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thereof shall be subject in all respects to the provision of Section 47-10, I-Iawai`i Revised <br /> Statutes, as amended. <br /> SECTION 11. Bond Insurance. The Director of Finance is hereby authorized to <br /> determine and provide for any insurance provisions respecting the Bonds of a series as he shall <br /> deem to be in the best interest of the County, including, without limitation, selection of the bond <br /> insurer, payment of the insurance premium and printing of any insurance statement on the <br /> Bonds. In the event the Bonds of a series are determined by the Director of Finance to be sold at <br /> <br /> competitive sale and the original purchaser of such Bonds obtains insurance for the payment of <br /> <br /> the principal of and interest on such Bonds, (a) such insurance shall not constitute a part of the <br /> <br /> contract by and with the County evidenced by a particular Bond or constitute a part of the <br /> <br /> proceedings providing for the issuance thereof, and (b) no liability or responsibility shall attach <br /> to the County or any officer or agent thereof in any way by reason of any such insurance, <br /> including, without limiting the foregoing, with respect to the procuring, maintenance, <br /> enforcement or collection thereof. The County shall be under no obligation to take or refrain <br /> from taking any action by reason of the existence of such insurance or any of the provisions <br /> thereof, even though the taking or refraining from taking of such action may result in or be cause <br /> for cancellation or cessation of such insurance. <br /> SECTION 12. Support Facility for Variable Rate Bonds. If the Director of Finance shall <br /> determine to issue the Bonds of a series bearing interest at a rate or rates which vary from time to <br /> time or with a right of holders to tender such Bonds for purchase, or both, the Director of <br /> Finance may contract for such support facility or facilities and remarketing arrangements as are <br /> required to market such Bonds to the greatest advantage of the County upon such terms and <br /> conditions as the Director of Finance deems necessary and proper; provided, however, that all <br /> such contracts shall be approved by a resolution of the County Council and shall comply with the <br /> requirements of Section 47-11, Hawaii Revised Statutes. <br /> -7- <br /> <br />