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insurer, payment of the insurance premium and printing of any insurance statement on the Bonds <br /> or the Notes. <br /> SECTION 13. Support Facility for Variable Rate Bonds. If the Director of Finance shall <br /> determine to issue the Bonds of a series or Notes bearing interest at a rate or rates which vary <br /> from time to time or with a right of holders to tender such Bonds or Notes for purchase, or both, <br /> the Director of Finance may contract for such support facility or facilities and remarketing <br /> arrangements as are required to market the Bonds or Notes, to the greatest advantage of the <br /> County upon such terms and conditions as the Director of Finance deems necessary and proper; <br /> provided, however, that all such contracts shall be approved by a resolution of the County Council <br /> and shall comply with the requirements of Section 47-11, Hawaii Revised Statutes. <br /> SECTION 14. Authorization of Proceeds for Public Improvements. The proceeds from <br /> the issuance and sale of General Obligation Bonds of the County of Hawaii in the principal <br /> amount of $7,000,000 shall be used to pay all or a part of the costs of appropriations for public <br /> improvement projects to be financed from general obligation bond funds made in Ordinance <br /> No. 98-50, as amended, Ordinance No. 99-71, as amended, and Ordinance No. 00-64, as <br /> <br /> amended, for the fiscal years ending June 30, 1999, June 30, 2000, and June 30, 2001, <br /> respectively. <br /> SECTION 15. Repeal of Conflicts. All ordinances and resolutions, and any portions of <br /> <br /> ordinances and resolutions, heretofore enacted or adopted by the Council which are in conflict or <br /> inconsistent with any provision of this ordinance shall be and are hereby repealed to the extent of <br /> such conflict or inconsistency. <br /> SECTION 16 Effective Date. This ordinance shall take effect upon its approval <br /> ~~IN~TRO D Y' <br /> !t"~. <br /> COUNCIL MEM R, OUNTY OF HA All <br /> Hilo, Hawaii <br /> Date of Introduction <br /> Date of 15t Reading <br /> Date of 2"d Reading <br /> Effective Date <br /> REFERENCE: Comm. 116 <br /> 13 <br /> <br />