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COUNTY OF HAWAII <br />ORDINANCE NO. <br />STATE OF HAWAII <br />BILL NO. 97 <br />AN ORDINANCE AMENDING CHAPTER 12, ARTICLE 4 OF THE HAWAII COUNTY <br />CODE 1983 (2005 EDITION, AS AMENDED), RELATING TO FINANCE AND PAYMENT. <br />BE IT ORDAINED BY THE COUNCIL OF THE COUNTY OF HAWAII: <br />SECTION 1. Purpose. The purpose of this measure is to clarify the uses of the various <br />funds as discussed in Chapter 12 relating to Improvement Districts. <br />SECTION 2. Chapter 12, Article 4, Section 12 -49, Hawai'i County Code 1983 (2005 <br />edition, as amended), is amended to read as follows: <br />Section 12 -49. Special fund for administrative and pre- formation costs and payment of <br />bonds; use of surplus; insufficient funds. <br />(a) All moneys collected on account of assessments and interest for any improvement after <br />the issuance of any bonds shall be kept by the director of finance in a special fund and <br />applied [solely] to the payment of interest and principal of bonds and administrative costs <br />issued for the improvement until the bonds have been paid. The director of finance of the <br />County shall pay the principal of the bonds at maturity and the interest thereon as and <br />when the same become due at the place or places and in the manner prescribed for the <br />payment under this chapter and the proceedings authorizing those bonds from such <br />special fund. <br />(b) If any surplus remains in any special fund after the disbursement of funds described in <br />section 12 -28.1 of this chapter, such surplus or premium shall be credited to and become <br />a part of a fund to be known as the improvement district revolving fund, the moneys in <br />which shall be available to make up deficiencies in the proceeds of bonds sold below par, <br />to cover deficiencies in interest realized on account of diminishing balances of <br />installments outstanding, and to advance interest due on bonds outstanding prior to <br />collection of annual assessments, and also for the purpose of paying all expenses in <br />connection with the sale of delinquent improvement district assessment units and the <br />prices of the delinquent assessment units as are bid for and purchased by the director of <br />finance. The director of finance may upon such purchase, transfer the proper amounts so <br />bid to the proper special funds for the respective improvement districts concerned. The <br />director of finance may also use the improvement district revolving fund to advance the <br />cost of pre - formation activities pursuant to section 12 -7 with the expectation that the <br />