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by the Director of Finance or by a financial institution selected by the Director of Finance to serve as escrow agent for the Prior Obligations to be refunded and, in either case, shall be invested as permitted by law. The Director of Finance is hereby authorized and directed to select a qualified financial institution to serve as escrow agent, or to serve in such capacity himself; and if a financial institution is selected for such purpose, to determine the form and terms of the applicable escrow agreement and any fee arrangements to be entered into with such financial institution. The Director of Finance is hereby further authorized and directed to determine the date or dates upon which the Prior Obligations to be refunded are to be redeemed (if applicable) and to give or cause to be given any appropriate notices of such redemption. SECTION 9. Security for the Bonds. The Bonds are authorized to be issued as general obligation bonds. The full faith and credit of the County is hereby pledged to the payment of the principal of and interest on the Bonds, and such principal and interest payments shall be a first charge on the General Fund of the County. SECTION 10. CUSIP Identification Numbers. The Director of Finance may authorize the printing of CUSIP identification numbers upon the Bonds. Such number and the printing thereof shall be subject in all respects to the provisions of Section 47-10, Hawaii Revised Statutes, as amended. SECTION 11. Repeal of Conflicts. All ordinances and resolutions, and any portions of ordinances and resolutions, heretofore enacted or adopted by the Council which are in conflict or inconsistent with any provision of this ordinance shall be and are hereby repealed to the extent of such conflict or inconsistency. SECTION 12. Severability. If any provision of this ordinance or application thereof to any person or circumstance is held invalid, such invalidity shall not affect other provisions or applications of this ordinance which can be given effect without the invalid provision or application, and to this end, the provisions of this ordinance are declared to be severable. 7