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+--- Thread: HPP road fees (/showthread.php?tid=21624)
RE: HPP road fees - BillyB - 03-28-2020
Did the bond get refinanced? for what rate and for how long?
RE: HPP road fees - EightFingers - 03-28-2020
The suit would lose in court. The argument would be you knew the road was gravel when you moved here.
The only way you could possibly win would be if there was some sort of contractual promise that the road(s) would be paved.
Obie, unless it specifically says so in the letter of indenture, that’s not true. Since I have not seen it, I can’t say one way or another and you *could* be right.
Puna: Our roosters crow first
RE: HPP road fees - Obie - 03-28-2020
From the Nov 2017 Board meeting.
"Debt service needs to be maintained to satisfy the bond."
" Ruth Mizuba (District 2) moved to increase the road fees to
$328/lot. David Roe (District 9) seconded the motion*. [*motion would die on the floor] Discussion: To keep up with our
debt service."
RE: HPP road fees - KPHawaii - 03-28-2020
quote:
Originally posted by Obie
From the Nov 2017 Board meeting.
"Debt service needs to be maintained to satisfy the bond."
" Ruth Mizuba (District 2) moved to increase the road fees to
$328/lot. David Roe (District 9) seconded the motion*. [*motion would die on the floor] Discussion: To keep up with our
debt service."
Could you explain what you think that means? Do you think postponing, not forgiving, the dues would violate this? Do you think that COVID-19 would be an acceptable reason to postpone dues for 3 1/2 months?
KP
“When your hate is louder than your love, your words have no meaning!”
RE: HPP road fees - HereOnThePrimalEdge - 03-28-2020
until an HPP paving schedule was made public and published
That’s not possible.
Road fees are fixed, with a legal 10% per year increase allowed.
Paving costs are variable, based on accepted bids with contractors, and especial the price of paving materials which go up or down depending on the worldwide petroleum market.
RE: HPP road fees - Obie - 03-28-2020
quote:
Originally posted by KPHawaii
quote:
Originally posted by Obie
From the Nov 2017 Board meeting.
"Debt service needs to be maintained to satisfy the bond."
" Ruth Mizuba (District 2) moved to increase the road fees to
$328/lot. David Roe (District 9) seconded the motion*. [*motion would die on the floor] Discussion: To keep up with our
debt service."
Could you explain what you think that means? Do you think postponing, not forgiving, the dues would violate this? Do you that the COVID-19 would be an acceptable reason to postpone dues for 3 1/2 months?
KP
“When your hate is louder than your love, your words have no meaning!”
That is a question for the bond holder.Only the bond holder can provide your answer.
RE: HPP road fees - KPHawaii - 03-28-2020
quote:
Originally posted by Obie
quote:
Originally posted by KPHawaii
quote:
Originally posted by Obie
From the Nov 2017 Board meeting.
"Debt service needs to be maintained to satisfy the bond."
" Ruth Mizuba (District 2) moved to increase the road fees to
$328/lot. David Roe (District 9) seconded the motion*. [*motion would die on the floor] Discussion: To keep up with our
debt service."
Could you explain what you think that means? Do you think postponing, not forgiving, the dues would violate this? Do you that the COVID-19 would be an acceptable reason to postpone dues for 3 1/2 months?
KP
“When your hate is louder than your love, your words have no meaning!”
That is a question for the bond holder.Only the bond holder can provide your answer.
Oh, I thought maybe there was a reason you posted the excerpt from the minutes/ I thought you had an opinion. That’s all I was asking. Why did you post the excerpt? I’m confused.
KP
“When your hate is louder than your love, your words have no meaning!”
RE: HPP road fees - EightFingers - 03-28-2020
“That is a question for the bond holder.Only the bond holder can provide your answer.”
Pretty much what I said.
Can someone on the board contact the bond holder and ask them?
I’m wondering if people are getting “forgiveness” and “ postponing” mixed up.
Puna: Our roosters crow first
RE: HPP road fees - Obie - 03-28-2020
"Debt service needs to be maintained to satisfy the bond."
This is statement by a board member during a discussion of refinancing the bond.I used it as proof that the bond holder is the only one that can allow a grace period.
RE: HPP road fees - mermaid53 - 03-28-2020
BillyB....take a look at this
http://www.hppoa.net/newsite/wp-content/uploads/2016/05/APPROVED-Emergency-HPP-BOD-12-18-17.pdf
For some reason there's no minutes for 20 Dec 2017 board meeting. You'd think so since refinancing the Bond was a big deal during this time period and there was some bumbling around going on because it was being done quickly and those involved weren't financially savvy. The FC was purposely excluded. I was on the FC at that time. I have no idea if the Dec 2017 board meeting was cancelled or that the minutes disappeared for some reason.
We are not deferring the bond payment that's already been approved. We are proposing to defer the road fees. Since we haven't been paving and we shouldn't be HIRING a road crew or anyone at this time there should be plenty of money to make one or more payments.
Ref the Bond...I asked to see the indenture of the new bond as a director and was never provided it. The old Bond is in the directors' folders but wasn't replaced with the new bond. The Finance Committee asked for a copy of the indenture as they by right should have this information. The former Treasurer's response to all parties involved is that "we have to ask the Bond company's permission first." Individual board members have to ask permission to get a copy of the Bond? Really? Yet "some" people on the board and the GM has this information?
Some directors have NO idea what the finalized Bond language was since we've never seen it. The requirement to have four seated directors is still a requirement and needs to be filed with the Bond company. I don't know how they got around this during this past term as there aren't 4 officers, only 1...the plaintiff. Even his officer seat is questionable after all these months. We can't pick and choose what we follow on the Bond requirements. HPP was warned of default by the previous bond company because the board president at the time was illegally seated. An unknown member blew the whistle on him. He had to resign immediately.