ORD 2013-084 2012-2014 - Laserfiche WebLink

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SECTION 8. Security for the Bonds. The Bonds are general obligations of the County,the full faith and credit of the County is hereby irrevocably pledged to the punctual payment of the principal of and interest on the Bonds according to the terms thereof, and the principal and interest payments on the Bonds shall be a first charge on and shall be paid from the General Fund of the County. In addition, to the extent required by USDA/RD, the Director of Finance is authorized to establish a reserve fund as additional security for the Bonds in an amount not to exceed the maximum annual debt service requirements on the Bonds. SECTION 9. CUSIP Identification Numbers. The Director of Finance may authorize the printing of a CUSIP identification number upon the Bonds. Such number and the printing thereof shall be subject in all respects to the provision of Section 47-10, Hawai`i Revised Statutes, as amended. SECTION 10. Application of Assessments. Collections of assessments against the"assessment units"in the Improvement District shall be applied to pay or reimburse the County for(i)costs of the Project not funded by Bond proceeds; (ii)payments of the principal of and interest on the Bonds and other costs relating to the Bonds(including costs of funding the reserve fund authorized by Section 8 hereof, to the extent applicable), and (iii) administrative expenses of the County with respect to the Bonds and the hmprovement District. Amounts so collected which are not applied or reasonably required to be reserved for such purposes shall be applied in accordance with the provisions of Chapter 12, Hawaii County Code. 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by the Council which are in conflict or inconsistent with any provision of this ordinance shall be and are hereby repealed to the extent of such conflict or inconsistency.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. Effective Date. This ordinance shall take effect upon its approval. INTRODUCED BY: COUNCIL MEMB , COUNTY OF HAWAII Kona , Hawai`i Date of Introduction: July 10, 2013 Date of 1st Reading: July 10, 2013 Date of 2nd Reading: July 24, 2013 Effective Date: August 1, 201.3 4 REFERENCE Conte, 321