HomeMy WebLinkAboutChapter 32 Special Improvement Financing by Community Facilities Districts
(1994, ord94-77,sec3.)
§ 32-71 HAWAII COUNTY CODE
If general obligation bonds are issued as provided in this section, except as
otherwise provided herein, the council may subsequently direct all moneys collected on
account of special taxes for the costs of any facility to finance which such bonds have
been issued or for incidental expenses, after the issuance of such bonds, to be applied to
the reimbursement of the general fund of the County for interest on and principal of
such general obligation bonds. Any amounts collected on account of such special taxes
as aforesaid which are not so directed by the council to be applied to such
reimbursement shall be appropriated to and become a part of the capital projects fund
or general fund of the County as the council may from time to time direct. In connection
with any facilities financed with the proceeds of general obligation bonds, proceedings
for establishment of a community facilities district or districts or improvement area or
areas therein and levy of special taxes with respect thereto may be undertaken at any
time prior to or while such general obligation bonds are outstanding to reimburse the
County for the cost of such facilities or debt service on such bonds (and such related
financing and administrative costs and incidental expenses as the council may
determine).
Community facilities district bonds may be issued, in accordance with sections 32-
57 through 32-70, to refund all or part of such general obligation bonds. The refunding
of any such general obligation bonds (whether with community facilities district bonds
or other general obligation bonds) shall not affect the amount or time of payment of any
special taxes, except as the council may determine in accordance with section 32-70.
(1994, ord 94-77, sec 3.)
Section 32-72. Debt limit calculation.
Bonds issued under this chapter, when the only security for such bonds is the
special taxes or liens on the property in the district subject thereto, shall be excluded
from any determination of the power of the County to issue general obligation bonds or
funded debt for purposes of section 13 of Article VII of the Constitution of the State of
Hawaii.
(1994, ord 94-77, sec 3.)
32-30