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MR. OKUMOTO: <br /> Well, actually we don’t know how many loans are going to be <br />declined, therefore they asked to guarantee the loans, so it’s kind of question mark right <br />now. <br />MR. TAKABA: <br /> They have to go to the bank first and get turned down. If you get turned <br />down which is kind of risky in our perimeters. If they get turned down there’s probably a <br />reason they got turned down. So they would come to the county and borrow from the <br />bank actually, the county would guarantee the bank loan, similar to what FHA does. <br />They don’t actually come up with money. It’s like an insurance that they place on the <br />loan. <br />MS. NICHOLSON: <br /> So what is the collateral? Their home? <br />MR. OKUMOTO: <br /> Yes. If they choose to participate in the program, the financial <br /> <br />institution will put a mortgage on it at the time of closing. <br /> <br />MR. TAKABA: <br /> And this is something that is set to an ordinance. It’s part of the County <br /> <br />Code so it’s not they didn’t make the decision. It’s like we have to by Code, unless the <br /> <br />Code is changed. We have to insure guarantee. <br /> <br />MS. O’HARA: <br /> 100% guarantee? <br /> <br />Mr. OKUMOTO: <br /> Yes. <br /> <br />MR. MATSUDA: <br /> What is the loan ceiling? <br /> <br />MR. OKUMOTO: <br /> The code doesn’t address that so we were planning to go to council <br /> <br />to make a proposal. We’re doing research right now. <br /> <br />MS. O’HARA: <br /> What is the general cost of hookup? <br /> <br />MR. OKUMOTO: <br /> The engineers say between 5 and 30,000 but it could go higher. <br /> <br />MR. TAKABA: <br /> It depends on how far they are from the road and how deep the well is. <br /> <br />MS. O’HARA: <br /> And this only applies to the Honokaa situation? <br /> <br />MR. OKUMOTO: <br /> Well right now they’re the only ones that are in this situation. <br /> <br />MS. O’HARA: <br /> We have other gang cesspools that are being converted? Do you have <br /> <br />any other? <br /> <br />MS. SAKO: <br /> There are but they’re not mentioned in the County Code as a project that <br /> <br />can apply for this program. <br /> <br />MR. MATSUDA: <br /> Is there a deadline for the loan application? <br /> <br />MR. OKUMOTO: <br /> Yes. There is a deadline. The notice to initiate the connection is <br /> <br />estimated to be in February and they have six months to hook up or else they’re going <br /> <br />4 <br /> <br />