BIL 150 Draft 01 2006-2008 - Laserfiche WebLink

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a~licable ordinance of formation, ordinance of consideration or ordinance of annexation mawprovide, notwithstanding section 32-32 or 32-53 or any other provision of this chapter, the special tax shall be levied and constitute a lien on the leasehold or other possessory interest in such property and shall be payable by the owner of the leasehold or possessory interest. (b) When entering into a lease or other written contract creating a possessory interest that may be subject to taxation pursuant to subsection (a), the public body or other lessor or rg antor shall include, or cause to be included, in the contract a statement that the [preperfy] possessory interest may be subject to special taxation pursuant to this chapter, and that the party in whom the possessory interest is vested may be subject to the payment of special taxes levied on the possessory interest. Failure to comply with the requirements of this section shall not, however, invalidate the contract or affect the validity or enforceability of the special tax or the obligation of the party in whom the possessory interest is vested to pay the special tax. Section 5. Chapter 32, Article 6, Section 32-57, Hawaii County Code 1983 (2005 Edition, as amended), is amended by adding a new section to be appropriately designated and to read as follows: (cl The principal amount of bonds issued and outstanding for a district pursuant to this article shall not exceed one-third of the value of the real property upon which a special tax is levied for ~avment of the debt service on the bonds. The "value of the real property" shall be the fair market value of the land and special improvements to be constructed within or financed by the district, as evidenced by an appraisal of the subject property made by a certified general real property appraiser who is a Member of the Appraisal Institute (MAIL or a reasonably compazable professional organization of real property appraisers. Notwithstanding the foregoing, such requirement shall not apply if the council finds and determines by a vote of not less than two-thirds of its members that the proroosed bond issue will assist materially in promoting significant public policies, programs or initiatives of the County. SECTION 6. Material to be repealed is bracketed and stricken. New material is underscored. In printing this ordinance, the brackets, bracketed and stricken material and underscoring need not be included. 3