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SECTION 8. Reimbursement of Expenditures. The County expects that the <br /> County or the Water Department may pay certain capital expenditures for the Project prior to the <br /> issuance of the Bonds and reasonably expects to reimburse such expenditures from the proceeds <br /> of such Bonds. The County hereby declares its official intent to use proceeds of the Bonds to <br /> reimburse itself or the Water Department for such capital expenditures. This ordinance is <br /> adopted in part for the purpose of establishing compliance with the requirements of Section <br /> 1.150-2 of the Treasury Regulations. This ordinance shall be reasonably available for inspection <br /> at the office of the County Clerk commencing within fifteen(15) days after its effective date. <br /> SECTION 9. Authorization of Bond Anticipation Notes. General obligation bond <br /> anticipation notes ("Notes") are hereby authorized and approved for issuance and sale by the <br /> Director of Finance, without further authorization or approval from or action by the Council, in <br /> anticipation of the issuance and sale of the Bonds authorized herein and the receipt of the proceeds <br /> of the sale thereof, for the purposes for which the Bonds have been authorized herein. The issuance, <br /> sale and details of such Notes, as determined by the Director of Finance, shall be governed by <br /> Section 47-16, Hawaii Revised Statutes, as amended. Bonds in anticipation of which Notes are <br /> authorized and issued hereunder may be issued and sold in accordance with the provisions of this <br /> Ordinance at any time within five years of the date of issuance of the first Notes issued in <br /> anticipation of such Bonds. <br /> SECTION 10. Securityfor the Bonds. The full faith and credit of the Countyis <br /> hereby pledged to the payment of the principal of and interest on the Bonds, and the principal and <br /> interest payments shall be a first charge on the General Fund of the County. <br /> SECTION 11. CUSIP Identification Numbers. The Director of Finance may <br /> authorize the printing of CUSIP identification numbers upon the Bonds. Such number and the <br /> printing thereof shall be subject in all respects to the provisions of Section 47-10, Hawaii Revised <br /> Statutes, as amended. <br /> SECTION 12. Repeal of Conflicts; Severability. All ordinances and resolutions, <br /> and any portions of ordinances and resolutions, heretofore enacted or adopted by the Council which <br /> 5 <br />