MCC §3.70.410
Bond Limit Based on Property Value
Read the official text at library.municode.com ↗This section limits how much a district can borrow by issuing bonds. The total bond amount cannot be more than one-third of the value of the real property in the district that will be taxed to pay back the bonds. Property value is based on tax-assessed values, and new improvements can be counted at their cost.
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The ordinance, as written (Maui County) — Minimum value-to-lien ratio
A copy, taken August 21, 2026. The version published by Maui County is the one that governs, and it may have changed since. Check it before relying on anything here.
The principal amount of bonds authorized to be issued for a district shall not exceed
one-third of the value of the real property upon which an assessment is levied for
payment of the debt service on the bonds. The "value of the real property" shall be
the fair market value of the land, the improvements thereon and the improvements,
within the meaning of section 3.70.030 , to be constructed within the district, as shown by the real property tax assessed
values of the subject property. The improvements to be constructed within the district
may be assumed to have fair market value equal to the cost of such improvements.
( Ord. No. 4382, § 1, 2016 )
Read the official text at library.municode.com ↗as published Nov 21, 2025our copy taken Aug 21, 2026
Published by the County of Maui through Municode.
LawTrove is not legal advice. The summary above is a computer-generated restatement — the authoritative text is the official version linked above.