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SECTION 12. Support Facility for Variable Rate Bonds. If the Director of Finance <br /> shall determine to issue the Bonds of a series bearing interest at a rate or rates which vary from time <br /> to time or with a right of holders to tender such Bonds for purchase, or both, the Director of Finance <br /> may contract for such support facility or facilities and remarketing arrangements as are required to <br /> market such Bonds to the greatest advantage of the County upon such terms and conditions as the <br /> Director of Finance deems necessary and proper; provided, however, that all such contracts shall be <br /> approved by a resolution of the County Council and shall comply with the requirements of Section 47- <br /> 11, Hawai`i Revised Statutes. <br /> SECTION 13. Reimbursement of Expenditures. The County expects that it may <br /> pay certain capital expenditures for the Projects prior to the issuance of the Bonds, and reasonably <br /> expects to reimburse such expenditures from the proceeds of the Bonds. The County hereby <br /> declares its official intent to use proceeds of the Bonds to reimburse itself for future expenditures in <br /> connection with such Projects. This ordinance is adopted in part for the purpose of establishing <br /> compliance with the requirements of Section 1.150 -2 of the Treasury Regulations. This ordinance <br /> shall be reasonably available for inspection at the office of the County Clerk, located at 25 Aupuni <br /> Street, Room 209, Hilo Hawaii 96720, commencing within fifteen (15) days after its adoption by <br /> the Council. <br /> SECTION 14. Repeal of Conflicts. All ordinances and resolutions, and any portions <br /> of ordinances and resolutions, heretofore enacted or adopted by the Council which are in conflict or <br /> inconsistent with any provision of this ordinance shall be and are hereby repealed to the extent of such <br /> conflict or inconsistency. <br /> SECTION 15. Severability. If any provision of this ordinance or application thereof <br /> to any person or circumstance is held invalid, such invalidity shall not affect other provisions or <br /> applications of this ordinance which can be given effect without the invalid provision or application, <br /> and to this end, the provisions of this ordinance are declared to be severable. <br /> 6 <br />