(a) 
Improvement District Bonds.
(1) 
In the event of an election to pay all or any part of any such special assessment in installments, the unpaid amount of such special assessment required to pay the contract price of the related improvement and any other cost involved in the undertaking of the improvement, including without limitation the cost of land acquisition and the costs specified in Sections 24-2.1(a) and 24-3.2(a) and the cost of funding a debt service reserve fund for the payment of the principal of and interest on improvement district bonds (if permitted by law), shall be obtained by the issuance of sufficient improvement district bonds of the County to raise such required amount; provided that if the aggregate of the assessment installments for all property owners in the improvement district is less than one thousand dollars ($1,000.00) in each year, then improvement district bonds need not be issued.
(2) 
The improvement district bonds shall be authorized by resolution of the Council and issued pursuant to and under the authority and requirements of the Council.
(A) 
Notwithstanding any other ordinance to the contrary, the improvement district bonds shall be in such form, either coupon or registered, shall bear the name of the benefited improvement district, shall be dated, shall be numbered, shall be of the denomination or denominations, shall bear interest at such rate or rates per annum, but not more than fifteen percent (15%) per annum, payable at such time or times and at such place or places, shall mature at such time or times so as to cover the outstanding installment payments determined upon pursuant to the provisions of this Chapter, shall be subject to call at such price or prices and upon such terms and conditions, and may be subject to tender by the holders thereof upon such terms and conditions, all as determined by resolution by the Council.
(B) 
The improvement district bonds shall bear the lithographed or engraved facsimile signature of the Director of Finance of the County and shall be sealed with the seal of the County, or a lithographed or engraved facsimile thereof, attested by the lithographed or engraved facsimile of the signature of the Mayor of the County and shall bear a certificate of the authentication manually executed by the registrar for the improvement district bonds. No improvement district bond shall be valid or obligatory unless authenticated by the registrar.
(C) 
Interest coupons, if any, shall bear a lithographed or engraved facsimile of the signature of the Director of Finance of the County.
(D) 
The Director of Finance of the County shall designate the registrar, if any, for the improvement district bonds and the place or places of registration and transfer of such improvement district bonds, and such registrar shall maintain such books of registry as shall be required by the resolution of the Council.
(3) 
The improvement district bonds shall be payable only out of the monies collected on account of assessments made for the improvement or improvements for which they are issued and the County shall not otherwise guarantee payment of such bonds; provided, that interest payments may be advanced by the Director of Finance out of monies available in the improvement district revolving fund.
(b) 
General Obligation Bonds and Special Assessment Revolving Fund.
(1) 
For an improvement or improvements initiated pursuant to Section 24-3.1 only, including without limitation the costs specified in Section 24-2.1(a) and the cost of funding a debt service reserve fund for the payment of the principal of and interest on general obligation bonds (if permitted by law), the Council, in lieu of the issuance of improvement district bonds as permitted by Subsection (a) of this Section, may in its sole discretion issue general obligation bonds of the County or authorize payment of the required amount from the special assessment revolving fund of the County or both. The Council shall have power to issue general obligation bonds of the County for the purpose of establishing, maintaining or replenishing the special assessment revolving fund. All such general obligation bonds shall be authorized, issued and sold under, pursuant to and in accordance with Chapter 47, Hawai'i Revised Statutes, as amended, all of the provisions of which chapter shall be applicable thereto. Without limiting the generality of the provisions of the foregoing sentence, the form, name, date, denomination, numbers, maximum interest rate, method of execution and all other details of such general obligation bonds shall be fixed and determined in accordance with and as provided by such chapter, and no right of prior redemption need be reserved in the issuance of such bonds, nor shall either the amounts, or dates, of the maturities of any such bonds be required to conform in any way to the amounts and due dates of any assessments, and the validity of such general obligation bonds shall not be dependent on or affected in any way by any proceedings taken or any contracts made, acts performed or done in connection with, or in furtherance of, any improvement or improvements or any assessments for such improvement or improvements.
(2) 
In the event of the issuance of general obligation bonds as provided in this Subsection, all monies collected on account of assessments and interest for any improvement to finance which such bonds have been issued, may, after the issuance of such bonds and if and to the extent so directed by the Council, be applied to the reimbursement of the general fund of the County to the extent of the amounts paid for interest on and principal of such general obligation bonds. Any amounts collected on account of assessments and interest as aforesaid to the extent not so directed by the Council to be applied to such reimbursement or in excess of the amounts required for such reimbursement, and amounts collected on account of assessments and interest for any improvement financed from the special assessment revolving fund, shall be appropriated to and become a part of the special assessment revolving fund and may be used and applied in the manner and for the purposes as are all other monies deposited in that fund.
(3) 
The provisions of Section 24-5.2(a) and Sections 24-5.3, 24-5.4, 24-5.5, 24-5.6 and 24-5.7 of this Chapter shall not apply to such general obligation bonds and shall be restricted in their application to improvement district bonds, nor shall the provisions of Article 6 of this Chapter apply to such general obligation bonds unless the Council in its sole discretion shall consent to the application of such provisions to such bonds, and the refunding of any such general obligation bonds shall not in any way affect the payment of assessment installments and the interest thereon or the amounts and times of such payments unless such refunding is part of a plan consented to by the Council and adopted under Article 6 hereof.
(c) 
Advances from Available Funds. In the event of an election to pay all or any part of any such special assessment in installments, the amount required for immediate use during the period prior to the issuance of improvement district or general obligation bonds or the provision of funds from the special assessment revolving fund, to pay the contract price of the improvement or the installments thereof from time to time as they fall due may be advanced out of any available funds.
(Ord. No. 156, January 24, 1972; Ord. No. 550, February 10, 1989)
(a) 
Other Expenses.
(1) 
All monies collected on account of assessments and interest for any improvement or improvements after the issuance of any improvement district bonds, if any, for such improvement or improvements shall be kept by the Director of Finance in a special fund and applied solely to the payment of interest and principal of such improvement district bonds until such bonds have been paid.
(2) 
In the event that general obligation bonds shall be issued pursuant to Section 24-5.1(b) to pay the cost of any improvement or improvements or any surplus remains in such special fund after the payment of improvement district bonds chargeable against such fund or any premium shall be received on the sale of such improvement district bonds, all such monies collected on account of assessments and interest for any improvement or improvements or any such surplus or premium shall be credited to and become a part of a fund to be known as the "improvement district revolving fund." Moneys in the improvement district revolving fund shall be available to cover deficiencies in interest realized on account of diminishing balances of installments outstanding, to advance interest due on improvement district bonds outstanding prior to collection of annual assessments, to reimburse the general fund for principal and interest on general obligation bonds issued for assessable public improvements or issued to establish, maintain or replenish the special assessment revolving fund in the event the payment of assessments are late or insufficient, to reimburse the general fund for administrative cost and expenses relating to improvement district bonds, to pay all expenses in connection with the sale of delinquent improvement district lots, and to pay the prices of such delinquent lots as are bid for and purchased for the County by the Director of Finance, and the Director of Finance is authorized upon such purchase to transfer the proper amounts so bid to the proper special funds for the respective improvement district concerned.
(b) 
Advances for certain improvements, assessment, payments and land acquisition. Upon recommendation of the Director of Finance, the Council may by resolution authorize the Director of Finance to advance monies in the improvement district revolving fund for unpaid assessments for any improvement or improvements in lieu of the issuance of bonds where the aggregate of the assessment installments for all property owners in the improvement district is less than one thousand dollars ($1,000.00) for each year, for any unpaid amount of the first installment of the assessments where elections have been made to pay the assessments in installments and for any payment in connection with any improvement or improvements for which the issuance and sale of improvement district bonds or general obligations bond or disbursement from the special assessment revolving fund have been duly authorized. After adoption by the Council of the resolution creating, defining and establishing an improvement district pursuant to Section 24-3.4, the Council, upon recommendation of the Director of Finance, may by resolution authorize the Director of Finance to advance monies in the improvement district revolving fund for the cost of land acquisition for improvements pursuant to Section 24-3.2.
(Ord. No. 156, January 24, 1972; Ord. No. 550, February 10, 1989)
The principal of and premium, if any, and interest on the improvement district bonds shall be payable at such place or places as may be determined by resolution of the Council, and, in the case of interest, may be payable by check or draft mailed by the paying agent or paying agents for the bonds to the registered owners thereof. In all cases the improvement district bonds and coupons, if any, shall recite the places of payment. In case any improvement district bonds are made payable elsewhere than in the County, the Director of Finance shall remit the funds necessary to pay the interest and principal and premium thereon when due of any such improvement district bonds, with exchange, to the institution so designated, first assuring him or herself that such institution is then solvent.
(Ord. No. 156, January 24, 1972; Ord. No. 550, February 10, 1989)
(a) 
Improvement district bonds may be sold at public or private sale, and for a price or prices as may be determined by resolution of the Council to be in the best interest of the County.
(b) 
If the improvement district bonds are to be sold at public sale, the Director of Finance shall publish and distribute a notice of sale of such improvement district bonds, for the par value thereof on an all-ornothing basis, in accordance with the provisions hereof and the resolution authorizing the issuance and sale of bonds.
(Ord. No. 156, January 24, 1972; Ord. No. 550, February 10, 1989)
(a) 
No improvement district bonds issued under the provisions of this Chapter shall be considered to be general obligation bonds of the County for purposes of and within the meaning of Chapter 47, Hawai'i Revised Statutes, as amended, nor shall the payment of the same be a charge against the general revenues of the County.
(b) 
Any improvement district bonds issued under the provisions of this Chapter shall be special obligations of the County and shall be payable solely from the monies received by the County from the assessments made hereunder, the monies attributable to the proceeds of the improvement district bonds, and the income derived from the temporary investment thereof, and from the other sources specified in this Chapter, and shall not be payable from any other fund or source. The improvement district bonds shall not constitute a general or moral obligation of the County and the full faith and credit of the County shall not be pledged to the payment of the principal of and premium, if any, and interest on the improvement district bonds. The improvement district bonds shall not be secured directly or indirectly by the general credit of the County or by any monies of the County other than the monies specified in this Chapter. No owner of any improvement district bond issued under the provisions of this Chapter shall have the right to compel any exercise of the taxing power of such County to pay debt service on the improvement district bond.
(Ord. No. 156, January 24, 1972; Ord. No. 550, February 10, 1989)