Section 15-19-33 - Reassessment on refunding(a) In the event the authority makes a preliminary determination that it would be advantageous to the State, the authority, the property owners and the lessees within an assessment area for which assessment area bonds have been issued to proceed with a refunding of all or part of such assessment bonds, it shall direct the executive director to investigate and report to the authority preliminary information and data concerning such refunding, including the remaining costs of improvements specifically assessed against the real property specifically benefited and any additional costs related or incidental to effecting such refunding, with the estimated total amount of assessment to be made against each property after the refunding utilizing the same method of assessment applied upon the original assessment.(b) If such information and data reflect that such refunding would result in a decrease of the total amount of the installment payments then in effect within such assessment area for all assessments being paid in installments, the authority shall publish a notice of proposed refunding of assessment area bonds in a daily newspaper of general circulation in the county in which such assessment area is situated, such notice to include a description of the assessment area, the real property assessed or to be assessed, and a general description of the proposed refunding. In addition to the publication of such notice, a copy of such notice shall be mailed by certified or registered mail with a request for a return receipt to the several owners and lessees on record at the county department of finance.(c) If the owners or lessees of at least 25 per cent of the real property within the assessment area to be assessed shall file a petition with the authority within 30 days of the date of mailing the notice referred to in subsection (b) above, requesting a public hearing on such refunding, or if such refunding would have the effect of causing an increase in the amount of the assessment then in effect for any property within the assessment area for which such refunding is proposed in any subsequent fiscal year, the authority shall hold a public hearing on the advisability of effecting such refunding. Notice of public hearing shall be given in the same manner as required by Sec. 15-19-22, except the contents of such notice shall relate to the proposed refunding rather than improvements.(d) After any public hearing held pursuant to subsection (c) above, or if no petition is filed within the time permitted under subsection (c) above, the authority shall determine whether to proceed with the refunding.[Eff 2/22/93] (Auth: HRS §§ 206E-4, 206E-5, 206E-7) (Imp: HRS §§ 206E-4, 206E-5, 206E-7)