HomeMy WebLinkAboutCOM 0418.002 2000-2002
11/14/01 Vf~D 15:17 F~ 808 524 829 McCOItRISTON et.all
X005
8YJ16J C®RP®RATION'S ~L~l. r d./R
OF PYJ.I3LIC I°IP~~R1STCx ON PROP®S~D ING PLAN ~C:=' ~
1rOR 1~IPRG1V~lulf BISTRICT N®. I7, TCALOICO SL~I7IVISliON,'~1~'i~ f Y 1~ i W~~;;1
AND C®NS1~N'T °f® A1vI0I3N°l` A~1?®R"TI®Iel`MEN°f
OP ASS~SSI~N?S PROPOSED IN 7CIi~ R1~F(TI\TDI~ir]PI,AN
County Council of the County of Hawaii
25 Ac~puni Street
1°Iilo, Hawaii 96720
N.~D CORPORf!°TION, a Plawaii corporation, hereby declares as follows:
1. We are the owner of the properties described in exhibit A attached hereto .
(collectively, the "Subject Properties"), all afwhich are located in County ofl~awaii Itnprovcrnent
District No. 17, ICaloko Subdivision (the "Improvement District"). All of the Subject Properties
are subject to special assessments required in connection with the County's 1991 issue of special
assessment bonds for the Improvement District (the "I99116onds").
2. A.s the owner of the Subject Properties, we and TSA Corporation filed a Petition,
dated September 6, 2001 (the "Petition") with the County Council of the C®unty of Hawaii,
requesting that the County proceed with a proposed refunding plan for all outstanding 1991 Eonds
of the Irnproverraent District (the "Refunding Plan"}.
3. We have reviewed the Report ofthe ChieflE:ngineer oftheCounty dated October 15,
2001 (the "Chief ~n$ineer's Report"), filed with the Cotanty Council with respect to the Refunding
Plan. We understand that under the proposed Rel'undia~g Plan:
a. All outstanding 1991 Fonds are to be refunded by call for optional
redemption on the next available redemption date (which is Februaay 1, 2002) out of the proceeds
of a new series of special assessment refunding bonds to bt issued by the County for the
Inaprovernent District, together with available farads ofthe Improvement Dastrict currently held for
payment of the 1991 Bonds.
b, The proposed refunding is expected to result in rcductiotas of the principal
and/or interest payments associated with the 1991 ldonds. Such reductions will be applied on a pro
rata basis to properties within the Improvement District, including the Subject Property, which
have outstanding special assessments.
c. 7Cnere will be a reallocation of the assessments on the parcels owned by
NIID Corporation within the Improvement District. This reallocation will not affect >
Corporation's total assessment obligations (totaling 5,368,275.28 as of October 12, 2001)_ 7Che
proposed reallocation will also not affect the current assessments on any other properties within
Ce~€n, Ato,
File I~Io. '
P~f. Date ~
11/14/01 i~ED
,15:17 F~ 808 524 829a McCOItRISTON et.all
X1006
the Irnproveanent I~isteict, or the pro rata reduction of the assessments on those other properties as
a result of the proposed refunding of ttae 1991 E~onds.
4. Pursuant to Chapter 12, Article 5, specifically Section,l2'-f+3, ofthe ~iawaii County
Cocie, we hereby (a) consent to the amount and apportionanent of the proposed assessments under
the Refunding Plan; and (b) waive any and all rights to notice and/or hearing writh respect to the
l~efundis~g Dian under Section 12, Article S ofthe ~iawaii County Code.
IN WISS Vb~I~OP, the undersi,~ned respectfully submit the foregoing
purseaar~t to Chaptee 12, Article S of the Hawaii County Code as of date set forth below.
C®~ORATiON,
a I-Iawaii corporation
~y.
I~idelci ~a shi
Its Presi t
dated: November 12, 2001
2
11/14/01 R'ED 15:18 Ft~ 808 524 8295 McCORRISTON et.all
X007
exhibit
K~i,OZC® STJ~D~TSTON
PR®~ER7'I~S ODD ~Y
~ COR~`OItA,~I®N
(As of November IZ; 2001)
1. 3-7-3-009-017 7A
2. 3-7-3-049-025 7F3
3 . 3-7-3-009-026 7C-A
4. 3-7-3-009-028 7C-~
3