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7 ; 0 ,17 ;9! x.4'• COUNTY OF HAWAII ; 6- "5`'/ • STATE OF HAWAII .• ;,^ �= Via::;;_ • 1 Or RESOLUTION NO. 341 10 RESOLUTION AUTHORIZING THE CREATION OF A RECOVERY ZONE UNDER THE PROVISIONS OF THE AMERICAN RECOVERY AND REINVESTMENT ACT OF 2009 FOR THE PURPOSE OF ISSUING RECOVERY ZONE ECONOMIC DEVELOPMENT BONDS; DESIGNATION OF THE LOCAL SUBALLOCATION OF THE VOLUME CAP WITH RESPECT TO THE RECOVERY ZONE ECONOMIC DEVELOPMENT BONDS TO GENERAL OBLIGATION BONDS OF THE COUNTY OF HAWAII. WHEREAS, Section 1401 of Title I of Division B of the American Recovery and Reinvestment Act of 2009, Pub. L. No. 111 -5, 123 Stat. 115 (2009) ( "ARRA "), added Sections 1400U -1 through 1400U -3 to the Intemal Revenue Code of 1986 (the "Code "), authorizing state and local governments to issue recovery zone economic development bonds ( "Recovery Zone Economic Development Bonds "); and WHEREAS, Recovery Zone Economic Development Bonds may be issued by each state and counties and large municipalities within each state before January 1, 2011 under § 1400U -2 of the Code, as provided in § 1400U -1 of the Code, to finance certain "qualified economic development purposes" for use within designated "recovery zones," as described; and WHEREAS, for purposes of § 1400U -1 and § 1400U -2 of the Code, the term "recovery zone" means: (1) any area designated by the issuer as having significant poverty, unemployment, rate of home foreclosures, or general distress; (2) any area designated by the issuer as economically distressed by reason of the closure or realignment of a military installation pursuant to the Defense Base Closure and Realignment Act of 1990; and (3) any area for which a designation as an empowerment zone or renewal community is in effect as of the effective date of ARRA, which effective date is February 17, 2009; and 1