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HomeMy WebLinkAboutORD 1991-055 1988-1992COUNTY OF HAWAII STATE OF HAWAII BILL NO. 432 (Draft 4) ORDINANCE NO. 91 vv PROVIDING FOR THE COST OF IMPROVEMENTS IN "IMPROVEMENT DISTRICT NO. 17 - KALOKO SUBDIVISION," KALOKO, DISTRICT OF NORTH KONA, COUNTY OF HAWAII, FIXING THE PORTION OF THE COST TO BE ASSESSED AGAINST BENEFITED LAND, IMPOSING ASSESSMENT LIEN AGAINST EACH LOT ASSESSED ACCORDING TO THE ASSESSMENT, PROVIDING FOR PAYMENT OF ASSESSMENTS IN INSTALLMENTS, AUTHORIZING FINANCE DIRECTOR TO NEGOTIATE SALE AND DISTRIBUTE OFFICIAL STATEMENT, AND FINAL ASSESSMENT ROLL. BE IT ORDAINED BY THE COUNCIL OF THE COUNTY OF HAWAII: SECTION 1. PRELIMINARY PROCEEDINGS CONFIRMED. The Council of the County of Hawaii does hereby adopt, approve and confirm all and singular the proceedings heretofore had and taken under Chapter 12, Hawaii County Code, 1983, as amended, with respect to the creation of "Improvement District No. 17 - Kaloko Subdivision," Kaloko, District of North Kona, County of Hawaii, and the making of the proposed improvements, all as set forth and described in the Petition filed in the Office of the County Clerk on December 19, 1986, as amended by amendments dated November 3, 1990, May 3, 1991, May 15, 1991, May 28, 1991 and June 10, 1991, the exhibits filed with the Petition and amendments thereto, Resolutions 158-90, 249-90, 279-91, 301-91 and 335-91, the reports of the Chief Engineer which were filed pursuant to the directions contained :.n Resolutions 158-90, 249-90 and 279-91 and the amended assessment report of the Chief Engineer dated June 10, 1991 incorporating a revised Final Assessment Roll, to all of which documents reference is hereby made for a more particular and detailed description of the Improvement District, the extent thereof, the improvements to be made, the respective parcels of land assessed and the special benefits accruing or to accrue therefrom, and all of which by this reference are hereby incorporated herein and made a part hereof. In the event any of the foregoing documents contain provisions inconsistent with the provisions of any other of the foregoing documents, the provisions of the document last adopted shall control. SECTION 2. CONFIRMING ASSESSMENT. Pursuant to SS12-16 and 12-29, Hawaii County Code, 1983, as amended, and as set forth in the Final Assessment Roll, attached hereto as Exhibit "A" and incorporated by reference herein, it is hereby specially found and established that (a) each and every parcel of land made subject to the assessment in the Improvement District is or will be specially benefited by the improvements, (b) the method of assessment based on the appraised value of the parcels of land within the Improvement District assesses the land according to the special benefits conferred, (c) each and every parcel of land is or will be so benefited to the amount of the assessment proposed therefor in the Final Assessment Roll, and in fair proportion to the assessments on each and every other parcel of land subject to assessment in the Improvement District, and (d) the assessment as contained therein is hereby declared just and equitable. -2- The proposed assessment as contained in the Final Assessment Roll is accordingly confirmed and adopted as and for the assessment against land in the Improvement District. The amounts set forth in the Final Assessment Roll are hereby fixed as the portions of the cost of the improvements which are hereby assessed against the benefited parcels of land, respectively. As provided by Chapter 12, Hawaii County Code 1983, as amended, the amounts of the assessments against the parcels of land, respectively, shall be a lien against each of the parcels of land, respectively, from the date of first publication of this ordinance. SECTION 3. COST OF AUTHORIZED IMPROVEMENTS. It is hereby found and declared that the total cost of the authorized improvements in the Improvement District is the sum of SIXTEEN MILLION SEVENTY EIGHT THOUSAND TWO HUNDRED THIRTY TWO AND NO/100 DOLLARS (;16,078,232.00). Of said sum, the Department of Water Supply will certify to the County of Hawaii, prior to the issuance of the Improvement District bonds, that it has available its share of the cost of the improvements in the amount of TWO MILLION SEVENTY EIGHT THOUSAND TWO HUNDRED THIRTY TWO AND NO/100 DOLLARS (;2,078,232.00). The Department of Water Supply will pay its share of the cost of the improvements prior to or during the course of construction of the improvements. The remaining balance of the cost of the improvements in the amount of FOURTEEN MILLION AND NO/100 DOLLARS (;14,000,000.00) is hereby charged, assessed and levied against, and shall be collected from the -3- parcels in the Improvement District privately owned and not specifically exempted by this ordinance, and the owners thereof, respectively. SECTION 4. SPECIAL FUND. There is hereby created a special fund to be known as "Special Fund for Improvement District No. 17 - Kaloko Subdivision," into which the Department of Water Supply's share of the cost of improvements in the Improvement District, the proceeds of all sales of bonds sold to cover the balance of the cost of improvements in the Improvement District and all money collected by the Director of Finance for assessments levied by this ordinance shall be placed. SECTION 5. PAYMENT OF ASSESSMENTS IN INSTALLMENTS. In case of an election by act of the owner, other interested parties, or operation of law pursuant to $12-33, Hawaii County Code 1983, as amended, to pay an assessment in installments, such assessment shall be due and must be paid to the Director of Finance in two hundred twenty-eight (228) monthly installments of principal and interest. The rate of interest shall be the same as the rate of interest on the Improvement District bonds. The first installment of principal and interest shall be due and payable twelve (12) months from the date of the last publication of this ordinance. The amount of principal and interest of each monthly installment shall be one-twelfth (1/12) the amount of annual principal and interest due on the assessment. The assessment shall be amortized over the 228 monthly installment period to create approximately equal monthly installments of principal and -4- interest throughout the period, and the amount of annual principal due on the assessment shall be determined accordingly. The Director of Finance shall add to each monthly installment an amount equal to one-half of one percent (1/2 of 18) of the total amount of the installment, both principal and interest, to cover the expenses of collection. SECTION 6. APPROPRIATION FOR COST OF IMPROVEMENTS. The sum of SIXTEEN MILLION SEVENTY EIGHT THOUSAND TWO HUNDRED THIRTY TWO AND NO/100 DOLLARS ($16,078,232.00), the same being the total cost of the authorized improvements approved in Section 3 of this ordinance, is hereby appropriated from any money deposited in the Special Fund established by Section 4 of this ordinance, and shall be applied in accordance with law to the payment of the total cost of the authorized improvements in the Improvement District. SECTION 7. AUTHORITY OF DIRECTOR OF FINANCE. The Director of Finance is authorized, pursuant to 512-53, Hawaii County Code 1983, as amended, to negotiate the sale of the Improvement District bonds with such persons or entities and on such terms and conditions acceptable to the Director of Finance; provided that the terms and conditions shall be subject to approval of the County Council by resolution. The Director of Finance is further authorized to prepare and distribute, or cause to be prepared and distributed, a preliminary official statement, an official statement and such other information relating to the Improvement District bonds as the Director of Finance may deem advisable. -5- SECTION 6. This ordinance shall take effect upon ita approval. Hilo, Hawaii Date of Introduction: Date of Adoption: Effective Date: June 12, 1991 June 19, 1991 June 21, 1991 -6- Introduced by: 6/10/91 EXHIBIT "A" KALOKO SUBDIVISION FINAL ASSESSMENT ROLL Assessment Property Percent Number Description* of Value Assessment 1 Lot 7A 7.69 $ 1,076,600. 2 Lot 7B 56.88 7,963,200. 3 Lot 7C 19.50 2,730,000. 4 Lot 7D 15.93 2,230,200. TOTALS 100.00 $14,000,000. * Note: The number of lots will change upon final subdivision approval subdividing the roadway and water tank lots from the property. END OF EXHIBIT "A"