ORD 2007-120 2006-2008 - Laserfiche WebLink

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SECTION 13. Reimbursement of Expenditures. The County expects to make certain capital expenditures for the Project prior to the issuance of the Bonds, and reasonably expects to reimburse such expenditures from the proceeds of the Bonds. The County hereby declares its official intent to use proceeds of the Bonds to reimburse itself for expenditures in connection with the Project. This ordinance is adopted in part for the purpose of establishing compliance with the requirements of Section 1.150-2 of the U.S. Treasury Regulations. This ordinance shall be reasonably available for inspection at the office of the County Clerk, located at 333 Kilauea Avenue, Ben Franklin Building, Second Floor, Hilo, Hawaii 96720, commencing within fifteen (15) days after its adoption by the Council. SECTION 14. Repeal of Conflicts. All ordinances and resolutions, and any portions of ordinances and resolutions, heretofore enacted or adopted by the Council which aze in conflict or inconsistent with any provision of this ordinance shall be and aze hereby repealed to the extent of such conflict or inconsistency. SECTION 15. Severabilitv. If any provision of this ordinance or application thereof to any person or circumstance is held invalid, such invalidity shall not affect other provisions or applications of this ordinance which can be given effect without the invalid provision or application, and to this end, the provisions of this ordinance are declared to be severable. SECTION 16. Effective Date. This ordinance shall take effect upon its approval. RODUCED Y: COUNCIL M ER, CO HA AI I Hilo, Hawaii Date oflntroduction July 25, 2007 Date oflstReading July 25, 2007 Date of 2nd Reading August 22, 2007 Effective Date: September 11, 2007 REFERENCE: Comm. 505 6