NTC COU PUBLIC HEARING 2014-03-18 2012-2014 RE SID LONO KONA

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Kona Subdivision, as identified (by tax map key number and property owner) in the preliminary assessment roll included in the Director's Report as Exhibit F thereto. The Special Improvements will include, without limitation: • 5,640 Lin. Ft., 8-inch PVC SDR-26 sewer pipe and fittings; • 360 Lin. Ft., 10-inch PVC SDR-26 sewer pipe and fittings; • 29 Each, sewer manholes 5.0' to 9.5' deep; • 4 Each, lined shallow drop sewer manholes 10.0' to 14.99' deep; • 1 Each, lined drop sewer manholes 15.00' to 20.00' deep; and • 110 Each, sewer lateral connections. Estimated Cost of Special Improvements. The total estimated cost of the Improvement District is $6,461,800. Assuming the project costs to be equal to such estimate, and, further assuming a U.S.D.A. Rural Utilities Service Grant in the amount of$4,024,800 to be applied against the project costs, the net project costs would be $2,437,000. Method of Assessment. Each assessment unit existing as of the date that assessments begin to accrue shall be subject to an assessment calculated by: (1) dividing the Net Project Costs by the total number of single-family equivalents ("SFEs") represented by all assessment units in the Improvement District, and (2) with respect to each assessment unit, multiplying the amount determined pursuant to (1) above by the number of SFEs represented by such assessment unit. SFEs reflect estimated wastewater generation by land use (specifically, single-family, duplex, apartment or commercial), as determined in the manner set forth in the Director's Report based on (i) each assessment unit's existing land use, or (ii) in the case of vacant land, the existing zoning for such land. Assuming net project costs of$2,437,000, the anticipated assessment per SFE will be $9,868.00. The total assessment for each assessment unit will depend on the number of SFEs represented by that unit, as set forth in the preliminary assessment roll included in the Director's Report as Exhibit F thereto. Financing Through Bonds. The County intends to issue general obligation bonds to finance all or a portion of the net project costs of the Special Improvements. Assessments collected by the County will be used to pay or reimburse the County for payments of principal and interest on such bonds and/or costs not financed by the bonds. Prepayment Options. Unless paid in full, assessments will be payable in quarterly installments sufficient to meet the principal and interest requirements for the County's general obligation bonds issued for the Improvement District until they mature. A property owner's assessment may be paid to the Director of Finance in full,without additional charges, at any time within 30 days after the date of the last publication of the ordinance to set the Improvement District assessments. After this 30-day period,property owners will also be permitted to prepay the unpaid balance of their assessments in full, plus a 3%premium on the amount to be prepaid(unless waived) and interest at the rate on the bonds until they can be redeemed with the assessment prepayment.