COM 1109.000 2020-2022 - Laserfiche WebLink

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Section 1.3. .Inter retation (a) Unless the context otherwise indicates, words P expressed in the singular shall include the plural and vice versa and the use of any gender is for convenience only and shall be deemed to mean and include all genders. (b) Headings of articles and sections herein and the table of contents hereof are solely for convenience of reference, do not constitute a part hereof and shall not affect the meaning, construction or effect hereof. ARTICLE II GENERAL AUTHORIZATION AND BOND TERMS Section 2.1. Authorization of Bonds. The County hereby authorizes the issuance of the Bonds under and subject to the terms of this Indenture,the Bond Ordinance and other applicable laws of the County and the State. The Bonds may be issued in an aggregate principal amount not to exceed $22,000,000 (excluding Bonds issued to refund other Bonds previously issued hereunder). The Bonds may consist of one or more Series of varying denominations, dates, maturities, interest rates and other provisions, subject to the provisions and conditions contained herein. The Bonds shall be designated generally as the "Hawai`i County Community Facilities District No. 1-2021 (Kaloko Heights Project) Special Tax Revenue Bonds," each Series thereof to bear such additional designation as may be necessary or appropriate to distinguish such Series from every other Series of Bonds. Section 2.2. Type and Nature of Bonds. The Bonds are and shall be limited obligations of the County and shall be payable as to the principal thereof and interest thereon and any premiums upon the redemption thereof solely from the Special Taxes and amounts on deposit in the Special Tax Fund (other than amounts in the Administrative Expense Account of the Special Tax Fund) and the Project Fund (other than amounts in the Tax Receipts Account of the Project Fund). Neither the full faith and credit nor the taxing power (except as it pertains to the Special Taxes) of the County, the State or any political subdivision thereof is pledged to the payment of the Bonds. The County's limited obligation to pay the principal of,premium, if any, and interest on the Bonds from the Special Taxes and the amounts on deposit in the Special Tax Fund (other than amounts in the Administrative Expense Account of the Special Tax Fund) is absolute and unconditional, free of deductions and without any abatement, offset, recoupment, diminution or set-off whatsoever except as otherwise provided herein. The Bonds are not a legal or equitable pledge, charge, lien, or encumbrance upon any of the County's property, or upon any of its income, receipts or revenues, except the Special Taxes and amounts in the Special Tax Fund (exclusive of the Administrative Expense Account) and the Project Fund (exclusive of the Tax Receipts Account) which are, under the terms of this Indenture, pledged for the payment of the Bonds and interest thereon. The County shall not be required to advance any money derived from any other source for the payment of the principal of and interest and premium (if any) on the Bonds, or for the performance of any covenants contained herein; provided that the foregoing shall not prohibit the County from electing in its sole discretion to advance funds from other sources for any such purpose. Neither the members of the County Council nor any Persons executing the Bonds,are liable personally on the Bonds by reason of their issuance. Section 2.3. Equality of Bonds and Pledge of Special Taxes. The Bonds shall be equally and ratably secured by and payable from the Special Taxes and other amounts in the Special Tax Fund (exclusive of the Administrative Expense Account) and the Project Fund (exclusive of the 14