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obligations of the improvement district, including the costs and expenses of making said <br /> distribution of funds to lot owners; the Director of Finance shall make such cash refunds <br /> in such amounts and at such times as he finds are reasonable. <br /> SECTION 4. Termination of Improvement District. <br /> The Improvement District Construction Fund, Fund 124, is hereby immediately <br /> terminated, and all cash remaining in the fund shall be transferred to the Improvement <br /> District Agency Fund, Fund 121, to facilitate the refunds authorized in Sections 2 and 3. <br /> Fund 121, Improvement District No. 16, Keaau Agricultural Lots Agency Fund, shall be <br /> terminated at such time as the Director of Finance has determined that all outstanding or <br /> anticipated debts or obligations of the improvement district have been paid or can be <br /> satisfied, and refund distributions pursuant to Sections 2 and 3 have been made. <br /> SECTION 5. In the event that any provision of this ordinance is declared <br /> invalid, the invalidity shall not affect other provisions or applications of this ordinance. <br /> SECTION 6. This ordinance shall take effect upon its approval. <br /> I f duced by: <br /> • <br /> COUNCIL MEMBER, C•' TY OF HAWAII <br /> Hilo, Hawaii <br /> Date of Introduction: October 21, 1998 <br /> Date of 15t Reading: October 21, 1998 <br /> Date of 2nd Reading: November 6, 1998 <br /> Effective Date: November 19, 1998 <br /> REFERENCE: Comm, 9 9 6 <br />