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SECTION 11. Bond Insurance. The Director of Finance is hereby authorized to determine <br />and provide for any insurance provisions respecting the Bonds of a series as he shall deem to he in the best <br />interest of the County, including, without limitation, selection of the bond insurer, payment of the insurance <br />premium and printing of any insurance statement on the Bonds. In the oven[ that bond insurance is obtained by <br />the purchaser of such Bonds, (a) such insurance shall not constitute a part of the contract by and with the <br />County evidenced by a particular Bond or constitute a part of the proceedings providing for the issuance <br />thereof, and (b) no liability or responsibility shall attach to the County or any officer or agent thereof in uny <br />way by reason of any such insurance, including, without limiting the foregoing, with respect to the procuring, <br />maintenance, enforcement or collection thereof. The County shall be under no obligation to take or refrain <br />from taking any action by reason of the existence of such insurance or any of the provisions thereof, even <br />though the taking or retraining from taking of such action may result in or be cause for cancellation or <br />cessation of such insurance. <br />SECTION 12. Support Facility for Variable Rate Bonds. If the Director of Finance shall <br />determine to issue the Bonds of a series bearing interest at a rate or rates which vary tr•om time to time or with <br />a right of holders to tender such Bonds for purchase, or both, the Director of Finance may contract for such <br />support facility or facilities and remarketing arrangements as are required [o market such Bonds to the greatest <br />advantage of the County upon such tetms and conditions as the Director of Finance deems necessary and <br />proper; provided, however, that all such contracts shall be approved by a resolution of the County Council and <br />shall comply with the requirements of Section 47-I 1, Hawaii Revised Statutes. <br />SECTION 13. Reimbursement of Expenditures. The County expects that it may pay <br />certain capital expenditures for the Projects prior to the issuance of the Bonds, and reasonably expects to <br />reimburse such expenditures from the proceeds of the Bonds. The County hereby declares its official intent <br />to use proceeds of the Bonds to reimburse itself for future expenditures in connection with such Projects. <br />This ordinance is adopted in part for the purpose of establishing compliance with the requirements of <br />Section 1.150-2 of the U.S. Treasury Regulations. This ordinance shall be reasonably available for <br />inspection at the office of the County Clerk, located at 333 Kilauea Avenue, Bcn Franklin Building, 2nd <br />Flow, Hilo, llawaii 96720, commencing within fifteen (IS) days after its adoption by the Council. <br />SECTION 14. Repeal of Conflicts. All ordinances and resolutions, and any portions of <br />ordinances and resolutions, heretofore enacted or adopted by the Council which are in conflict or inconsistent <br />