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SECTION 8. Security for the Bonds. The Bonds are general obligations of the County,the full <br /> faith and credit of the County is hereby irrevocably pledged to the punctual payment of the principal <br /> of and interest on the Bonds according to the terms thereof, and the principal and interest payments <br /> on the Bonds shall be a first charge on and shall be paid from the General Fund of the County. In <br /> addition, to the extent required by USDA/RD, the Director of Finance is authorized to establish a <br /> reserve fund as additional security for the Bonds in an amount not to exceed the maximum annual <br /> debt service requirements on the Bonds. <br /> SECTION 9. CUSIP Identification Numbers. The Director of Finance may authorize the <br /> printing of a CUSIP identification number upon the Bonds. Such number and the printing thereof <br /> shall be subject in all respects to the provision of Section 47-10, Hawaii Revised Statutes, as <br /> amended. <br /> SECTION 10. Application of Assessments. Collections of assessments against the"assessment <br /> units"in the Improvement District shall be applied to pay or reimburse the County for(i)costs of the <br /> Project not funded by Bond proceeds; (ii)payments of the principal of and interest on the Bonds and <br /> other costs relating to the Bonds(including costs of funding the reserve fund authorized by Section 8 <br /> hereof, to the extent applicable), and (iii) administrative expenses of the County with respect to the <br /> Bonds and the Improvement District. Amounts so collected which are not applied or reasonably <br /> required to be reserved for such purposes shall be applied in accordance with the provisions of <br /> Chapter 12, Hawai`i County Code. <br /> SECTION 11. Repeal of Conflicts. All ordinances and resolutions, and any portions of <br /> ordinances and resolutions, heretofore enacted or adopted by the Council which are in conflict or <br /> inconsistent with any provision of this ordinance shall be and are hereby repealed to the extent of <br /> such conflict or inconsistency. <br /> SECTION 12. Effective Date. This ordinance shall take effect upon its approval. <br /> INTRODUCED BY: <br /> COUNCIL MEMB , COUNTY OF HAWAII <br /> , Hawai`i <br /> Date of Introduction: <br /> Date of 1st Reading: <br /> Date of 2nd Reading: <br /> Effective Date: <br /> 4 <br /> REFERENCE Comm., <br /> 321 <br />