Laserfiche WebLink
_ • JN tY�OS <br /> ............... <br /> COUNTY OF HAWAII ST OF HAWAII <br /> BILL NO. 54 <br /> ORDINANCE NO. <br /> AN ORDINANCE AMENDING CHAPTER 12, ARTICLE 3, OF THE HAWAII <br /> COUNTY CODE 1983 (2005 EDITION, AS AMENDED), RELATING TO <br /> IMPROVEMENTS BY ASSESSMENTS. <br /> BE IT ORDAINED BY THE COUNCIL OF THE COUNTY OF HAWAII: <br /> SECTION 1. Purpose. The purpose of this bill is to amend two sections relating to the <br /> administration of Improvement Districts to improve efficiency and reduce costs by allowing <br /> additional options in tax assessment frequency and by amending the default criteria to allow for <br /> consolidation of delinquencies for foreclosure proceedings when it is in the best interest of the <br /> County. <br /> SECTION 2. Chapter 12, Article 3, Section 12 -34, Hawai`i County Code 1983 (2005 <br /> Edition, as amended), relating to Payment of installments, is amended to read as follows: <br /> Section 12 -34. Payment of installments. <br /> (a) In case of an election to pay any assessment in installments, the assessment shall <br /> be payable in not less than five nor more than twenty annual installments of principal; <br /> provided that, in the case of improvements financed by bonds issued to secure loans from <br /> the federal government, the maximum number of annual principal installments may be <br /> increased so as to permit the repayment of the principal of such bonds over a period not <br /> to exceed thirty -five years from the date of issuance; and provided further that the council <br /> may, in its discretion, determine the date on which payment of such annual installments <br /> shall commence, which date shall be no more than three years from the thirty -first day <br /> following the last publication of the ordinance required to be enacted pursuant to section <br /> 12 -29. The annual installments shall be in such amounts as determined by the council, <br /> and each annual installment may be made payable in up to twelve equal monthly or other <br /> periodic installments; provided that principal, interest or both on any bonds outstanding <br /> due prior to collection of annual assessment shall be paid in accordance with section 12- <br /> 49, and except as provided in sections 12 -44, 12 -45, and 12 -46 regarding temporary <br /> advances, shall not be paid out of any moneys available in the County treasury. Interest in <br />