RES 486 Draft 01 2004-2006 - Laserfiche WebLink

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WHEREAS, the Council further intends, except where funds are otherwise available, to provide for the annual levy of a special tax upon the taxable parcels within the Proposed District (the "Special Taxes") sufficient in amount to pay for the costs of the Facilities and Incidental Expenses, including the debt service on any Special Tax Bonds issued to finance or refinance any Facilities and Incidental Expenses, said Special Taxes to be calculated in accordance with the rate and method of apportionment for the Improvement Areas (the "Rate and Method of Apportionment") set forth in Exhibits C-1 through CC4, attached hereto and by this reference incorporated herein and made a part hereof; and WHEREAS, the Council intends to establish the Proposed District for a term not to exceed fifty (50) years commencing with the Fiscal Year ending June 30, 2008, subject to the further provisions specified herein; and WHEREAS, Section 32-20 provides that proceedings for the establishment of a community facilities district pursuant to Chapter 32 shall be instituted by the adoption of a resolution of intention containing the matters set forth in said Section 32-20, as provided hereafter in this resolution. NOW, THEREFORE, BE IT RESOLVED by the Council of the County of Hawaii as follows: 1. The Council hereby finds and determines that the Petition satisfies the requirements of Chapter 32 pertaining thereto; that the Petition is signed by the owner of all of the land shown on the Boundary Map to be included within the Proposed District; and that the arrangement established by the Deposit Agreement, together with the actual initial deposit of $75,000, is sufficient to compensate the County for the estimated costs of the County for the proceedings to establish the Proposed District and to issue the Special Tax Bonds. 2. The Proposed District and the Improvement Areas therein are proposed to be established under the terms of Chapter 32. The Proposed District shall be named the Community Facilities District No. 1 -The Villages of Aina Le`a. The Improvement Areas shall be named the Community Facilities District No. 1 -The Villages of Aina Le`a, Improvement Area No. 1 through 4, respectively. 3. The Council hereby establishes the initial boundary of the Proposed District, including the respective boundaries of the Improvement Areas therein, as shown on the Boundary Map on file with the Director of Finance of the County. 4. The County intends to issue the Special Tax Bonds, in an aggregate principal amount not to exceed a maximum of $100,000,000, exclusive of refunding bonds (if any), to finance all or a portion of the authorized Facilities and Incidental Expenses. 2