BIL 153 Draft 01 2020-2022 - Laserfiche WebLink

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i JMtYfos Nt�Y •`i..,, l Yfi pIV illyl COUNTY OF I J ;. STATE OF HAWAVI 4TE•Of•M�'� BILL NO. 153 ORDINANCE NO. AN ORDINANCE TO INITIATE AN AMENDMENT TO ARTICLE X OF THE WAI`I COUNTY CHARTER(2020 EDITION),RELATING TO THE COUNTY HOUSING PROGRAM REVOLVING FUND. BE IT ORDAINED BY THE COUNCIL OF THE COUNTY OF HAWAII: SECTION 1. Article X of the Hawaii County Charter(2020 Edition), relating to Financial Procedures, is amended by adding a new section to be appropriately inserted and to read as follows: "Section 10- . County Housing Program Revolving Fund. Lq� In adopting each fiscal ear's operating budget, the council shall appropriate a minimum of one percent of the certified real property tax revenues into the CogDjy housing program revolving fund. Additional funds from: grants and private contributions intended for the purpose of this section; voluntary contributions of any amount as specified on the real property tax bill; proceeds from the sale of general obligation bonds authorized and issued for the purpose of this section; council appropriations for the purpose of this section; and any other source of revenue, may also be deposited into the County housing program revolving fund. Deposits to the fund shall occur at a minimum, on a quarterly, basis. (b) Monies in this fund shall be used as prescribed by ordinance. The highest and best use of this fund shall be to leverage the money in the fund by attracting matching funds. (c) Any balance remaining in the fund at the end of anfiscal year shall not lapse, but shall remain in the fund accumulating interest frome�year." SECTION 2. New charter material is underscored. When revising, compiling, or printing these charter provisions for inclusion in the Charter of the County of Hawaii,the reviser need not include the underscoring. SECTION 3. If any provision of this ordinance, or the application thereof to any person or circumstance, is held invalid, such invalidity shall not 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.