BIL 049 Draft 01 2008-2010 - Laserfiche WebLink

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COUNTY OF HAWAII STATE OF HAWAII BILL NO. 49 ORDINANCE NO. AN ORDINANCE AMENDING CHAPTER 2, ARTICLE 42, OF THE HAWAII COUNTY CODE 1983 (2005 EDITION, AS AMENDED), RELATING TO PUBLIC ACCESS, OPEN SPACE, AND NATURAL RESOURCES PRESERVATION FUND. BE IT ORDAINED BY THE COUNCIL OF TI-IE COUNTY OF HAWAi`I: SECTION 1. Purpose. Due to extreme economic necessity in light of the poor global economic situation and projected down turn in real property tax revenues, it is necessary to temporarily suspend allocation and deposits to the Public Access, Open Space and Natural Resources Preservation Fund. SECTION 2. Section 2-214, Hawaii County Code 1983 (2005 Edition, as amended), is amended to read as follows: Section 2-214. Public access, open space, and natural resources preservation fund. (a) A public access, open space, and natural resources preservation fund is hereby established. This special fund shall be administered and managed by the finance department. Monies deposited shall be invested in a conservative interest-bearing account that will allow monies to be available for property acquisition and prevent any erosion of the fund's principal amount. (b) The fund shall consist of monies from: (1) The proceeds from the sale of any general obligation bonds, authorized and issued for the purposes of this article; (2) Council appropriations for the purposes of this article; (3) Any source of revenue dedicated by the Hawaii County Charter or the Hawaii County Code for the purposes of this article; (4) Grants and private contributions intended for the purposes bf this article;