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10. The loan is available only to first-time Hawaii Island homeowners; <br />11. The maximum loan amount may not exceed $20,000; <br />12. The duration of the loan would be up to 10 years; and <br />13. For each year the employee works for the County of Hawaii, the county would pay <br />$2,000 toward the principal of the loan; and <br />WHEREAS, should the Program be implemented, the Finance Department shall draft the <br />necessary program documents, determine funding sources, and work with financial institutions <br />on the specific details to successfully implement the Program; now, therefore, <br />BE IT RESOLVED BY THE COUNCIL OF THE COUNTY OF HAWAII that the <br />County Council authorizes the mayor or his or her designee to execute the Residential Assistance <br />Program for County Employees. <br />BE IT FURTHER RESOLVED that the mayor or his or her designee is further <br />authorized to execute such documents, such as refinance documents, as may be necessary to <br />effectuate the Program. <br />BE IT FINALLY RESOLVED that the Clerk of the County of Hawaii transmit copies <br />of this resolution to the Mayor, the Director of the Finance, and all other County of Hawaii <br />department and agency heads. <br />Dated at , Hawaii, this day of <br />2008. <br />INT DUPED B ... <br />CfJ <br />COUNCI EMBER, COUNTY OF HAWAII <br />COUNTY COUNCIL ROLL CALL VOTE <br />County of Hawaii AYES NOES ABS EX <br />Hilo, Hawaii <br />[ hereby certify that the foregoing RESOLUTION was by <br />the vote indicated to the right hereof adopted by the COUNCIL of the <br />County of Hawaii on <br />FORD <br />HIGA <br />HOFFMANN <br />IKEDA <br />JACOBSON <br />NAEOLE <br />ATTEST: <br />COUNTY CLERK CHAIRMAN & PRESIDING OFFICER <br />P[LAGO <br />YAGONG <br />YOSHIMOTO <br />Reference: C-1001/F'C <br />RESOL,uTION No. 528 " 08 <br />