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COUNTY OF HAWAII <br />STATE OF HAWAII <br />BILL NO. 48 <br />r <br />ORDINANCE NO. 21L 53 <br />AN ORDINANCE AUTHORIZING THE ISSUANCE OF GENERAL OBLIGATION BONDS OF THE <br />COUNTY OF HAWAII FOR THE PURPOSE OF FUNDING ALL OR A PORTION OF THE COSTS <br />OF VARIOUS IMPROVEMENT PROJECTS; FIXING THE FORM, DENOMINATIONS, AND <br />CERTAIN OTHER DETAILS OF SUCH BONDS AND PROVIDING FOR THEIR SALE TO THE <br />PUBLIC; AND AUTHORIZING THE TAKING OF OTHER ACTIONS RELATING TO THE <br />ISSUANCE AND SALE OF THE BONDS. <br />BE IT ORDAINED BY THE COUNCIL OF THE COUNTY OF HAWAII: <br />SECTION 1. Findings and Determinations. The County Council hereby determines and finds <br />that the issuance, sale and delivery of general obligation bonds of the County in an aggregate principal amount <br />not to exceed $25,500,000 (the "Bonds") for the purpose of funding all or a portion of the costs of the County <br />Projects referred to in Section 2 hereof. <br />SECTION 2. Authorization of Bonds. There are hereby authorized for issuance and sale, in one <br />or more series, Bonds of the County, in an aggregate principal amount not to exceed $25,500,000, for the purpose <br />of funding all or a portion of the costs (including costs of issuance of the Bonds) of public improvement projects <br />of the County (collectively, the "Projects") authorized under Ordinance 21-39, being the capital budget ordinance <br />of the County for the fiscal year ending June 30, 2022, as heretofore or hereafter amended from time to time, or <br />under the capital budget ordinance of the County for any prior or subsequent fiscal year. <br />SECTION 3. Details of Bonds. The Bonds authorized for issuance and sale hereunder shall be <br />issued and sold in one or more series, or as part of one or more series of other general obligation bonds of the <br />County, all as shall be determined by the Director of Finance to be in the best interest of the County. The Bonds <br />of a series shall be issued in fully registered form without coupons in the denomination of $5,000 or any integral <br />multiple of $5,000, or in such other denominations as the Director of Finance shall determine. The Bonds of a <br />series shall be numbered from 1 upwards in chronological order of delivery or shall be numbered in any other <br />manner as the Director of Finance shall determine. The Bonds of a series shall mature annually on such day in <br />each year in substantially equal installments of principal or in substantially equal installments of principal and <br />