HomeMy WebLinkAboutCOM 0418.007 2000-2002
11/14/01 Wk;~ 15:20 FA1~ 808 524 8293 McC012RISTON et.all X1016
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OWNEItS'/Y.ESSI~BS' JO]NDBR ]AI PirTiTTON OP'TSA CORD
N1ffi CORDOR~?'TION RBGART)II~t'G PR®P®S~la 1~ ~ R~°
Ilvil'ROVI~NI` I)ISTRIC°T N®. 17, I~AT.O~O SLJBDTVISIOI~T, W ; _ . , _
PLJBF~YC I~.AR~1Ci Alm CONSENT TO AIVIOIJN'f AND APPO _ ' , ~ ry~f~~~h~~
O1< ASSI?SSITS PR®POS13.D IN 1tEh'UNI~INC `f ° ° , ` ~ `
Couaaty Council of the County of Hawaii
25 Aupuni Street
Milo, Hawaii 96720
W®, flat undersigned, hereby declare as follows:
1. We are the owners of the "Subject Property" identified below, which is located iai
Cou:~ ~ of Hawaii Improvcgnent District No.17, I~1oko Subdivision (the "TnaprovemcntDistrict°°),
or if not the owners, are lessees of the Subject Property who by the express teraxls of our Iease must
pay special assessr~nents required in coranectio~a with the County's 1991 issue of special assessment
bonds for the Improvement District (the "1991 1$oa~ds").
2. We have reviewed the Petitaon dated September 6, 2401 (the "Petition") filed by TSA
Corporation and lar1ID Corporation (the °°Pedtioners") v~rith the County Council of the County of
Hawaii, requesting that the County proceed with a proposed refirndiiig plan far all ou ` S 1991
Bonds of the Ienproverrtent District (the °°Refunding flan"). We have else reviewed the import of
the Chief Engin~r of the Cowaty dated October 15, 2001(thc "Chief l?ngincer's Report°°),
t}ae Cotanty Council with respect to the Refiinding Plan.. As set forth itt the Petition and the Chief
Engineer's Report, we und~xstand flint, under the proposed Refundir?g Plan:
a. All outstanding 1991 Bonds are to be refunded by call for optioaaal redtn~aption.
on the next available rcdemption date (which is Febro~y 1.2002) out of the proceeds of a new series
of special assessment refunding bonds to be issued by the County for the Ixyaprovement District,
together with availablc funds of the Improvement District CtaYrently held for payment of the 1991
Bonds.
b. The proposed reflaarding is eacpectcd to result in reductions of the principal
aaici.'oa interest payments associated with the 1991 ]Bonds. Such reductions will be appDied on a pro
rata basis to properties within the Iiriprovernent District, including the Subj ect Property, which have
outstandang special assessments.
c. 1VI~ Corporation has proposed a reallocation of the assessments on the
parcels which it owns within the ]frnprovement District. `his reallocation will x~ot affect l
Corporation's total assessment obligations (totaling $8,368,275.28 ~ of October 12, 2001).
Consequently, the proposed reallocations will not 'ect the current assessments on asay other
properties within the Iranproveanent District, including the Subject Property, or thepro rata reduction
of the assessments an these properties as a result of flee proposed refunnding of the 1991 ~oreds.
Mme No,,, •
1?'i!e into.
'ref. ~°o:
11/14/01 ~D 15:20 FAx 808 524 8293 McCORRISTON et,all ~ 017
3. Pursuant to Chapter 12, article 5, specifically Section 12-53, of the kiawaii County
Code, we hereby: (a) join with Petitioners in the Ealing ~d acleaowled~rnent of the Petition; (tf)
consent to the arraount and appo~cior~ent of the proposed assessments under the Re -Plan;
and (c) waive stay grad all rights to notice auud/or hearang with respect to the Ref~.ding Fly under
Section 1Z, Article 5 ofthe t-Iawsii County Code.
1N 03~TI'N~SS ~RE4P, the ~dersigned respectfully submit the foregoing
pursuant to Chapter 12, ArScle 5 of the ~Iawaii County Code as of date set forth below,
AI.E~.N~EI~ P. K.REICr
SUN C~€IJN
Subject Property: Tax Map Ivey No.(3) 7.3-051-487
gated: ~ , 2001.
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