(a) Money shall be disbursed from the tax increment fund for a tax increment district only to satisfy the claims of holders of tax increment bonds issued for the tax increment district or to pay project costs for the district, or to make payments to the county as provided by subsection (c).
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Terms Used In Hawaii Revised Statutes 46-110

  • Council: means the council of the county in which a tax increment district is situated. See Hawaii Revised Statutes 46-102
  • county: includes the city and county of Honolulu. See Hawaii Revised Statutes 1-22
  • district: means a contiguous or noncontiguous geographic area designated pursuant to § 46-103 by the county council for the purpose of tax increment financing. See Hawaii Revised Statutes 46-102
  • Escrow: Money given to a third party to be held for payment until certain conditions are met.
  • Principal: means a person who has entered into a development agreement pursuant to the procedures specified in this chapter, including a successor in interest. See Hawaii Revised Statutes 46-122
  • Project costs: means expenditures made or estimated to be made or monetary obligations incurred or estimated to be incurred by the agency that are listed in a tax increment financing plan as costs of public works or public improvements in a tax increment district, plus other costs incidental to the expenditures or obligations. See Hawaii Revised Statutes 46-102
  • Tax increment: means the amount of real property taxes levied for one year on the assessment increment. See Hawaii Revised Statutes 46-102
  • Tax increment fund: means a fund which shall be held by the director of finance or other fiduciary designated by the county council and into which all tax increments and other moneys pledged by the county for payment of tax increment bonds are paid, and all proceeds from the sale of tax increment bonds are deposited, and from which moneys are disbursed to pay project costs for the tax increment district or to satisfy claims of holders of tax increment bonds issued for the district. See Hawaii Revised Statutes 46-102
(b) Subject to an agreement with the holders of tax increment bonds, money in a tax increment fund may be temporarily invested in the same manner as other funds of the county.
(c) In any year in which the tax increment exceeds the amount necessary to pay all project costs and all installments of principal and interest of tax increment bonds issued for a tax increment district falling due and the amount paid to the county general fund pursuant to section 46-105(b)(2)(B), and subject to any agreement with bondholders, any excess money in the fund at the option of the county council, shall be used to redeem or purchase any outstanding tax increment bonds issued for the district, discharge the pledge of tax increment therefor, be paid into an escrow account dedicated to the payment of such bonds, be paid over to the county general fund, or any combination thereof.

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