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improvement district revolving fund will be reimbursed after the improvement district is <br />formed. <br />(c) If moneys in the applicable special fund prove insufficient at any time to pay the <br />principal and interest, or the interest only, as the case may be, on bonds outstanding, <br />moneys shall be transferred from the reserve fund established pursuant to section 12 -50, <br />or from the improvement district revolving fund into such special fund in such amounts <br />as will enable the director of finance to make the payments of principal or interest, or <br />interest only, as the same becomes due. <br />SECTION 3. Material to be repealed is bracketed and stricken. New material is <br />underscored. In printing this ordinance, the brackets, bracketed and stricken material and <br />underscoring need not be included. <br />SECTION 4. Severability. If any provision of this ordinance, or the application thereof <br />to any person or circumstance, is held invalid, such invalidity shall not affect other provisions or <br />applications of the 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 />SECTION 5. This ordinance shall take effect upon its approval. <br />INTRODUCED BY : <br />Kona , Hawai`i <br />Date of Introduction: <br />Date of 1st Reading: <br />Date of 2nd Reading: <br />Effective Date: <br />T <br />COUNCIL MEMBER, COUNTY OF HAWAII <br />October 5, 2011 <br />October 5, 2011 <br />October 19, 2011 <br />November 3, 2011 <br />REFERENCE. Comm. 355 <br />2 <br />