HomeMy WebLinkAboutORD 1993-054 1992-1994COUNTY OF HAWAII ::STATE OF HAWAII
BILL NO. 6e
ORDINANCE NO. 93 54
AN ORDINANCE FOR TERMINATION OF IMPROVEMENT DISTRICT N0.12 - KAUILA STREET
SEWERS, HILO, HAWAII, AND CLOSURE OF THE ID ASSESSMENT FUND.
BE IT ORDAINED BY THE COUNCIL OF THE COUNTY OF HAWAII:
SECTION 1. Purpose. The purpose of this bill is to terminate Improvement District No.
12, Kauila Street Sewers, and provide for the disposition of the Improvement District 12 cash
remaining in the ID Assessment Fund upon its termination and close the ID Assessment Fund.
This improvement district was created to fund the construction of sewers on Kauila Street,
South Hilo, County of Hawaii, in 1972. It is the last improvement district accounted for in the
ID Assessment Fund. The construction was financed by both General Fund money and the sale of
Improvement District Assessment Bonds. The last bonds were called for early redemption and
paid off on October 1, 1985. The last assessment installment was due from property owners on
August 05, 1992, and has been collected in full. The excess funds in this district are to be
returned to the General Fund, which covered all costs of the district in excess of the fixed rate of
assessment of $0.12 per square foot provided in the County Code as the inception of the district
for property owners share of the cost of sewer improvements.
SECTION 2. Cash Transfers. The Director of Finance is authorized to transfer any
cash remaining in the accounts of the Improvement District No. 12 to the General Fund.
SECTION 3. Termination of Improvement District. Improvement District No. 12, Kauila
Street Sewers, shall be terminated at such time as the Director of Finance has determined that
all outstanding or anticipated debts or obligations of the improvement district have been paid
or can be satisfied, and any remaining funds have been refunded to the General Fund. The ID
Assessment Fund shall be closed upon termination of Improvement District No. 12.
SECTION 4. The Council of the County of Hawaii, pursuant to Hawaii County Code
§ 12-28.1 (a), makes specefic findings that:
a) There are no outstanding or anticipated debts or obligations of this
improvement district; consequently the director of finance need not set
aside any funds to cover any such debts or obligations.
b) There are no further outstanding assessment instalments which are
needed to pay the debts described in Hawaii County Code §12-28.1 (a)(1).
c) There are no cash refunds due those lot owners who have prepaid assessments.
d) Among the funds remaining in the improvement district after all obligations
have been paid, there is no need to authorize the director of finance to make
cash refunds to lot owners.
SECTION 5. In the event that any provision of this ordinance is declared invalid, the
invalidity shall not affect other provisions or applications of this ordinance.
SECTION 6. This ordinance shall take effect upon its approval.
Introduced by:
i COU CIL MEM , COUNTY OF HAWAII
i
Hilo, Hawaii
Date of Introduction: clay 20, 1993
Date ofistReading: May 20, 1993
Date of 2nd Reading: June 2 , 1993
Effective Date: June 10, 1993