Definitions for sewer connection loan program

For purposes of this article, the following words and phrases, unless the context otherwise requires, shall be defined as indicated: “Default” means the failure of a guaranteed borrower to make a required payment to a designated bank within ninety days of the date upon which the payment is due as stated in the contract between a designated bank and a guaranteed borrower. “Designated bank” means any bank or financial institution approved by the director of finance pursuant to this article to provide loans to owners who are required to connect property to sewers by section 21-5. “Guaranteed borrower” means an owner who has executed the appropriate agreements with the County of Hawai‘i required by this article and whose loan with a designated bank is guaranteed by the County of Hawai‘i in accordance with this article. SEWERS § 21-38 “Increment” means any one of the planned sewer construction projects stated in section 21-37. “Owner” means: (1) A person or persons, including joint tenants, tenants in common, tenants by the entirety, corporations, and partnerships who hold the fee title to real property which is required to be connected to sewer lines pursuant to section 21-5; or (2) A person or persons, including joint tenants, tenants in common, tenants by the entirety, corporations and partnerships to whom has been entrusted pursuant to law the legal or equitable titles to real property which is required to be connected to sewer lines pursuant to section 21-5, and who are empowered to act as trustees of that real property for the benefit of another or others, or as trustees of a self-trusted revocable living trust; or (3) A person or persons who hold equitable title pursuant to an agreement of sale of real property which is required to be connected to sewer lines pursuant to this chapter; or (4) A person or persons who hold, under a lease for a term of five years or more, real property which is required to be connected to sewer lines pursuant to this chapter. “Self-directed revocable living trust” means a trust formed for the purpose of management and administration of real property and in which the owner(s) of an interest in real property becomes settlor(s) and trustee(s) of the trust by making said real property the trust res, and administering said property for the benefit of the owner(s). (1992, ord 92-136, sec 1; am 2012, ord 12-15, sec 2.)21-38