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terms and conditions as such official shall approve and deem advisable, and to take such other actions as such official may deem advisable. Subject to the provisions of Section 3 hereof,without further action of this Council,the Bonds shall bear interest at the rates per annum as specified in the loan agreement or agreements so approved. The Mayor,Director of Finance and all officials of the County are hereby authorized to take such action and execute such orders, receipts and other documents as may be necessary in order to effectuate the sale of the Bonds, and, if any loan agreement therefor be approved or any bid therefor be accepted, the preparation execution, and delivery thereof, in accordance with the provisions hereof and applicable law. SECTION 8. Reimbursement of Expenditures. The County expects that it may pay certain capital expenditures for the Project prior to the issuance of the Bonds,and reasonably expects to reimburse such expenditures from the proceeds of such Bonds. The County hereby declares its official intent to use proceeds of the Bonds to reimburse itself for such capital expenditures. This ordinance is adopted in part for the purpose of establishing compliance with the requirements of Section 1.150-2 of the Treasury Regulations. This ordinance shall be reasonably available for inspection at the office of the County Clerk, commencing within fifteen (15) days after its effective date. SECTION 9. 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. SECTION 10. 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 11. Application of Assessments. Assessments against the"assessment units"in the Improvement District made in accordance with Chapter 12, Hawai`i County Code,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 Improvement 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, Hawai`i County Code. SECTION 12. 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. 4