RES 341 Draft 01 2008-2010 - Laserfiche WebLink

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WHEREAS, § 1400U- 1(a)(3)(A) of the Code provides generally that each state with respect to which an allocation is made under § 1400U- 1(a)(1) of the Code is required, without discretion, to reallocate such allocation among the counties and large municipalities in such state in the proportion that each county's or municipality's 2008 employment decline bears to the aggregate of the 2008 employment declines for all the counties and municipalities in such state (the "Volume Cap "); and WHEREAS, pursuant to Notice 2009 -50, the Department of Treasury ( "Treasury ") and the Internal Revenue Service undertook to determine these required local suballocations of Volume Cap; and WHEREAS, pursuant to Notice 2009 -50, the local suballocation of volume cap determined by the Treasury to apply to the County is $24,678,000; NOW, THEREFORE, BE IT RESOLVED by the Council of the County of Hawaii as follows: 1. The Council of the County hereby finds that the entire geographic area of the County is experiencing significant poverty, unemployment, rate of home foreclosures, or general distress for purposes of § 1400U -1(b) of the Code. 2. The entire geographic area of the County is hereby designated as a recovery zone for purposes of § 1400U -1(b) of the Code. 3. The $24,678,000 representing the local suballocation of Volume Cap determined by the Treasury to apply to the County is hereby allocated to the County's general obligation bonds authorized by the Council of the County to fund public infrastructure and public facilities (the "County Bonds "). 3