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COUNTY OF HAWAII STATE OF HAWAII BILL NO. 19 Draft 3 ORDINANCE NO. ' 07 21 A BILL FOR AN ORDINANCE AMENDING CHAPTER 2, ARTICLE 42, HAWAII COUNTY CODE 1983 (2005 EDITION, AS AMENDED), RELATING TO THE PUBLIC ACCESS, OPEN SPACE, AND NATURAL RESOURCES PRESERVATION FUND. BE IT ORDAINED BY THE COUNCIL OF THE COUNTY OF HAWAII: SECTION 1. Chapter 2, article 42, section 2 -214, Hawaii County Code 1983 (2005 Edition, as amended) is amended to read as follows: "Article 42. Public Access, Open Space, and Natural Resources Preservation Fund Section 2 -214. Public access, open space, and natural resources preservation fund. (a) A public access, open space, and natural resources preservation fund is hereby established. This special fund shall be administered and managed by the finance department. Monies deposited shall be invested in a conservative interest - bearing account that will allow monies to be available for property acquisition and prevent any erosion of the fund's principal amount. (b) The fund shall consist of monies from: (1) The proceeds from the sale of any general obligation bonds, authorized and issued for the purposes of this article; (2) Council appropriations for the purposes of this article; (3) Any source of revenue dedicated by the Hawaii County Charter or the Hawaii County Code for the purposes of this article; (4) Grants and private contributions intended for the purposes of this article; [and] (5) Two percent of Hawaii County real property tax revenues collected annually (including penalties and interest). Deposits will be made to the Fund on June 30, 2007 and then again on December 31, 2007, and on December 31 and June 30, in successive Years, with deposits being calculated on all real property tax payments (including penalties and interest) received in the prior six months. Additional deposits and adjustments may be made at the discretion of the Finance Director; and (6) Monies from items numbered (1), (2), (3), and (4) above, shall be deposited as received. (c) In adopting each fiscal year's operating budget, the council shall appropriate a minimum of $250,000 to the public access, open space, and natural resources preservation fund. (1) Nothing in this section shall prevent the council from appropriating amounts in excess of the above minimum amounts to this fund. (d) The fund shall be used for acquiring lands or property entitlements in the County of Hawaii for the following purposes: (1) Public outdoor recreation and education, including access to beaches and mountains; (2) Preservation of historic or culturally important land areas and sites; (3) Protection of natural resources, including buffer zones;