Chapter 35 Business Improvement Districts

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§ 35-49 HAWAII COUNTY CODE (16) The obligations in which may be invested the proceeds of the bonds and any other funds (including assessments) pledged to secure payment of the bonds; and (17) Any other provisions for the issuance, payment, security, credit enhancement, handling of funds, default, remedy, or other matter related to the bonds, which the council deems appropriate. (b) The bond ordinance may provide that any or all of the terms listed in this section or elsewhere in this article may be determined and fixed by the director of finance at or prior to the delivery of the bonds or in an indenture, trust agreement, or fiscal agent agreement between the County and a corporate trustee or fiscal agent located within or without the State. (2004, ord 04-94, sec 1.) Section 35-50. Costs includable in bond principal. The principal amount of bonds authorized to be issued may include all costs and estimated costs of supplemental improvements and related expenses. (2004, ord 04-94, sec 1.) Section 35-51. Minimum value-to-lien ratio. The principal amount of bonds authorized to be issued for a district shall not exceed one-third of the value of the real property upon which an assessment is levied for payment of the debt service on the bonds. The "value of the real property" shall be the fair market value of the land, the improvements thereon and the improvements, within the meaning of section 35-3, to be constructed within the district, as shown by the real property tax assessed values of the subject property. (2004, ord 04-94, sec 1.) Section 35-52. Covenant to pursue foreclosure action to collect delinquent special assessments. The director of finance may covenant, for the benefit of bond owners, to commence and diligently pursue to completion any foreclosure action regarding delinquent assessments. The covenant may specify a deadline for commencement of the foreclosure action and any other terms and conditions the director of finance determines reasonable regarding the foreclosure action. (2004, ord 04-94, sec 1.) Section 35-53. Signing of bonds. Unless otherwise specified in the bond ordinance, the bonds shall be signed by the mayor and countersigned by the director of finance or the director's deputy. Signatures on the bonds may be manual or facsimile. If any officer whose signature appears on the bonds vacates the office before the delivery of the bonds, the signature shall be as effective as if the officer had remained in office. (2004, ord 04-94, sec 1.) 35-22