COM 0193.039 2008-2010 - Laserfiche WebLink

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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 THE COUNTY OF HAWAII: 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 of this article; (5) Two percent of Hawaii County real property tax revenues collected annually (including penalties and interest). Deposits will be made to the Fund on June 30, 2007 and then again on December 31, 2007, and on December 31 and June 30, in successive years, with deposits being calculated on all real property tax payments (including penalties and interest) received in the prior six months. Additional deposits and adjustments may be made at the discretion of the Finance Director, [and] (6) Monies from items numbered (1), (2), (3), and (4) above, shall be deposited as received[.-]