COM 0647.008 2002-2004 - Laserfiche WebLink

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• 00-40 • ~ ; this Plan shall preclude the Board from approving Budgets that contain expenditures to reimburse WIA for the funds it advanced to establish the Waikiki BID. 9, Ro it pc o F mdina, (a) Generally. The proposed sources of funding for all (i) supplemental services, and (ii) incidental expenses of the BID contemplated in this Plan, shall be the sources of funding described in this section. Subject to requirements of law, the Board may apply all monies derived from the sources of funding permitted herein toward funding any expenditure permitted under this Plan. (b) Assessments. (i) Except when funds are otherwise available and except to the extent exempted by law or this Plan, a special assessment sufficient to pay for the costs of the supplemental services and incidental expenses will be annually levied against each parcel of land in the District. Such assessments shall be called the "Assessments." (ii) The Assessment for each parcel of land (as defined in Revised Ordinances of Honolulu (1990) section _-1.1) in the District for the first Fiscal Year shall be based on the following rates and method of apportionment: (1) For each parcel of land within BID Precinct No. 1, at the rate of 45 cents for every $1,000 of "Assessed Value" of each such parcel of land, as indicated on the City's real property tax assessment list prepared for the tax year corresponding with the applicable Fiscal Year. "Assessed Value" means the gross value of a parcel of land assessed by the real property tax office of the City, including the assessed value of any improvements on that parcel of land. The rate of assessment applicable to each parcel of land in BID Precinct No. 1 shall be called "Precinct No. 1 Rate." (2) For each parcel of land within SID Precinct No. 2, at the rate of thirty-three and one-third percent (33-1/3~) of Precinct No. 1 Rate. -8- 00-40