There is created and established a fund to be known as the “Housing Interim Financing and Buy-back Revolving Fund.” (Ord. 934 § 1 (part), 1979: prior code § 5-10.1)

There shall be deposited into the housing interim financing and buy-back revolving fund all moneys received by the county from banking institutions for the purpose of providing interim financing for county housing projects pursuant to the authorization granted in this chapter to the director of finance, and for the purpose of purchasing housing units pursuant to repurchase options and other buy-back provisions granted to the county under agreements with homeowners under the county's housing program and projects or under any agreement granting such rights to the county. (Ord. 934 § 1 (part), 1979: prior code § 5-10.2)

A. The director of finance is authorized to enter into agreements with any banking or lending institution on behalf of the county of Maui and/or Hale Mahaolu in an aggregate amount not to exceed thirty-five million dollars for the purpose of providing interim financing for the following housing projects:

1. Kahului Homeownership Project;

2. Hana Housing Project;

3. Honokowai Housing Project;

4. Central Maui Homeownership Project;

5. Kihei Housing Project;

6. Paukukalo Housing Project;

7. Luana Gardens I Housing Project;

8. Luana Gardens II Rental Project;

9. Luana Gardens III Rental Project;

10. Upper Paia Homeownership Project;

11. Lanai Rental Project;

12. West Maui Homeownership Project;

13. West Molokai Housing Project;

14. Lahaina Housing Project;

15. Lanai Housing Project;

16. Waiale Road Housing Project.

B. The director of finance is authorized to utilize funds from the housing interim financing and buy-back revolving fund for the purpose of purchasing housing units pursuant to repurchase options and other buy-back provisions granted to the county under agreements with homeowners under the county's housing programs and projects, or under any agreement granting such rights to the county; further, the director of finance is authorized to deposit in the fund proceeds from the sale of housing units purchased pursuant to the repurchase options, and the director of finance is authorized to use the funds for the purposes identified in this section.

C. Interest Rate. Pursuant to the authority granted to the council by chapter 47, Hawaii Revised Statutes, the interest rate for bonds issued under the provisions of said chapter for the housing interim financing and buy-back revolving fund shall not exceed an average of twelve percent per year. (Ord. 2290 § 1, 1993; Ord. 2249 § 1, 1993; Ord. 1295 § 1, 1983: Ord. 1229 § 1, 1982; Ord. 934 § 1 (part), 1979: prior code § 5-10.3)

The director of finance shall be responsible for the administration of this fund and is further authorized to use the fund to provide interim financing for the housing projects identified in this chapter and to purchase housing units pursuant to repurchase options and other buy-back provisions granted to the county under agreements with homeowners all in accordance with such procedures as he may prescribe. (Ord. 934 § 1 (part), 1979: prior code § 5-10.4)