HomeMy WebLinkAboutCOM 0418.005 2000-2002
11/14/01 PFED 15:19 FA.7~ 808 524 829 McCOIiRISTON et.all X012
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OiNNERS'/I.ESSEES' ~O~NI7E~ II~1 PE1`fi'IO1~I OF TSA COMP &L~'rI N AIoTD~,
MI1:» CO~ORATI®N FtECxA12DING 1PROPOSEI~ RE ~ j
IlviFROVEIv1EN'T I~LS'I'1ZICT N0.17, Imo.®KO S[>EDNISIOI~T t~
PLlk3LIC ITCr Alm COI~TSI?1`1T TO ~?M(~i71+IT AP ~ ~ ~
OP ASSE3SMEIa°TS PROP®SED II~T TI'!E R~?F[T1VD ie s ~ : `if
1,~i
County Council of the County of I~Iawafi
25 Auvuni Street
Kilo,1'Iavvaii 96720
V6te, the undersigned, hereby declare as follows=
i. We are the owners of t~ac "Subjec# Prapex4y' identified belovc?, which as located in
County of I~awaii Improvement District I~Vo.17, loko Subdivision (tlac "Impa~veanent Disttiot"),
or i f not the owners, are lessees of the Subject Property who by the express teas of ottr lease must
pay special assessments regtaired in connection with the Coanaty's 199Y issue of spccial assessrgrent
bonds for the Improvement District {the "1991 Eonds`~.
2. We have reviewed the ]Petition dat®d September 6, 2001(thc "Petition") filed by T°SA
Corporation and NIID Corporation (the "Petitioners'°) with the County Council of ih~ County of
Hawaii, requesting that the Couxity proceed with aproposed refunding plan f®r all outstandg 1991
Fonds of the Ymproveaaent l~istxict (thB °°Itefunda'xdg plan°°), 1Nc have also reviewed the import of
the Chief Engineer of ilae County dated October 15, 2001. (the "ChiefEngineer's deport'°), fzled with
the County Council with respect to the IZeftxnding Plan. As set forth in the Petition ~d the Chief
Engineer's ~.eport, we understand that, tinder the proposed ~eifunding Plan;
a. All outstanding 1991 Fonds are to be refiaraded by call for optional redemption
on tP° ° text available redemption date (~x?hich is Fehr' 1, 2002) out of the proceeds of anew series
of special assessment refmding bonds to be issued by the County for tlae Improvement District,
together with available futids of the Iriiproverrlent District currently held for paynieni of tine 1991
Bonds.
b. The proposed refunding as expected to result in reductions of the principal
and/or interest payments associated with the 1991 Fonds. Such reductions will be applied on a pro
rata basis to properties within the Improvement District, including the Subj ect Property, whiclx have
outstanding special assessnicnts.
c. MID Corporation has proposed a reallocation of the asscs5nierlts on the
parcels which it owns withiai the Tinprovement District. °I'his reallocation will not affect Nl~
Corporation's total assessment obligations (totaling $8,368,275.28 as of October 12, 2001).
Consequently, the proposed reallocation will riot affect the current assessments on any .oilier
properties within the Improvement Disirict, including the Subject Property, or the pro rata ductioxa
of the assessments on these properties as a resuli of tine proposed refunding of the 1991 Fonds.
Com~i, No, •
l+ile ;Vo.,.~
Fir:'. fio• 3,i~.~fppfEa~F
11/14/01 ~D 15:19 F~ 808 524 8295 McCOFtRISTON et.all ~ 013
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3. pursuant to Chapter 12, Article 5, spe~acally Section 12-63, of the Hawui Cotraaty
Code, eve hereby: (a) loin with Petitioneas ~ the filing said aclttAOwledganerrt of the Petiti®n9 (b)
coaasent to the aAnount and apportiorana~st of the proposed assessriaents under tlat R.e Ply;
and (c) waive any and all sights to notice and/or hearing with respect to the R.edizag Ply rider
Section 12, Article 5 of the I°Iawaii Coararty Cods.
IN' VVI`I°N11SS 1~®P, the de~i~ed respectfially subrrrat tl~e for~eg®irag
pursuant to Chapter 12, Article S of the Hawaii County Code as o£ date set forth belo~wr.
H®N'S~®R L1J~ER C®1tPOR,~TTON,
a Hawaii corporation
D 1r
fie: James Pappas
Its: Chairman
Subject Property; Tax Ivtap K.®yNo.(3) 7-3-051-083
~~ted: l I ~ b 9 ,zoos.
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