MCC §3.75.670
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 bond amount cannot be more than one-third of the property's value, which is based on an appraisal. The council can use assessed value instead if the value-to-lien ratio is at least five to one.
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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 issued under an indenture or certificate pursuant to
which such bonds are issued for a district shall not exceed one-third of the value
of the real property upon which a special tax 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 and special improvements, within the meaning of section 3.75.050 , to be constructed within the district, as shown upon an appraisal of the subject
property made by an M.A.I. real estate appraiser or other qualified appraiser. Upon
a finding of the council that the value of the property "as-is" is sufficient, the
council may base the value to lien determination in this section on assessed value
so long as the value-to-lien is at least five to one.
( Ord. No. 4947 , § 1, 2018)
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.