BIL 159 Draft 01 2010-2012 - Laserfiche WebLink

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(a) For the purpose of payment of guaranteed loans in default, there shall be created a reserve fund, to be known as the sewer connection reserve fund, which shall at all times be not less than fifteen percent of the total amount of loans guaranteed and shall be funded by the general fund or other available sources. If a guaranteed borrower defaults on a loan, the bank shall be paid from this reserve fund without further council action. If this repayment of the loan causes the reserve fund to fall below fifteen percent of the total amount of loans guaranteed, the director of finance will then submit to the council a bill for an ordinance to transfer the money from the general fund or other available sources if such a transfer is necessary to maintain the required level of the fund. All interest generated by the fund shall be deposited into the County of Hawai`i general fund. (b) At least once every three months the director of finance shall prepare and submit to the council a report on the status of the loan program, including but not limited to the following: (1) The number of guaranteed loans outstanding; (2) The total dollar value of all guaranteed loans outstanding; (3) The balance in the reserve fund; and (4) The number of hookups to be required in the next increment. SECTION 9. Chapter 21, Article 5, Section 21 -46 of the Hawai`i County Code 1983 (2005 edition), is amended to read as follows: funded by the general fund or other available sources. (b) At least once every three months the director of finance shall prepare and submit limited to the following: (1) The number of loans which the sewer loan fund is funding; (2) The total dollar value of all such loans; and (3) The balance available in the sewer loan fund.] SECTION 10. Material to be repealed is bracketed and stricken. New material is underscored. In printing this ordinance, the brackets, bracketed material and underscoring need not be included. 6