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SECTION 3. Chapter 21, Article 5, Section 21-45 of the Hawaii County Code <br />1983 (2005 edition), is amended to read as follows: <br />"Section 21-45. Reserve Fund. <br />(a) For the purpose of payment of guaranteed loans in default, there shall be created a reserve <br />fund, to be known as the sewer connection reserve fund, which shall at all times be not less than <br />fifteen percent of the total amount of loans guaranteed and shall be funded by the general fund or <br />other available sources. If a guaranteed borrower defaults on a loan, the bank shall be paid from <br />this reserve fund without further council action. If this repayment of the loan causes the reserve <br />fund to fall below fifteen percent of the total amount of loans guaranteed, the director of finance <br />will then submit to the council a bill for an ordinance to transfer the money from the general fund or <br />other available sources if such a transfer is necessary to maintain the required level of the fund. All <br />interest generated by the fund shall be deposited into the County of Hawaii general fund. <br />(b) In the event grant monies are available to finance sewer connection costs, the sewer <br />connection reserve fund may be used to finance connection costs for those lot owners eligible for <br />grant funding and only to the extent that the sewer connection reserve fund can be reimbursed from <br />the grant. <br />(c) At least every three months the director of finance shall prepare and submit to the council a <br />report on the status of the loan program, including but not limited to the following: <br />(1) The number of guaranteed loans outstanding; <br />(2) The total dollar value of all guaranteed loans outstanding; <br />(3) The balance in the reserve fund; and <br />(4) The number of hookups to be required in the next increment." <br />SECTION 4. Material to be repealed is bracketed and stricken. New material is <br />underscored. In printing this ordinance, the brackets, bracketed material and underscoring need not <br />be included. <br />SECTION 5. If any provision of this ordinance or the application thereof to any person or <br />circumstance, is held invalid, such invalidity shall not affect other provisions or applications of the <br />ordinance which can be given effect without the invalid provision or application, and to this end, <br />the provisions of this ordinance are declared to be severable. <br />SECTION 6. This ordinance shall take effect upon approval. <br />, Hawai`i <br />Date of Introduction: <br />Date of 1 st Reading: <br />Date of 2nd Reading: <br />Effective Date: <br />REFERENCE Comm. 861 <br />INTROIAUC ED BY: <br />COUNCIL MEMBER`C'(#JT)( OF HAWAII <br />2 <br />