Chapter 35 Business Improvement Districts

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BUSINESS IMPROVEMENT DISTRICTS § 35-1 CHAPTER 35 BUSINESS IMPROVEMENT DISTRICTS Article 1. General Provisions. Section 35-1. Definitions. The following definitions shall apply for the purposes of this chapter. (1) "Assessed value of real property" means the gross value of a parcel of land, as defined below, as assessed by the County's real property tax office, including the assessed value of any improvements thereon. (2) "Bonds" means special improvement district bonds (including refunding bonds) issued pursuant to this chapter. (3) "Bond ordinance" means an ordinance of the council, which authorizes bonds. (4) "Business improvement district" or "district" means a district of land established by the County pursuant to this chapter for providing and financing supplemental services and improvements. (5) "County" means the County of Hawaii. (6) "County clerk" means the County clerk of the County of Hawai`i. (7) "Costs of supplemental improvements" means the following: (A) Cost of acquiring, constructing, installing, improving, or rehabilitating supplemental improvements; (B) Cost of acquiring land or right-of-way for supplemental improvements; (C) Payment of any water, sewer, or other utility connection fee necessary for supplemental improvements; (D) Payment of fees and expenses for planning, architectural, engineering, inspection, legal, financial, or other consultants for supplemental improvements; (E) Reimbursement of an advance of funds for acquiring, constructing, installing, improving, or rehabilitating supplemental improvements; (F) Contribution to a reserve fund for the payment of debt service on bonds issued to finance the costs of supplemental improvements; (G) Not more than two years of interest on bonds issued to finance the costs of supplemental improvements; or (H) Costs of issuance related to the issuance of bonds issued to finance the costs of supplemental improvements, including, but not limited to, payment of legal fees and expenses (including bond counsel), trustee fees and expenses, bond insurance premium, letter of credit, or other credit enhancement fees and expenses. (8) "Costs of supplemental services and improvements" means the following: (A) Cost of obtaining the supplemental services and improvements other than costs of supplemental improvements financed from the proceeds of bonds; (B) Payment of any water, sewer, or other utility connection fee necessary for supplemental services and improvements; 35-1