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all cases shall be paid on the unpaid principal, at such rate or rates as may be determined <br /> by the council. <br /> (b) The date on which such annual installments shall commence, the number of such <br /> annual installments, the respective amounts of the annual installments, the period of <br /> payment, and the rate of interest shall be as determined by the council. Interest for each <br /> year may be computed and collected up to the next succeeding date for payment of <br /> principal and interest on the bonds issued pursuant to sections 12 -44, 12 -45, and 12 -46, <br /> no deduction being made by reason of any installment being due and payable prior to <br /> such date; provided, that after the annual installments are determined and fixed if it <br /> appears to be of advantage to the assessee, the council may permit the director of finance <br /> to accept payments in monthly installments as hereinabove provided. <br /> SECTION 3. Chapter 12 Article 3, Section 12 -40, Hawaii County Code 1983 (2005 <br /> Edition, as amended), relating to Sale for default is amended to read as follows: <br /> Section 12 -40. Sale for default. <br /> (a) In case of default in the payment of any installment of principal and interest when <br /> due, the director of finance [shall] may within one hundred twenty days after such default <br /> commences advertise and sell the assessment unit concerning which default is made for <br /> the whole of the unpaid assessment thereon, interest and costs. The period of default <br /> shall not exceed one year before foreclosure action is initiated. The purchaser of such <br /> assessment unit shall be permitted to pay in cash the total amount of the delinquent <br /> installment or installments of principal and interest and penalty, and the balance in equal <br /> annual or monthly installments as originally provided, in which event the lien of the <br /> unpaid assessment shall remain in full force and effect until final payment of such <br /> balance. Such sale and advertisement shall be made by the director of finance in the same <br /> manner, under the same conditions and penalties and with the same effect as provided by <br /> general law for sales of real property for default in payment of property taxes. <br /> (b) In the event of the failure of the director of finance to so commence and diligently <br /> complete advertisement and sale of the assessment unit pursuant to the provisions of this <br /> section, the director of finance shall not be personally liable for such failure, but if a <br /> default exists in payment of principal or interest upon bonds, issued to represent an <br /> assessment for which any such installment of principal and interest is in default, or if the <br /> levy [provided for by section 12 51*] has been made or it appears probable that the levy <br /> will be required to be made, the holder of such bonds in the former case, and any persons <br /> who are owners of the assessment units subject to such levy and liable to pay same in the <br /> latter case, or both, shall have the right to enforce performance of the duties of the <br /> director of finance hereunder by action in the nature of mandamus, as provided by law. <br /> SECTION 4. Material to be repealed is bracketed and stricken. New material is <br /> underscored. In printing this ordinance, the brackets, bracketed and stricken material and <br /> underscoring need not be included. <br /> 2 <br />