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Section -58. Debt limit calculation. <br /> Bonds issued under this article, when the only security is the assessments levy or lien in a district, <br /> shall be excluded from any determination of the power of the county to issue general obligation bonds or <br /> funded debt for purposes of section 13 of Article VII of the state constitution." <br /> SECTION 2. Material to be repealed is bracketed. New material is underscored. In printing this <br /> ordinance, the brackets, bracketed material and underscoring need not be included. <br /> SECTION 3. If any provision of this ordinance, or the application thereof to any person or <br /> circumstance, is held invalid, such invalidity shall not affect other provisions or applications of the <br /> ordinance which can be given effect without the invalid provision or application, and to this end, the <br /> provisions of this ordinance are declared to be severable. <br /> SECTION 4. This ordinance shall take effect upon its approval. <br /> INTRODUCED <br /> \\\\v <br /> CO NCI MEMBER, UNTY OF HAWAII <br /> <br /> Hilo ,Hawaii <br /> Date oflntroduction: August 4, 2004 <br /> Date of I" Reading: August 4 , 2004 <br /> Date of 2""Reading: August 18, 2004 <br /> Effective Date: August 26, 2004 <br /> <br /> REFERENCE: Comm. 64__~_._-9 <br /> 18 <br /> <br />