b018.04x - Council Bills and Resolutions Text

A BILL FOR AN ORDINANCE REPEALING CHAPTER 6, ARTICLE 46, RELATING TO THE HOUSING DEVELOPMENT SPECIAL FUND.

BE IT ORDAINED by the People of the City and County of Honolulu:

SECTION 1. The purpose of this ordinance is to abolish the housing development special fund. The major portion of the city’s housing will be sold to provide a large scale opportunity for homeownership by low and moderate income individuals and families.

SECTION 2. Article 46 of Chapter 6, Revised Ordinances of Honolulu 1990, as amended, (“Housing Development Special Fund”) shall be repealed upon satisfaction of the remaining debt obligations on all city-funded housing projects.

SECTION 3. Proceeds from the sale of the properties determined to be the city’s share shall be deposited in the general improvement bond fund to pay the remaining debt obligations on all city-funded housing projects. The remainder of the city’s share will be deposited in the city’s special reserve fund.

SECTION 4. This ordinance shall take effect upon its approval.

ABOL#3ORD.05

                                    INTRODUCED BY:

                                    ______________________________

______________________________
                                                                                            ______________________________
                                                                                            ______________________________

______________________________

______________________________

______________________________

______________________________

______________________________

DATE OF INTRODUCTION:

________________________
Honolulu, Hawaii

APPROVED AS TO FORM AND LEGALITY:

______________________________________
Deputy Corporation Counsel

APPROVED this ______ day of ____________________, 2004.

_____________________________________
JEREMY HARRIS, Mayor
City and County of Honoluluy