Chapter 32 Special Improvement Financing by Community Facilities Districts

Home

§ 32-71 HAWAII COUNTY CODE If general obligation bonds are issued as provided in this section, except as otherwise provided herein, the council may subsequently direct all moneys collected on account of special taxes for the costs of any facility to finance which such bonds have been issued or for incidental expenses, after the issuance of such bonds, to be applied to the reimbursement of the general fund of the County for interest on and principal of such general obligation bonds. Any amounts collected on account of such special taxes as aforesaid which are not so directed by the council to be applied to such reimbursement shall be appropriated to and become a part of the capital projects fund or general fund of the County as the council may from time to time direct. In connection with any facilities financed with the proceeds of general obligation bonds, proceedings for establishment of a community facilities district or districts or improvement area or areas therein and levy of special taxes with respect thereto may be undertaken at any time prior to or while such general obligation bonds are outstanding to reimburse the County for the cost of such facilities or debt service on such bonds (and such related financing and administrative costs and incidental expenses as the council may determine). Community facilities district bonds may be issued, in accordance with sections 32- 57 through 32-70, to refund all or part of such general obligation bonds. The refunding of any such general obligation bonds (whether with community facilities district bonds or other general obligation bonds) shall not affect the amount or time of payment of any special taxes, except as the council may determine in accordance with section 32-70. (1994, ord 94-77, sec 3.) Section 32-72. Debt limit calculation. Bonds issued under this chapter, when the only security for such bonds is the special taxes or liens on the property in the district subject thereto, shall be excluded from any determination of the power of the County to issue general obligation bonds or funded debt for purposes of section 13 of Article VII of the Constitution of the State of Hawaii. (1994, ord 94-77, sec 3.) 32-30