HomeMy WebLinkAboutCOM 0418.004 2000-2002 11/14/01 i~ED 15:18 FAQ 808 524 8293 McCOItRISTON et.all X010
_ _ ,
OWNEl~'/LESSEBS' JOINDER ~1 PE'YTI
ION OF TSA CO1tP0ItATION AND
1VIlD cols®l~.~ION 1tEGA~ING p~®~OS~D 1tEFLJNDINC3~' . r~ 2 ~
F~ROVEIt~N`T DISTRICT NO. 17, F~Ai,,OICO SL1BI)I\7ISION, W OF
PUBLIC I°IEA~1C1 ANT, COI~bSEN'T TO AMOUNT .41`tD APPORTIO ~ i Y C 3, f
OF ASSESSll~N'TS PROPOSED 1N T~ REFCTNDIle1G P
Cotmty Council of the County of ~Iawaii
25 Aupuni Street
Milo, Iiawaii 95?20
We, the undersigned, hereby declare as follows.
1. We are the owners of the "Subject Property" idea~tificd below, which is located in
County of Iiawaii Iatrprovement District No.17, Kaloleo Subdivision (the °°Improvement District',
or if not the owners, are lessees of the Sub}ect Property who by the express terms of our 1®ase roust
pay special assessments required In connection with the Count>rs 1991 issue of special assessment
bonds for the Irrrprovement District (the "i 991 Bonds"}.
2. W c have reviewed the Petition dated September 6, 2001 (the "Petition'°) film by °TSA
Corporation and M~ Corporation (the °'Petitioners°°) with flee County Council of the County of
Hawaii, requesting that the County proceed with, a proposed.rcfuatding pl~aa for all outst~ding 1991
Bonds of the Innprovegnent District (the "Ite~'undirtg Pl~xa"}. We have also reviewed thhe Deport of
the Chief Engirrreer of the County dated October 1 S, 200I (the "Chief Engineer's Report"}, filed with
the County Council with respect to the itefunding Plan. As set forth in the Petition and the Chief
Engira~r's P.eport, we understand that, under the proposed RefuYading Plaar:
a. All outstanding 1991 Fonds are to be refunded by call for optional ~d~aption
on the next available redemption date (which is February 1, 2002) out ofthe proceeds of anew series
of special assessment refiaxadirsg bonds to be issued by tlrc County for the Improvement District,
together with available fiends of the Ixriprovement District currently held for payment of the 1991
Bends.
b. The proposed refunding is expected to result in reductioats of the principal
and/or interest payments associated with the 1991 Bonds. Such redrictaons will be applied on a pro
rata ha~sis to properties within the Improvement District, including tht Subject T~roperty, which have
outstanding special assessments.
c. N1IT9 Corporation has proposed a reallocation of the assessments on the
parcels which it owns within the Ir4sprovemennt District. 'This reallocation will rot affect MII)
Corporation's tatal .assessrrtent obligations (to $8,368,275.28 as of October 12, 2001).
Coirsequently, the proposed reallocation wall not effect the current assessments on any other
properties within the Improvement Distract, including the Subject Property, or the pro rata. reduction
of the assessments on these properties as a result of fhe proposed ref$rtiding of the 199113onds.
C®rr~rr,. l~lc~ /
F'i!e ImTra.,~,,,~,
Fret, `I°o: ~
.9B --tt tltfo ipOppWgp,j
11/14/01 i~ED 15:19 F~ 808 524 8293 McCORRISTON et.all ~ 011
• ,
3. Pursuaa~t to Chapter 12, Article 5, specif
tally Section 1Z-~3, of the liavvaii County
Coda, vsre hereby: (a) join writh Petitioners an the ~filinS and aclmovvledgnient of the Petitioat; (b)
eonsetat to the amount and apportioa~ent of the proposed assessments under flee ltcfimd~~ 1?lan,
~d (c) waive ~y and all ri,~hts to notice ~d/or hcarin~ ®vith respect to the l~.el~din$ flan utader
Secs±~~ 12, Article 5 of the l~ia~vaii Cou~aty Code.
IN WT°rN~SS Wl°IIdI~EOF, tho tu`idersigned respectfully subffiit the foregoing
pursuant to Chapter 12, Article S of the ~ia~vaii Comity Code as of date set forth below.
KA~,UA
~.ONA SE%~ S°TOItAGE, I~L,C,
a ]fi~vvaii limited liability company
Subject Property: Tax Map icy No.(3) 7-3-051-061
Dated: ~ 1 ~ ~ 2001.
2