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COUI®T~`Y O~ I~A'~AI`I S~'ATE Off` IIA~VAI`I BILL NO. 127 OtI~DINANCL NO. AN ORDINANCE AMENDING CHAPTER 12, ARTICLE 5 OF THE HAWAII COUNTY CODE (1995 EDITION) R1LATING TO REFUNDING OF THE OUTSTANDING INDEBTEDNESS OF IMPROVEMENT DISTRICTS. BE IT ORDAINED BY TI-IE COUNCIL OF THE COUNTY OF HAWAII: SECTION 1. Purpose. The purpose of this measure is to delete the requirement of "not more than one reading'' for the Council to promulgate a refunding ordinance. The amendment would bring the Hawai `i County Code into compliance with Section 3-10(a) of the Hawai `i County Charte,° which provides that ordinances shall be passed. only after two readings on separate days. SECTION 2. Chapter 12, Article 5, Section 12-61 of the Hawai `i County Code (1995 Edition) is hereby amended to read as follows: "Section 12-61. I~t'tcrrnination by council. (a) After the hearing, the council shall consider any protests or suggestions which may have been made or filed and whether sufficient valid protests have been filed to compel it to abandon the proposed refunding plan. If the council has jurisdiction to continue, it shall then proceed to determine whether or not the refunding plan shall be adopted as proposed, or adopted with modifications. In the latter event the clerk shall be directed to give notice again of the hearing as provided in section 12-59. (b) If after such initial and further advertisement and hearing the council determines to proceed witls the refunding measure, it shall, by ordinance [requiring not more than one reading for its adoption], promulgate. the refunding measure. Should the refunding proj~€t provide for the issuance of new bonds in the improvement district, the ordinance shall provide for the form of new bonds to be issued, approve of the assessment roll, and incorporate the assessment roll by reference. The assessment roll, as provided in section 12-26 shall contain only the names of the property o~-ners who have not fully paid the assessments originally provided for the payment of the outstanding improvement bonds and shall provide for the levying of new assessments in amounts sufficient to retire the refunding bonds to be issued pursuant to the terms hereof. (c) After the final c,nactment of the ordinance, the amounts of the several assessments listed, advertised or incorporated, not previously objected to, shall conclusively be presumed to be just and equitable and not in excess of the