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insurer, payment of the insurance premwm and pnnting of any insurance statement on the Bonds or the Notes SECTION 13 Support Faality for Variable Rate Bonds If the Director of Finance shall determine to issue the Bonds of a series or Notes bearing interest at a rate or rates which vary from time to time or with a right of holders to tender such Bonds or Notes for purchase, or both, the Director of Finance may contract for such support facility or faalities and remarketing arrangements as are regwred to market the Bonds or Notes, to the greatest advantage of the County upon such terms and conditions as the Director of Finance deems necessary and proper, provided, however, that all such contracts shall be approved by a resolution of the County Council and shall comply with the regwrements of Section 47-11, Hawaii Revised Statutes SECTION 14 Authorization of Proceeds for Public Improvements The proceeds from the issuance and sale of General Obligation Bonds of the County of Hawaii in the principal amount of $7,000,000 shall be used to pay all or a part of the casts of appropriations for public improvement projects to be financed from general obligation bond funds made in Ordinance No 98-50, as amended, Ordinance No 99-71, as amended, and Ordinance Nc 00-64, as amended, for the fiscal years ending June 30, 1999, June 30, 2000, and June 30, 2001, respectively SECTION 15 Repeal of Conflicts All ordinances and resolutions, and any portions of ordinances and resolutions, heretofore enacted or adopted by the Council which are in conflict or inconsistent with any provision of this ordinance shall be and are hereby repealed to the extent of such conflict or inconsistency SECTION 16 Effective Date This ordinance shall take effect upon its approval INTRODUCED BY COUNCIL MEMBER, CO TY OF HAWAII Hilo, Hawaii Date of I ~troduction February 22, 2001 Date of 1~dReading February 22, 2001 Date of 2 Reading March 9, 2001 Effective Date March 21, 2001 REFERENCE Comm 116 13