COM 1168.070 2006-2008 - Laserfiche WebLink

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printing of any insurance statement on the Bonds. In the event that bond insurance is obtained by the purchaser of such Bonds, (a) such insurance shall not constitute a part of the contract by and with the County evidenced by a particular Bond or constitute a part of the proceedings providing for the issuance thereof, and (b) no liability or responsibility shall attach to the County or any officer or agent thereof in any way by reason of any such insurance, including, without limiting the foregoing, with respect to the procuring, maintenance, enforcement or collection thereof. The County shall be under no obligation to take or refrain from taking any action by reason of the existence of such insurance or any of the provisions thereof, even though the taking or refraining from taking of such action may result in or be cause for cancellation or cessation of such insurance. SECTION 12. Support Facility for Variable Rate Bonds. If the Director of Finance shall determine to issue the Bonds of a series bearing interest at a rate or rates which vary from time to time or with a right of holders to tender such Bonds for purchase, or both, the Director of Finance may contract for such support facility or facilities and remarketing arrangements as are required to market such Bonds to the greatest advantage of the County upon such terms and conditions as the Director of Finance deems necessary and proper; provided, however, that all such contracts shall be approved by a resolution of the County Council and shall comply with the requirements of Section 47-11, Hawaii Revised Statutes. SECTION 13. Reimbursement of Expenditures. The County expects that it may pay certain capital expenditures for the Projects 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 future expenditures in connection with such Projects. 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, 2nd 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 are in conflict or inconsistent with any provision of this ordinance shall be and are hereby repealed to the extent of such conflict or inconsistency. SECTION 15. Severability. 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. 6