. <br /> authority for collection.-and shall enforce the lien. ootsuch assessments: as <br /> provided in the financing Program administration agreement. subie_t to the <br /> ,further provisions in this Charter 6. The authority= shall agree to assist <br /> the Director with respect to such matters as r roviied in the financing <br /> program administration agreement. <br /> 4 <br /> Bill No. 2912 <br />