HomeMy WebLinkAboutORD 2011-101 2010-20120.tYOFq '
COUNTY OF HAWAII �• STATE OF HAWAII
4* OF• ,4
BILL NO. 97
ORDINANCE NO. 11 101
AN ORDINANCE AMENDING CHAPTER 12, ARTICLE 4 OF THE HAWAII COUNTY
CODE 1983 (2005 EDITION, AS AMENDED), RELATING TO FINANCE AND PAYMENT.
BE IT ORDAINED BY THE COUNCIL OF THE COUNTY OF HAWAII:
SECTION 1. Purpose. The purpose of this measure is to clarify the uses of the various
funds as discussed in Chapter 12 relating to Improvement Districts.
SECTION 2. Chapter 12, Article 4, Section 12 -49, Hawai'i County Code 1983 (2005
edition, as amended), is amended to read as follows:
Section 12 -49. Special fund for administrative and pre- formation costs and payment of
bonds; use of surplus; insufficient funds.
(a) All moneys collected on account of assessments and interest for any improvement after
the issuance of any bonds shall be kept by the director of finance in a special fund and
applied [solely] to the payment of interest and principal of bonds and administrative costs
issued for the improvement until the bonds have been paid. The director of finance of the
County shall pay the principal of the bonds at maturity and the interest thereon as and
when the same become due at the place or places and in the manner prescribed for the
payment under this chapter and the proceedings authorizing those bonds from such
special fund.
(b) If any surplus remains in any special fund after the disbursement of funds described in
section 12 -28.1 of this chapter, such surplus or premium shall be credited to and become
a part of a fund to be known as the improvement district revolving fund, the moneys in
which shall be available to make up deficiencies in the proceeds of bonds sold below par,
to cover deficiencies in interest realized on account of diminishing balances of
installments outstanding, and to advance interest due on bonds outstanding prior to
collection of annual assessments, and also for the purpose of paying all expenses in
connection with the sale of delinquent improvement district assessment units and the
prices of the delinquent assessment units as are bid for and purchased by the director of
finance. The director of finance may upon such purchase, transfer the proper amounts so
bid to the proper special funds for the respective improvement districts concerned. The
director of finance may also use the improvement district revolving fund to advance the
cost of pre - formation activities pursuant to section 12 -7 with the expectation that the
improvement district revolving fund will be reimbursed after the improvement district is
formed.
(c) If moneys in the applicable special fund prove insufficient at any time to pay the
principal and interest, or the interest only, as the case may be, on bonds outstanding,
moneys shall be transferred from the reserve fund established pursuant to section 12 -50,
or from the improvement district revolving fund into such special fund in such amounts
as will enable the director of finance to make the payments of principal or interest, or
interest only, as the same becomes due.
SECTION 3. Material to be repealed is bracketed and stricken. New material is
underscored. In printing this ordinance, the brackets, bracketed and stricken material and
underscoring need not be included.
SECTION 4. Severability. If any provision of this ordinance, or the application thereof
to any person or circumstance, is held invalid, such invalidity shall not affect other provisions or
applications of the ordinance which can be given effect without the invalid provision or application,
and to this end, the provisions of this ordinance are declared to be severable.
SECTION 5. This ordinance shall take effect upon its approval.
INTRODUCED BY :
Kona , Hawai`i
Date of Introduction:
Date of 1st Reading:
Date of 2nd Reading:
Effective Date:
T
COUNCIL MEMBER, COUNTY OF HAWAII
October 5, 2011
October 5, 2011
October 19, 2011
November 3, 2011
REFERENCE. Comm. 355
2
Introduced By:
Date Introduced:
First Reading:
Published:
REMARKS:
OFFICE OF THE COUNTY CLERK
County of Hawai`i
Kona, Hawaii
Brenda Ford (B /R)
October 5, 2011
October 5, 2011
October 15, 2011
Second Reading:
To Mayor:
Returned:
Effective:
Published:
REMARKS:
October 19, 2011
October 27, 2011
November 3, 2011
November 3, 2011
November 18, 2011
COUNTY CLERK
COUNTY '3F HA`"/A11
2011 NOV -3 PM 3: 52
ROLL CALL VOTE
AYES
NOES
ABS
EX
Blas
X
Ford
X
Hoffmann
X
Ikeda
X
Onishi
X
X
Pilago
X
Smart
X
Yagong
X
Yoshimoto
X
7
0
2
0
ROLL CALL VOTE
AYES
NOES
ABS
EX
Blas
X
Ford
X
Hoffmann
X
Ikeda
X
Onishi
X
Pilago
X
Smart
X
Yagong
X
Yoshimoto
X
8
0
1
0
I DO HEREBY CERTIFY that the foregoing BILL was adopted by the C
indicated above.
APPROVED AS TO
DEPUTY CORPORATION COUNSEL
COUNTY OF HAWAII
Date (r72-11
Approved/D'.'approved this
?Al
, 20
of
MAYOR, COUNTY OF HAWAII
day
my Council published as
COUNCIL 'H IR
YOUNTY CLERK
Bill No.:
Reference:
Ord No.:
97
C- 355/FC -119
11 10