REP FC 349 10/17/2006 2004-2006 - Laserfiche WebLink

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' REPORT OF THE ` COMMITTEE ON FINANCE DATE: October 17, 2006 Re: Comm. No. 1122/Res. No. 486-06 PLACE: Council Chambers TIME: 9:00 a.m. Council Chair and Members Hawaii County Council Hilo, Hawaii 96720 Your Committee on Finance, to which was referred Resolution No. 486-06, reports as follows: Resolution No. 486-06, transmitted by Finance Committee Chair Virginia Isbell, via Communication No. 1122, dated October 4, 2006, declares the intention of the County of Hawaii to establish a Community Facilities District, designated as Community Facilities District No. 1 -The Villages of Aina Le`a, to authorize financing for prescribed special improvements, to authorize levy of a special tax, and to authorize issuance of bonds secured by proceeds of the special tax. In response to a petition (the "Petition") submitted to the Council of the County of Hawaii (the "Council") by Bridge Aina Le`a, LLC, a Hawaii limited liability company (the "Developer"), as the owner of the land, the Council proposes to establish a community facilities district (the "Proposed District"), including four (4) improvement areas (each, an "Improvement Area"), within the County of Hawaii (the "County") under the terms of Chapter 32 of the Hawaii County Code 1983 (2005 Edition, as amended) ("Chapter 32"), with the boundaries of the Proposed District to be as shown on the Boundary Map, which is on file with the Director of Finance of the County. In response to the Petition, the Council intends to provide for the issuance of one or more series of bonds (the "Special Tax Bonds") pursuant to Article 6 of Chapter 32 (all references hereafter in this resolution to Articles and Sections shall be deemed to be references to the corresponding Article or Section as set forth in Chapter 32 unless indicated otherwise) in an aggregate principal amount not to exceed $100,000,000 to finance (i) all or a portion of the costs of the special improvements and (ii) all or a portion of certain incidental expenses. The Special Tax Bonds shall be secured by the special taxes to be levied upon taxable property in the Proposed District. Communication No. 1122.1 a petition requesting institution of procedure for establishment of district pursuant to the Community Facilities District Code (Chapter 32 of the Hawaii County Code). FC REPORT NO. 349