HomeMy WebLinkAboutORD 1982-777 1980-1984BILL NO. 837
COUNTY OF HAWAII - STATE OF HAWAII
ORDINANCE NO.
AN ORDINANCE AMENDING ARTICLE 4, CHAPTER 16, OF THE
HAWAII COUNTY CODE, AS AMENDED, TO ADD A NEW SECTION
RELATING TO IMPROVEMENT HY ASSESSMENT.
BE IT ORDAINED BY THE COUNCIL OF THE COUNTY OF HAWAII:
SECTION 1. Legislative Intent. The Council of the
County of Hawaii finds that there is a need to amend the
existing provisions of Chapter 16 with respect to penalties
incurred under Section 8, Article 4, Chapter 16, for failure
to make timely payment upon assessment installments. The
Council finds that there are extraordinary circumstances in
which the accrual of penalties will hinder the collection of
assessment installments needed to fund the payment of bond
principal and interest. In such circumstances, a partial
waiver of accrued penalty, coupled with suitable terms and
conditions designed to obtain prompt payment of substantial
sums of money to be used for payment of bond principal and
interest is in the best interest of bondholders. The
Council also finds that in authorizing any such waiver, due
consideration should be given to an equitable apportionment
of the costs of the improvement district. Where possible,
an apportionment should be made to those lots in default on
assessment installments for costs and expenses caused by
such default.
SECTION 2. Chapter 16, Article 4, of the Hawaii County
Code is hereby amended to add the following section;
"Section 8.1 Penalty Waiver. The Council may, by
resolution, approve a waiver of such amounts of penalty and
upon such terms, as it finds is needed to induce payment of
substantial funds to be used for the payment of obligations
which are owed and which will be owing to bondholders; in
approving such a waiver, due consideration shall be given to
an erquitable apportionment of the costs of the affected
improvement district among the various assessed Iots."
SECTION 3. Material to be repealed is bracketed. New
material is underscored. In printing this ordinance, the
brackets, bracketed material and underscoring need not be
included.
SECTION 4. In the event any portion of this ordinance
is declared invalid, such invalidity shall not affect other
parts of this ordinance.
SECTION 5. This ordinance shall take effect upon its
approval.
Hilo, Hawaii
Date of Introduction:
Date of Adoption :
INTRODUCED BY:
e
COUNCIL MEMBER, COUNT OF HAWAII
April 7, 1982
April 21, 1982
Effective Date; April 28, 1982
-2-
Hilo, Hawaii
T~ata» April 7. 19$2
FIRST READING
AYES NOES A/E
Dahlberg X
De Luz X
Domingo X
Fujii X
Hale
K awah ara X
X
Lai X
S chutte X
Chr. Yamashiro X
6 0 3
Pub licatian Date : ,~,`~R 1 ~ 1982
Hilo, Hawaii
Date: April 21, 1982
SECOND & FINAL READING
AYES NOES A/E
Dah lbe rg X
De Luz X
Domingo X
Fujii X
Hale X
Kawahara X
Lai X
Schutte X
Chr. Yamashiro X
+` 8 0 1
Publication Date: ;a,' `
We do hereby certify that the foregoing BILT, was adopted by the
County Council and published as indicated above.
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Approved/ this ,~ ~ day of
Bill No. 837
Reference :
M.B. No.
Ord. No.
19 ~~---