ORD 2012-015 2010-2012 - Laserfiche WebLink

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property which is required to be connected to sewer lines pursuant to section 21 -5; or (2) A person or persons, including joint tenants, tenants in common, tenants by the entirety, corporations and partnerships to whom has been entrusted pursuant to law the legal or equitable titles to real property which is required to be connected to sewer lines pursuant to section 21 -5, and who are empowered to act as trustees of that real property for the benefit of another or others, or as trustees of a self -trust revocable living trust; or (3) A person or persons who hold equitable title pursuant to an agreement of sale of real property which is required to be connected to sewer lines pursuant to this chapter; or (4) A person or persons who hold, under a lease for a term of five years or more [for residential purposes], real property which is required to be connected to sewer lines pursuant to this chapter. "Self- directed revocable living trust" means a trust formed for the purpose of management and administration of real property and in which the owner(s) of an interest in real property becomes settlor(s) and trustee(s) of the trust by making said real property the trust res, and administering said property for the benefit of the owner(s). SECTION 3. Chapter 21, Article 5, Section 21 -39 of the Hawai`i County Code 1983 (2005 edition), is amended to read as follows: Section 21 -39. Sewer connection loan program. (a) Before the director, pursuant to section 21 -5, notifies property owners in an increment of the requirement that they connect their properties to the sewer line, the director of finance shall be authorized to develop a sewer connection loan program for the purpose of guaranteeing loans used to connect lots which are a part of that increment to the sewer lines. The director of finance may consult with any banks or financial institutions about participation in a program of loan guarantees for owners of properties who are required to connect to sewers pursuant to section 21 -5. (b) After consultation, the director of finance shall designate with one or more banks or financial institutions to handle the County - guaranteed loan program. In designating a bank or financial institution, the director shall consider the interest rates offered on the loans by the bank, the number of months and monthly payments of the loan, and the willingness of the institution to make the same agreed -upon rate offered on the County - guaranteed loans available to others borrowing money to pay for sewer hookup fees whose loans are not guaranteed by the County of Hawai`i. Any bank or financial institution which complies with the terms of the loan program shall qualify as a designated bank. (c) The director of finance shall require that a designated bank agree that: (1) The loan to a guaranteed borrower will be at a rate of interest and terms agreed upon at the inception of the program for that increment; 2