BIL 136 Draft 01 2020-2022 - Laserfiche WebLink

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SECTION 8. Reimbursement of Expenditures. Pending the issuance of any particular series of Bonds, it is reasonably expected that the County or the Developer may advance funds from time to time to pay Project Costs and that such advances of finds will be reimbursed from proceeds of such series of Bonds when issued. The County hereby declares its official intent to use Bond proceeds to reimburse itself and/or the Developer for such future advances of funds to pay Project Costs. This ordinance is adopted in part for the purpose of establishing compliance with the requirements of Section 1.150-2 of the Treasury Regulations. SECTION 9. Repeal of Conflicts. All ordinances and resolutions, and any portions of ordinances and resolutions, heretofore enacted or adopted by the Coancil that are in conflict or inconsistent with any provision of this ordinance shall be and are hereby repealed to the extent of such conflict or inconsistency. SECTION 10. Severability. If any provision of this ordinance, or the application thereof to any person or circumstance, is held invalid, the invalidity does riot affect other provisions or applications of the ordinance which can be given effect without the invalid provision or application, and to this end the provisions of this ordinance are severable. SECTION 11. Effective Date. This Ordinance shall take effect upon its approval. INTRODUCED BY: COUNCIL M MBER COUNTY OF HAWAII Hawaii Date of Introduction: Date of 1 st Reading: Date of 2nd Reading: Effective Date: REFERENCE Comm. 660 -6-