ORD 2012-158 2010-2012 - Laserfiche WebLink

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SECTION 3. Chapter 21, Article 5, Section 21 -45 of the Hawai`i County Code 1983 (2005 edition), is amended to read as follows: "Section 21 -45. Reserve Fund. (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) In the event grant monies are available to finance sewer connection costs, the sewer connection reserve fund may be used to finance connection costs for those lot owners eligible for grant funding and only to the extent that the sewer connection reserve fund can be reimbursed from the grant. kcj At least 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: The number of guaranteed loans outstanding; The total dollar value of all guaranteed loans outstanding; The balance in the reserve fund; and The number of hookups to be required in the next increment." (1) (2) (3) (4) SECTION 4. Material to be repealed is bracketed and stricken.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. SECTION 5. If any provision of this ordinance or the application thereof to any person or circumstance, is held invalid, such invalidity shall not affect other provisions or applications of the 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. SECTION 6. This ordinance shall take effect upon approval. Kona , Hawai`i Date of Introduction: Date of 1st Reading: Date of 2nd Reading: Effective Date: REFERENCE Comm.. 861 INTRO P ED BY: COUNCIL MEMBER, October 3, 2012 November 9, 2012 November 21, 2012 December 14, 2012 2 OF HAWAI`I