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<br /> COUNTY OF HAWAII STATE OF HAWAII <br /> RESOLUTION NO. <br /> A RESOLUTION DECLARING THE INTENTION OF THE COUNTY OF HAWAII TO <br /> ESTABLISH A COMMUNITY FACILITIES DISTRICT, DESIGNATED AS <br /> COMMUNITY FACILITIES DISTRICT NO. 1 -THE VILLAGES OF AINA LE`A, TO <br /> AUTHORIZE FINANCING FOR PRESCRIBED SPECIAL IMPROVEMENTS, TO <br /> AUTHORIZE LEVY OF A SPECIAL TAX, AND TO AUTHORIZE ISSUANCE OF <br /> BONDS SECURED BY PROCEEDS OF THE SPECIAL TAX <br /> WHEREAS, in response to a petition (the "Petition") submitted to the Council of the <br /> County of Hawaii (the "Council") by Bridge Aina Le`a, LLC, a Hawaii limited liability <br /> company (the "Developer"), as the owner of the land shown on a map (the "Boundary Map") <br /> attached to the Petition, the Council proposes to establish a community facilities district (the <br /> "Proposed District"), including four (4) improvement areas (each, an "Improvement Area"), <br /> within the County of Hawaii (the "County") under the terms of Chapter 32 of the Hawaii <br /> County Code 1983 (2005 Edition, as amended) ("Chapter 32"), with the boundaries of the <br /> Proposed District to be as shown on the Boundary Map, which is on file with the Director of <br /> Finance of the County; and <br /> WHEREAS, prior to submission to the County Clerk of the Petition, the Developer has <br /> deposited with the County the sum of $75,000, representing an initial deposit pursuant to a <br /> Deposit and Reimbursement Agreement (the "Deposit Agreement"), between the County and the <br /> Developer, which amount is to be supplemented by additional deposits from the Developer, if <br /> and when necessary, all as provided by the Deposit Agreement; and <br /> WHEREAS, the Council hereby determines that the arrangement established by the <br /> Deposit Agreement is sufficient to compensate the County for its costs of proceedings to <br /> establish the Proposed District; and <br /> WHEREAS, in response to the Petition, the Council intends to provide for the issuance <br /> of one or more series of bonds (the "Special Tax Bonds") pursuant to Article 6 of Chapter 32 (all <br /> references hereafter in this resolution to Articles and Sections shall be deemed to be references to <br /> the corresponding Article or Section as set forth in Chapter 32 unless indicated otherwise) in an <br /> aggregate principal amount not to exceed $100,000,000 to finance (i) all or a portion of the costs <br /> of the special improvements (the "Facilities") described in Exhibit A attached hereto, and (ii) all <br /> or a portion of certain incidental expenses (the "Incidental Expenses"), as identified in Exhibit B <br /> attached hereto, which Exhibits are, by this reference, incorporated herein and made a part <br /> hereof; and <br /> WHEREAS, the Special Tax Bonds shall be secured by the special taxes to be levied <br /> upon taxable property in the Proposed District, as herein provided; and <br /> <br />