COM 0812.000 2008-2010 - Laserfiche WebLink

Home

April 23, 2010 Page 2 specified on the real property tax bill, proceeds from the sale of general obligation the purpose of this .,ection, and any other source of revenue.] (b) Deposits to the fund shall occur at a minimum, twice per year, and shall be invested in a conservative interest - bearing account that will allow moneys to be available for property acquisition and prevent any erosion of the fund's principal amount. (c) [Monies] Moneys in this fund shall be used solely to: (1) Purchase or otherwise acquire lands or property entitlements in the County of Hawai`i for public outdoor recreation and education, including: (A) Access to beaches and mountains; (B) Preservation of historic or culturally important land areas and sites; (C) Protection of natural resources, significant habitat or eco- systems, including buffer zones; (D) Preservation of forests, beaches, coastal areas, natural beauty and agricultural lands; and (E) Protection of watershed lands to preserve water quality and water supply. (2) Pay the principal, interest and premium, if any, due with respect to bonds issued in whole for the purpose of this fund. (d) No funds from the public access, open space, and natural resources preservation fund shall be used to build capital improvements or provide maintenance. [(d)](e) Any balance remaining in the fund at the end of any fiscal year shall not lapse, but shall remain in the fund accumulating interest from year to year. The moneys in this fund shall not be used for any purpose except those listed in this section. [E$](f) The council shall by ordinance establish procedures for the administration and expenditure of moneys in this fund. (g) Other funds for purposes other than public access, open space, or natural resources preservation may be used on a prorated basis to purchase a portion of a proposed public access, open space, and natural resources preservation fund acquisition. Other funds shall consist of County operational or capital improvement project funds, grants, or proceeds from the sale of bonds from any County, State, or Federal agency or any other source of revenue or funding. The prorated portion of the land purchased with other funds may then be used only for County public health, safety, and welfare purposes." Please place this resolution on the agenda for the May 5, 2010, meeting of the council. BJF /dkr att.