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J�tV OF MtiY <br /> COUNTY OF HAWAII • �• STATE OF HAWAII <br /> �rE oF•M',M <br /> BILL NO. 233 <br /> DRAFT 2 <br /> ORDINANCE NO. <br /> AN ORDINANCE AMENDING CHAPTER 2, ARTICLE 13, SECTION 2-75, HAWAII <br /> COUNTY CODE 1983 (2005 EDITION, AS AMENDED) RELATING TO USE OF <br /> REVOLVING FUND. <br /> BE IT ORDAINED BY THE COUNCIL OF THE COUNTY OF HAWAII: <br /> SECTION 1. The purpose of this amendment is to expand the use of the revolving fund <br /> to allow for the development of housing and not only the preparation for the development of <br /> housing. <br /> SECTION 2. Chapter 2, Article 13, Section 2-75, Hawaii County Code 1983 (2005 <br /> edition, as amended), is hereby amended to read as follows: <br /> Section 2-75. Use of revolving fund. <br /> The revolving fund shall be utilized to pay for items such as: (a) <br /> ffent end eests relate` to] the development of housing, and (b)to exercise the <br /> buy-back option running in favor of the County contained in any conveyance <br /> document and to pay the costs of maintaining, repairing, renting, or reselling units <br /> purchased by the County pursuant thereto. Any interest earned by the fund and <br /> any advanced costs that are recovered from housing project funds shall be <br /> returned to the revolving fund. <br /> SECTION 3. Material to be repealed is bracketed and stricken. New material is <br /> underscored. In printing this ordinance, the brackets, bracketed and stricken material and <br /> underscoring need not be included. <br />