HomeMy WebLinkAboutREP FC 066 08/13/1985 1984-1988 ✓` '� REPORT OF THE •
COMMITTEE ON FINANCE
Date: August 13 , 1985 Re: °Comm. 264
Place: Councilroom
Time: 9:00 a . m.
Chairman and. Members
Hawaii County Council
Hilo, Hawaii 96720
Your Committee on Finance, to which was referred Resolution 74-85 ,
reports as follows:
The intent of Resolution 74-85 is to terminate Improvement
District 11 , Discovery Harbor and Adjacent Lands , by equitably
allocatingg the actual costs of said Improvement District to the
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various assessed lots .
In order to terminate the Improvement District, the following steps
are to be taken by the Finance Department:
(1 ) Improvement District foreclosure sale of the four lots on
which assessments are outstanding;
( 2) Completion of an interpleader suit to complete refunds to
owners previously directed by the Council;
( 3) Final action by the Council on disposition of remaining
surplus funds .
Pursuant to the recommendations of the Finance Department,
Resolution 74-85 , upon adoption by the council , will (1 ) waiver all
penalty accrued since November 26, 1984 on the four lots with
remaining assessments and (2 ) authorize a refund of $53 ,000 amongst
owners of the lots in this Improvement District . The purpose of the
final refund is to allocate the actual cost of the Improvement
District to the lot owners in proportion to the special benefits
conferred on those lots .
The Director. of Finance has also indicated that he will be using
Improvement District Revolving Fund money to bid upset prices of the
lots at the next foreclosure sale if no other bids are received.
This will assure that all of these lots are sold and cash collected
on all remaining assessments , thus facilitating the termination of
this Improvement District and early refunds to lot owners .
FC REPORT No . 66
ADOPTED : AUG 21 19O
411
FC-66 Page 2 August 13 , 1985
Pursuant to the authorization of Chapter 12, Hawaii County Code , any
cash remaining after the final refund is made will be transferred
into the Improvement District Revolving Fund.
Your Committee on Finance concurs with the intent of Resolution 74-85
*to terminate Improvement District 11;
*to waiver the penalties accrued since November 26 , 1984 on four
lots with remaining assessments ;
*to authorize a refund of $53 ,000 amongst owners of the lots ;
and recommends its adoption .
FRANK DE LUZ III, CHAIRMAN
OR',AINE . TCHAKU, VICE CHR. JAM L. K. DAHLBERG, ME*':ER
/" 1;
d
(ABSENT & EXCUSED) •
TAKASHI DOMINGO, MEMBER 'SELL S. KOKUBUN, "MEMBER
IOr
(ABSENT & EXCUSED) -
MERLE K. LAI, MEMBER ENCER K. TTE, MEMBER
LA/HT'