HomeMy WebLinkAboutCOM 0418.013 2000-2002
AL KONISHI DONALD IKEDA
County Clerk ie Deputy County Clerk
.~~e.• p~'0~
~ o.'w> CONSTANCE R. KIRIU
Legislative Auditor
COUnty Of ,~abvlat `l
Office of the County Clerk
25 Aupuni Street
Hilo, Hawaii 96720
Telephone: B08) 961-8255 Facsimile: (808) 961-8912
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November 29, 2001 Q ,
~
TO: Council Members / c~~ _
FROM: Connie Kiriu
Legislative Auditor ~ ~
RE: Bill 131, Draft 2
Petition to Waive Public Hearing
This is to transmit a petition from Charles and Katy Clarke, Trustees of the Big Island Investment Group,
to waive the public hearing for the refunding of Improvement District No. 17, Kaloko Subdivision and to
consent to the amount and apportionment of assessments proposed in the refunding plan. As explained by
Andrew W. Char, Esq., Big Island Investment Group is the new owner of TMK: 7-3-051:96, whose sale
closed two days ago.
Att.
•
Ref. ~ ~ ~;f;
OWNERS'/LESSEES' JOINDER IN PETITION OF TSA CORPORATION AND
MID CORPORATION REGARDING PROPOSED REFUNDING PLAN FOR
IMPROVEMENT DISTRICT NO. 17, KAI.OI~O SUBDIVISION, WAIVER OF
PUBLIC HEARING AND CONSENT TO AMOUNT AND APPORTIONMENT
OF ASSESSMENTS PROPOSED IN THE REFUNDING PLAN
County Council of the County of Hawaii
25 Aupurri Street
Hilo, Hawaii 96720
We, the undersigned, hereby declare as follows:
1. We are the owners of the "Subject Property" identified below, which is located in
County of Hawaii Improvement District No. 17, I~aloko Subdivision (the "Improvement District"),
or if not the owners, are lessees of the Subject Property who by the express. terms of our lease must
pay special assessments required in connection with the County's 1991 issue of special assessment
bonds for the Improvement District (the "1991 Bonds").
2. We have reviewed the Petition dated September 6, 2001 (the "Petition") filed by TSA
Corporation and MID Corporation (the "Petitioners") with the County Council of the County of
Hawaii, requesting that the County proceed with a proposed refunding plan for all outstanding 1991
Bonds of the Improvement District (the '°Refunding Plan"). We have also reviewed the Report of
the Chief Engineer of the County dated October 15, 2001 (the "Chief Engineer's Report"),filed with
the County Council with respect to the Refunding Plan. As set forth in the Petition and the Chief
Engineer's Report, we understand that, under the proposed Refunding Plan:
a. All outstanding 1991 B onds are to be refunded by call for optional redemption
on the next available redemption date (which is February 1, 2002) out of the proceeds of a new series
of special assessment refunding bonds to be issued by the County for the Improvement District,
together with available funds of the Improvement District currently held for payment of the 1991
Bonds.
b: The proposed refunding is expected to result in reductions of the principal
and/or interest payments associated with the 1991 Bonds. 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. MID Corporation has proposed a reallocation of the assessments on the
parcels which it owns within the Improvement District. This reallocation will not affect MID
Corporation's total assessment obligations (totaling $8,368,275.28 as of October 12, 2001).
Consequently, the proposed reallocation will Wort affect the current assessments on any other
properti es within the Improvement District, including the Subj ect Property, or the pro rata reduction
of the assessments on these properties as a result of the proposed refunding of the 1991 Bonds.
3. Pursuant to Chapter 12, Article 5, specifically Section 12-63, of the Hawaii County
Code, we hereby: (a) join with Petitioners in the filing and acknowledgment of the Petition; (b)
consent to the amount and apportionment of the proposed assessments under the Refunding Plan;
and (c) waive any and all rights to notice and/or hearing with respect to the Refunding Plan under
Section 12, Article 5 of the Hawaii County Code.
IN WITNESS WHEREOF, the undersign d respectfully submit the regoing
pursuant to Chapter 12, Article 5 of the Hawaii Co ~ de as o ate s o elo
r`
ARLES CL firustee ofthe BIG ISLAND
INVESTMENfi GROUP
TY ARKE, as Trustee of the BIG ISLAND
~ST'MENT GROUP
Subject Property: Tax Map Key No.(3) 7-3-051-096
. ~I
Dated. / / , 2001.
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