HAR §15-19-56
HAR §15-19-56. Payment in bonds
Cite as Haw. Code R. § 15-19-56
The authority may accept
in lieu
of
cash
in
payment
of
any
assessment,
installment
thereof,
interest,
penalty,
cost,
expense
or
any
portion
thereof, bonds of the assessment area in which the land is
situated,
whether
the
bonds
are
outstanding
or
hereafter
issued, to a value of par, plus accrued interest to the date
of
acceptance
of
the
bonds
by
the
authority.
Upon
the
receipt
of
the
bonds,
the
authority
shall
cancel
same
and
credit
the
assessment
area
with
the
amount
allowed
on
the
bonds.
[Eff
9/17/84]
(Auth:
HRS
§§206E-4,
206E-6)
(Imp:
HRS §§206E-4, 206E-6)
§15-19-57
Effect
of
failure
to
pay
installment.
Failure
to
pay
any
installment
or
any
part
of
an
installment, whether of principal or interest or both, when
due, shall cause the whole of the unpaid principal to become
due and payable immediately, and the delinquent installment
or
installments
or
any
delinquent
part
or
parts
thereof,
whether of principal or interest or both, shall thereafter
bear penalty at the rate of one and one-half per cent per
month or fraction of a month from the date of delinquency
until the day of sale as hereinafter provided; but at any
time prior to the day of sale the owner may pay the entire
amount
of
the
delinquent
installment
or
installments
or
deliquent part or parts, whether of principal or interest or
both, with penalty, and all costs and expenses accrued, and
shall thereupon be restored to the right thereafter to pay
in
installments
in
the
same
manner
as
if
default
had
not
been
made.
[Eff
9/17/84]
(Auth:
HRS
§§206E-4,
206E-6)
(Imp:
HRS §§206E-4, 206E-6)
UNOFFICIAL COMPILATION
NOVEMBER 1999
-18-
§15-19-58
Owner
of
undivided
interest.
The
owner
of
any
undivided
interest
in
any
land
may
pay
the
whole
assessment and may have a joint or several right of action
against
the
other
owners
of
any
interest
in
the
land
for
their proportionate share of the assessment.
[Eff 9/17/84]
(Auth:
HRS §§206E-4, 206E-6) (Imp:
HRS §§206E-4, 206E-6)