BIL 132 Draft 02 2020-2022 - Laserfiche WebLink

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thereof being offered and to award the sale of the Bonds or the portion thereof being offered to the bidder offering the lowest interest cost therefor, in accordance with the applicable Notice of Sale, if any; provided that the Director of Finance may reserve the right to reject any and all bids. Subject to the provisions of Section 3 hereof, without further action of the Council, the Bonds shall bear interest at the rates per annum as specified in the contract or contracts approved or in the bid or bids accepted. The Director of Finance and all officials of the County are hereby authorized to take such action and execute such orders,receipts and other documents as may be necessary in order to effectuate the sale of the Bonds or any portion thereof, and, if any contract therefor be approved or any bid therefor be accepted,the preparation,execution and delivery thereof,in accordance with the provisions hereof and applicable law. Subsequent to the sale of any of the Bonds,the Director of Finance shall report the results of such sale to the Council by letter. From and after the date the Director of Finance shall have accepted a bid for a series of Bonds, or shall have entered into a negotiated contract for the sale and purchase of a series of Bonds, the Council will take no action to modify, supplement, amend or repeal the provisions of this ordinance in a manner which would have an adverse effect on the ability of the County to perform its obligations under such accepted bid or contract. SECTION 8. Authorization of Bond Anticipation Notes. General obligation bond anticipation notes are hereby authorized and approved for issuance and sale by the Director of Finance,without further authorization or approval from or action by the Council, in anticipation of the issuance and sale of the Bonds authorized herein and the receipt of the proceeds of the sale thereof,for the purposes for which the Bonds have been authorized herein. The issuance, sale and details of the Notes, as determined by the Director of Finance, shall be governed by Section 47-16, Hawaii Revised Statutes, as amended. Bonds in anticipation of which the Notes are authorized and issued hereunder may be issued and sold in accordance with the provisions of this Ordinance at any time within five years of the date of issuance of the first Notes issued in anticipation of such Bonds. SECTION 9. Security for the Bonds and the Notes. The full faith and credit of the County is hereby pledged to the payment of the principal of and interest on the Bonds and the Notes,and such principal and interest payments shall be a first charge on the General Fund of the County. 4