HomeMy WebLinkAboutCOM 0418.008 2000-2002 11/14/01 15:21 FA.Y 808 524 829 McCORRISTON et.all ~1J018
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OWNEIZS'/Ll?SSirES' J®INDER IN PE'`ION OF TSA CORPS _ ~l.~N.
MIT) COIZPORAT'I®N R1vGA1$.1~~ICa PROPOSED REFtTNDI~t ~,t ~ t ~ J
IMPROVEIVIP~1~1`I' DIS'Y"RiCT I+iO, 17, I~.LOICO 3tT~DIVISIOI~I, W ~P
P[J13I~C O A~ COIJS~1'T T'O AI~Oi31~°I` AP3I) A1'T~® ~ 3.~~ j t
OF ASSBSSM~I~1°fS PR®P4SP~ I,1~T'I 1t~ING P
County Council of the County of Hawaii
25 Aupuni Street
Milo, Ilawaii 9b720
We, the tartdersigcaed, hereby declare as follows:
1. We are the owners of the "Subject Pr®pest~' identified below, which is located ~
County of ~iawaii hnprovesnent District I`Io.17, lobo Subdivision (the'°Improv~ent .District'°),
or if not the owners, are lessees of the Subject propertiy who by the express terms of our lease r~aust
pay special assessrraerats required in cotataection wvith'e Counts 1991 issue of special assess~cnt
bonds for the lnsprovernent bistrict (thc "199110").
2. We have reviewed the Petition dated Segaternber 6, 2001 (the "Petition°') ~.Icdby TSA
Corporation and MIi? Co~ooratioa~ (the °'Petitioners'°) with the County Council of the County of
giawaii, requesting that the County proceed with a pa°caposed refuzding plan for all outstanding 1991
Fonds of the Irgtprov~ent District (the °°Refwiding Plan"). Wa have also reviewed the Report of
the Chief Engiaaeer of the County dated October 1 S, 2401(tlae "Chief Engineer's deport°°), filed. with
the County Council with respect to the Refunding Plan. As set forth in the Petition d-the Chief
Engineer's Deport, we understand that, under the proposed Refunding Ply:
a. All outstanding 1991 fonds are to be reflnded by call for optional redearapdon
on the next available rederrtpti®n date (which is Febru~y 1, 2002) out of the proceeds of a new series
of special assessrr[erat refunding bonds to be issued. by the County for the hnprovenaent Illstrict,
together with available funds ®f the Izaiproverraetat District currexatly held far payonent of the 1991
Fonds.
b. Tlae proposed rel~nding is ~epected to resealt in reduction of the pritacipal
and/or interest payments associated with the 199113onds. Such reductions will be applied on a pro
rata basi s to properties within the Ixnprovernent District, includixag the Subject Property, which have
outstanding special assessments.
c. MID Corporation has proposed a reallocations of the assessments ora the
parcels which it owns within the Improvement Iistrict. 'This reallocation will not a~'ect MII?
Corporation's total assessanent obligations (totaling 5,368,275.28 ~ of October 12, 2001).
C~nsequcntly, the proposed reallocation will not a#Iect the current assessmedts on any other
properties within the lnxnprov~nent Iistrict, incltsdia the Subj ect Property, or the pr®rata reduction
of the asscsszgnents on these properties as a result of`the proposed refhnnding of the 1991 Tionds.
Coan~?, 3~t~
File 1lTo,
11i14i01 QED 15:21 FAQ 808 524 829 McCORRISTON et.all ~J019
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3. Pursuant to Chapter 12, Articlc 5. specifically Section 12-63, of the ~3[awaii County
Code, we hereby: (a) join with l~etition~ in the g annd acl~owledgenent of the T~etatio~; (b)
consent to the anaoiunt and apportio~neatt of the proposed assessments ~aaider the Re 1'lam;
and (c) waive ~y seed all rights to notice and/or hea~g with respect to the Itedi~ng flan under
Section 12, Articlo 5 of the k~waii Comity Code.
IN vVT°1'N~SS W1~~CP, the ode d respectfully sub~xait the foregoing
purs~t to Chapter 12, Article S of the I~awaf i Cotan'cy o as of date set forth below.
L.1~iS®1V
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Subject~roperty: Tax 1l~iap I~eyNo.(3) 7-3x051-065
hated: N e ,,x,.11 e r 2001.
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