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tv or <br /> <br /> COUNTY OF HAWAII STATE OF HAWAII <br /> ...~.~.M'~' <br /> BILL NO. 292 <br /> Draft 2 <br /> ORDINANCE NO. U6 101 <br /> AN ORDINANCE AMENDING CHAPTER 2 OF THE HAWAII COUNTY CODE 1983 <br /> (2005 EDITION), ADMINISTRATION, RELATING TO BUDGET STABILIZATION FUND. <br /> BE IT ORDAINED BY THE COUNCIL OF THE COUNTY OF HAWAII: <br /> SECTION 1. Chapter 2 of the Hawaii County Code 1983 (2005 Edition), is amended by <br /> adding a new article to be appropriately designated and to read as follows: <br /> Article BudHet Stabilization Fund. <br /> Section 2- Creation of fund. <br /> Pursuant to section 10-12 Hawaii County Charter 2000, a special fund to <br /> be known as the budget stabilization fund is created for the purpose of meetine <br /> ¢eneral fund revenue shortfalls and to minimize the need for budget cuts or tax <br /> increases The budget stabilization fund shall be a temporary supplemental source <br /> of funds for the County to use during times of financial hardships while a plan for <br /> cost reduction or revenue enhancement is developed. <br /> Section 2- Funding. <br /> Each fiscal yeaz following the creation of the budget stabilization fund, <br /> moneys shall be transferred to this fund as recommended by the mayor and <br /> approved by the council. <br /> Section 2- Use of fund. <br /> This fund may be used only when there is a reduction in budgeted revenue <br /> and the director of finance determines that such use is necessary to prevent a <br /> reduction in the level of public services. <br /> Section 2- Appropriations. <br /> Appropriations from this fund may occur only upon the following: <br /> Written determination by the director of finance that such <br /> • appropriations aze necessazv: and <br /> Passage of an appropriations ordinance by two-thirds vote of the <br /> council. <br /> <br />